How to become rich in India: Four smart ways to grow your surplus money

However, one of the most incredible methods of placing is in the stock exchange. Previously, people used traditional kinds of money management, such as fixed deposits or repeated deposits, which provided a stable return rate.

Experts suggest four smart ways to gro your surplus money

1)Investing in stocks

Today, everyone, from young to elderly, is investing in the stock market, and this type of investment is growing steadily. The securities exchange may deliver significant gains if you have the necessary skills and trade better than the securities exchange, said Ravi Singhal, CEO, GCL Broking.

2)Homestay properties

“If you have an extra room at home, you may put it to good use by assisting tourists looking for nice places to stay in your city. Airbnb is the primary stage where you may publish your house and travellers can book it for a short period of time and you are rewarded for it,” said Nidhi Aggarwal, Founder, Spacemantra.

3) Lease Rental Discounting (LRD)

Another method is Lease Rental Discounting (LRD), which allows property investors to use influence to acquire pre-rented/pre-leased commercial buildings.

“The advantage is the fact that the installment payment for the advance is usually not your monthly rental. As a result, a one-rupee investment might easily generate a four-rupee asset after the credit has been paid off without any outflow from your wallet throughout the time of the advance. Lease rental limiting can also be used by investment property owners to provide the actually essential liquidity that is, by all accounts, missing in immovable resources,” said LC Mittal, Director, Motia Group

This investing choice might actually provide you with extra cash while working, added LC Mittal.

4) Digital marketing

Digital marketing provides several options to supplement your income without having to work a regular part-time job. “You may advertise items or services using your blog, web page, or social media platforms by joining affiliate programmes,” said Aditya Jangid, Founder – VOOHOO.  

You earn a commission when someone purchases by means of your distinctive affiliate link, or you can simply provide your expertise to create content, schedule posts, engage with followers, as well as help businesses expand their digital presence, as numerous companies and people demand helping hands for overseeing their profiles on social media, added Aditya Jangid.

Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

Updated: 17 Jul 2023, 01:57 PM IST