Dharma Kshetra

• The key to maximize wealth is to maximize income and minimize expenses. Make a habit of recording all income and expenses to review it periodically.
• A sound principle of investment is security for the principal. Protect your money from unsafe schemes (which promise unreasonably high rates or return). Often friends and relatives naively enter such investments and urge others to follow. Consult with experts before making such investments.
• Often friends and relatives ask for a huge amount of loan. If they cannot repay it, both money and relationships are lost. Hence only small amounts (that can be afforded to be lost) should be given as assistance. If big amounts are solicited it is better to politely say 'No' for such lending.
• Often friends and relatives ask for surety or guarantee signatures. If they fail to repay the loan, the person signing surety or guarantee ends of losing all his wealth. Hence its better to stay away from signing such documents.
• Avoid impulsive buying. Before going to shopping make a list of needed things and buy only them. Else there is a chance of getting influenced by marketing tricks and spending unwisely.
• There is a saying 'hope for the best and prepare for the worst'. One should be ready to face unexpected events in life. Plan accordingly with life insurance, health insurance, vehicle insurance and so on. Get annual health tests so that deadly diseases can be diagnosed and cured without being burden to family members. Make sure vehicle is in good condition through proper maintenance.
• If a person intends to live less than five years in a city, renting the dwelling is economical. But if intends to live permanently in a given city, then the economics and emotions of buying own house are always better. Banks gladly come forward to lend home buying loans at low rates of interest.
• If self-employed, invest in a regular pension fund.
• As soon a person starts earning money and has assets, it is better to write a will with the help of a lawyer.
• Never carry credit card balances Revolving, high-interest debt is one of the biggest threats to financial freedom. It can seriously drag us down, costing thousands in unnecessary fees and interest charges. You also need to ditch the bad habit of minimum payment mentality. Instead, learn how to use credit card wisely, so that it can be used as tool for good credit score.
• Avoid the temptation to imitate rich neighbours. The temptation to live large and beyond our means is all around us: TV, magazines, friends, family, colleagues. The problem is that overspending often leads to debt accumulation, under saving and long-term financial insecurity. Also avoid temptation to show off wealth. Really rich people lead simple lives.
• Hold Investments forever or for longer periods and never indulge in day trading etc.
• Try to keep aside six months of living expenses in an emergency fund in case you lose your job or your business goes belly-up.
• Don't gamble: A major percent of those who struggle financially play the lottery. Wealthy people do not rely on random good luck for their wealth. They create their own good luck. If you still want to play for fun, use money from your entertainment budget and make sure you don't get addicted.
• Network and volunteer regularly. You'll build valuable relationships that can result in more customers or clients, or help you land a better job if you spend time giving back to the society. One perk of volunteering is the company you'll keep. Very often the boards and committees of non-profit organizations are made up of wealthy, successful people. Developing personal relationships with these persons will often result in future business relationships.
• Go above and beyond in work and business. Unsuccessful people have 'it's not my duty' attitude. Consequently, they are never given more responsibility, and their salary grows very little from year to year - if they keep their jobs at all. Successful individuals, on the other hand, focus on solving other's problems and making their life easier, be it colleagues or customers or general public. They make themselves invaluable to their employers or customers, writing articles or books related to their industry, speaking at industry events and networking. Successful people work hard to achieve the mutual goals of their employers or their businesses.
• Avoid procrastination. It impairs quality; creates dissatisfied employers, customers and damages other non-business relationships. Pending work also causes stress and damages mental and physical health.
• Seek a mentor in career or business. They can participate in your growth by teaching you what to do and what not to do. Finding such a teacher is one of the best and least painful ways to become successful. If you know your goals, find someone who has already achieved them. You'll be amazed by how many people want to lend a helping hand.
• Eliminate 'bad luck' from your dictionary. Many unsuccessful people have a way of creating bad luck for themselves. It's a by-product of their poverty habits. Instead of accepting responsibilities for mistakes and learn lessons, they blame stars or times for their failures. They believe in lucky stones, numerology and all such nonsense. They don't want to appear for examination if it is scheduled to be conducted on a Tuesday or half-moon day. They forever wait for the right time to start a new venture or simply carryout their daily routine. Poverty habits, repeated over and over are like minor defects in a car. In time, these defects build up until the total breakdown - a preventable medical problem, a lost job, a broken business deal or bankruptcy.

Conversely, successful people know that luck is the moment where opportunity meets preparation. Their positive habits lead to opportunities such as new job prospects, promotions, bonuses, new business deals and so on.