Yes, it is sure, you can make money in recurring deposit. Recurring deposit is saving money in a account and you deposit every month in it and lock to withdraw money from it from specific period. It may be 1 year, 2 years, 3 years and 5 years. Moreover you can open unlimited RD deposit account in different bank account.
Now, we come to the topic about, how can you make money in recurring deposit. Simple, you make money with compound interest. You get interest on collected interest amount.
Following are simple step, you can make money in Recurring Deposit ( here my meaning is passive income, you will not do any active work and you will earn)
1st Step : Set Goals
Without definite purpose, you can not make money life time from your recurring deposit. You must set the Goals which will you achieve through your recurring deposit accounts.
Remember Important Point : You must not withdraw or close before achieving the Goal
I am giving the Example of Your Goal
1st Goal : Make a Residential Home for Getting Rent Money Life Time
Yes, it is definite Goal. In India for this, you need RS. 8,00,000 and you can make a small home of 2 beds room, one kitchen and one bathroom and you can get the rent money life time Rs. 3000 + value of your property will increase by spending the time.
Now, Estimate How can You Achieve this Goal with your recurring deposit if the interest Rate is 7%.
If you will open RD account with Rs. 20,000 per month deposit @ 7% interest, you will get = Rs. 803260
at the end of 3rd year and In these money, Rs. 83260 has earned by your deposited money. Now, you can ready to achieve your goal.
2nd Goal : Make the Goal of Life Time Pension
For example, these day, survival pension of retired person is Rs. 30000 to 40,000 and if you will be retire after 15 years, it means, you need Rs. 60,00,000 for same standard of living. So, you need to use RD for 15 years for achieving same goal. After this, you can fixed it in Govt. monthly income scheme.
2nd Step : Trust that Recurring Deposit will Make Money for you
In above example, you have seen that within 3 years, your RD account has created Rs. 83260 new money for you. It means, money jobs for you. You just control on your expenses and achieve more and more monthly RD saving goal. Trust that recurring deposit will make more money than your active job will surely make money, otherwise, you will break it and consume it for non-productive expenses like buying of car and entertainment expenses.
3rd Step : Focus on Recurring Deposit
If you will focus on recurring deposit, you can deposit more what you have set goal of deposit in RD. Because when you will get any new earning from your job or business, you consume it by buying new luxury items. Now, you will start to focus on recurring deposit and it may be 10 to 40% of your new earning and it will make more and more money for you as you will increase its amount.
4th Step : Deposit in Recurring Deposit by Creating Your Hard Time
Yes, it was the time, when I was unemployed. Yes, it was the time, when I was no customer. Yes, it was the time, when there is no income from my profession or business. Yes, it was the time when no ebook or online course was sold. That was my hard time. Like me, there may be also your hard time when you were unemployed or you were not business or profession income. But, after job or earning from business, you forget your hard time, so, you have started to waste your earned money by consuming it more and more. But now, you have to start your recurring deposit by creating same hard time for you. If you can live hard time, you can now also leave in hard time. Every hard time brings new opportunities.
You will stop to eat outside, it is creation of hard time. It will save your cost and you can get money for your RD.
5th Step : Stop Recurring Deposit Saving and Hedge it
It is fact, recurring deposit will not give the power of you to make money all time. It can help you to generate required capital for your business. Hedging and investing in different project is your business which will help you to make money. So, try to change habit when you will achieve the goal of your RD and start to invest it where you will get money all time like fruits from tree.
Now, we come to the topic about, how can you make money in recurring deposit. Simple, you make money with compound interest. You get interest on collected interest amount.
Following are simple step, you can make money in Recurring Deposit ( here my meaning is passive income, you will not do any active work and you will earn)
1st Step : Set Goals
Without definite purpose, you can not make money life time from your recurring deposit. You must set the Goals which will you achieve through your recurring deposit accounts.
Remember Important Point : You must not withdraw or close before achieving the Goal
I am giving the Example of Your Goal
1st Goal : Make a Residential Home for Getting Rent Money Life Time
Yes, it is definite Goal. In India for this, you need RS. 8,00,000 and you can make a small home of 2 beds room, one kitchen and one bathroom and you can get the rent money life time Rs. 3000 + value of your property will increase by spending the time.
Now, Estimate How can You Achieve this Goal with your recurring deposit if the interest Rate is 7%.
If you will open RD account with Rs. 20,000 per month deposit @ 7% interest, you will get = Rs. 803260
at the end of 3rd year and In these money, Rs. 83260 has earned by your deposited money. Now, you can ready to achieve your goal.
2nd Goal : Make the Goal of Life Time Pension
For example, these day, survival pension of retired person is Rs. 30000 to 40,000 and if you will be retire after 15 years, it means, you need Rs. 60,00,000 for same standard of living. So, you need to use RD for 15 years for achieving same goal. After this, you can fixed it in Govt. monthly income scheme.
2nd Step : Trust that Recurring Deposit will Make Money for you
In above example, you have seen that within 3 years, your RD account has created Rs. 83260 new money for you. It means, money jobs for you. You just control on your expenses and achieve more and more monthly RD saving goal. Trust that recurring deposit will make more money than your active job will surely make money, otherwise, you will break it and consume it for non-productive expenses like buying of car and entertainment expenses.
3rd Step : Focus on Recurring Deposit
If you will focus on recurring deposit, you can deposit more what you have set goal of deposit in RD. Because when you will get any new earning from your job or business, you consume it by buying new luxury items. Now, you will start to focus on recurring deposit and it may be 10 to 40% of your new earning and it will make more and more money for you as you will increase its amount.
4th Step : Deposit in Recurring Deposit by Creating Your Hard Time
Yes, it was the time, when I was unemployed. Yes, it was the time, when I was no customer. Yes, it was the time, when there is no income from my profession or business. Yes, it was the time when no ebook or online course was sold. That was my hard time. Like me, there may be also your hard time when you were unemployed or you were not business or profession income. But, after job or earning from business, you forget your hard time, so, you have started to waste your earned money by consuming it more and more. But now, you have to start your recurring deposit by creating same hard time for you. If you can live hard time, you can now also leave in hard time. Every hard time brings new opportunities.
You will stop to eat outside, it is creation of hard time. It will save your cost and you can get money for your RD.
5th Step : Stop Recurring Deposit Saving and Hedge it
It is fact, recurring deposit will not give the power of you to make money all time. It can help you to generate required capital for your business. Hedging and investing in different project is your business which will help you to make money. So, try to change habit when you will achieve the goal of your RD and start to invest it where you will get money all time like fruits from tree.
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