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Can you become a millionaire investing in stocks?

Yes, investing in stock market can make you a millionaire!

In fact, stock market is a place which can help you to generate enormous wealth, even while when you are asleep.

Let me make this simple for you!

To become a next millionaire, here are few steps that you need to follow while investing in the stock market:

Step 1- Create a plan - Don’t divert from your goal - Stay disciplined

You must have heard this famous saying “A goal without a plan is just a wish”.

As an investor, if you genuinely wish to invest in the stock market, try having a long-term approach. Before starting with a stock market investment, you need to have a clear vision of your long-term objectives. With the goals set already, you know the actions to be taken and the strategies to adopt to achieve your financial objectives.

Step 2- Look for fundamentally sound companies - Invest based on research and not hearsays or rumors

Learning about the company financials, its management team, and its past performances before investing are one of the essential steps to take before investing in a particular stock. Regular payment of dividends, favourable debt ratio, current ratio, are some of the aspects that will determine the company’s profitability over the years. Along with this, qualitative parameters such as corporate governance policies, company’s management and risk management practices should also be considered. If the price of a stock has been on a stable uptrend over the past few years, investing in that stock is a good option.

Step 3- Leverage on the magic of power of compounding - Look at the bigger picture

To give you a brief idea about the kind of returns one can foresee by investing in good shares, let’s take a look at a few instances.

Albert Einstein once said: “The greatest force in the universe is the power of compounding, which gives you enough time and even a small amount can make a life-changing difference”.

To summarize my response

Always remember the old saying - "You will never know if you never try"

Most people don't even commence investing in stocks just because they are too scared. The stock market presents an ocean of opportunities to create wealth, only if you are willing to leverage on them!

Manish Goel

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