'Wealth' is defined as 'time'
- Imagine that you have 100,000 in the bank.
- Your income stops today for any reason.
- Assuming you spend 10,000 a month, your money will run out in 10 months (100,000 divided by 10,000).
- So in this case, you are 'wealthy' for 10 months, then you are 'broke'.
How much time do you have before your money runs out?
You can buy yourself more 'Time'. Building 'Wealth' is easy, you just have to commit to it.
Best way to start building wealth
A savings plan (Regular Investment Plan) is the best way to start building wealth. Here are some of the benefits:
- You can decide a fixed amount that you want to invest regularly (monthly / quarterly / half-yearly / yearly).
- You can automate your investment via credit / debit cards at the start of each month.
- You can benefit from dollar cost averaging by buying the same investment portfolio every month.
- You don't have to worry about market timing because you are investing regularly.
- You can invest in 140 mutual funds including 25 low-cost index funds.
Best Short-term Savings Plan
Build your wealth quickly with this 5-year savings plan (Regular investment plan). This is arguably the best short-term savings plan available in the U. A. E. It has a wide range of low-cost index funds to invest in, with good flexibility to stop/start your investments as per your convenience.