You can become rich in Nepal using different money strategies and mindsets that we will talk about in this article. Everybody wants to live a prosperous life, where we do not have to worry about money. We want to live our lives doing what we want.
However, everyone does not find the privilege of becoming rich. Nepal is an underdeveloped country. We have a lot to accomplish in terms of development. So, it means that we also have many opportunities here. But the biggest problem is the lack of cooperation and opportunities from the government. It’s the corruption and the selfishness among the people that have kept our country behind.
Keeping all the external things behind, you can become rich in Nepal if you have the determination and will to work hard. However, hard work is not enough to become rich. You need a proper mindset and have the right psychology of money.
Furthermore, your academic education plays a minor role in how rich you become. Yes, it does help you in some aspects, but it is the right strategy and work that will make you rich.
Before we dive into becoming rich in Nepal, let’s understand one thing first.
Money won’t solve all your problems.
There is a considerable debate regarding the statement, “Money doesn’t buy happiness.” We are not going to discuss whether this statement is right or wrong. Instead, we have a quote from Naval Ravikant that many of us might agree with:
“Money won’t solve all your problems. But, it will solve all your money problems.”
If you are broke and have no (or less) money to fulfill your basic requirements, money will make you happy. It will solve many of your problems.
However, money won’t solve your relationship problems. It can solve your health problems (definitely), but you cannot guarantee it. If money could solve all your health problems, the rich people should have been immortals. But, sadly, they aren’t.
Money might not buy you true happiness. But, it will buy you freedom. If you have money, you have the freedom to do what you want, when you want, and where you want.
We all have different views about money. It has different values for us. For example, for someone struggling to fulfill the basic everyday requirements. 1 lakh is a considerable amount. But, if your salary is Rs. 50,000 per month, the same Rs. 1 lakh has less value because you can earn it in only two months. Instead, Rs. 1 crore will be huge for you.
Human needs keep growing. We always want more and are hardly satisfied with what we have at the moment. So, learn to have control over your needs first. Do you genuinely wish for that much money? Will it make you happy? What if you are still unhappy after having the money of your dreams?
Why do you want to be rich?
For most people, becoming rich means having financial freedom. You want to not worry about money and do what you want to in life. As we said, we have different views about money and becoming rich.
What is your reason? Do you want freedom? Do you want to buy expensive stuff and show it off on social media? Is it traveling?
Your answer is different than someone else’s. So, identify your reason for becoming rich. What is the amount that will make you truly satisfied and say that now, it’s enough? It is unlikely that we will ever feel enough, but still, you might make up your mind regarding your ideal net worth.
How to become rich in Nepal?
There is no specific way to become rich. It’s not a mathematical formula that shows you the path to riches. Instead, there are many ways and strategies that you need to follow. Most importantly, the path to becoming rich is not easy. There is no shortcut to it.
Now let’s look into the tips that will help you become rich in Nepal.
Your mindset is crucial in becoming rich. It sounds cliché, but it’s true. You must have a positive mindset and believe that you can and will be rich.
To achieve something externally, you have to do it internally first. For example, before you buy a car or motorcycle, you see yourself riding it. You dream of going on rides with your loved ones. It happens in your mind first, and only then does it become a reality.
Similarly, if your goal is to become rich, first, you must do it in your head. Only then you can do it in reality. Practicing visualization and affirmations that help you grow your beliefs and become self-confident.
Develop a positive self-image. Your past life does not determine your future. You can always change your future. If you can build this mindset, you are one step ahead to becoming wealthy.
2. Save money
Saving money won’t make you rich. Yes, that’s true. The only way you can save your way to become rich is to earn lakhs per month and live a poverty life. But that is not possible. We humans have needs. So, when we see more money, we want to buy more things.
So, saving alone won’t make you rich. But if you use your saved money wisely, it can lead to a path to financial freedom. For instance, if you don’t spend your money on useless things and instead invest it in income-generating assets, you can indeed become rich.
Stop spending money on things you don’t need. Unnecessary shopping, eating out too much, buying fancy gadgets are how you lose your money quickly.
Gain financial wisdom. As Robert Kiyosaki says in Rich Dad Poor Dad,
Money without financial intelligence is money soon gone. It’s not how much money you make; it’s how much you keep.
Save money so that you can use that money to make more money. That is how the rich become wealthy.
3. Multiple income sources
Most people live on a single source of income—their day job. Their paycheck at the end of the month is the only source of motivation. Here’s the problem with having only a single source of income: What if you lose the job? What if you are laid off from it? People living paycheck-to-paycheck will have a difficult time surviving.
It is often said that rich people have at least seven sources of income. But that’s only a generic assumption. But, if you want to become rich, you must have at least five income sources.
Most people would say that they don’t have time to focus on things other than their job. If you are trading time for money, it will not make you rich or financially independent.
The first thing you have to do if you want to create multiple income sources is learn. Find out how you can make extra money doing something other than your regular work. It doesn’t have to be a big business. There are ways to keep your day job and still have multiple sources of income. Go online and learn, study the riches, and find opportunities. If you don’t have the time to learn, you will not have the time to earn.
Start a side hustle. There are a lot of ways to make money. You just have to be willing to find them and learn about them. Here are a few popular ones.
- Dividends from investing in stocks
- Interest income (Savings and Fixed Accounts)
- Affiliate Marketing
- Selling products/services online
- Online courses
- Part-time jobs
The first thing that might come to your mind is that you don’t know how to do any of these things. That’s where the learning part comes. You don’t have to do it all at once. Take one step at a time. Once you go from one income source to another, start learning and building the third one. Yes, it will take time, but you will eventually make strong income-generating sources that will allow you to achieve financial independence.
4. Own a piece of a business
Owning a piece of a business is your path to financial freedom. It will make passive income and provide a chance to mass-scale your income.
What does owning a business mean? Does it mean you have to start your own company and sell products and services to people? Sure, that would be great if you could do it.
But, there are other ways to own a business without working directly for the company. It is by investing in companies. Buying company stocks is an example. When you own stock in a company, it means you are a part-owner of it.
There are mainly two ways you can own a piece of a business in Nepal.
- Investing in the stock market
- Starting a business
Among the two, the first one is doable for everyone. So, learn about the stock market. There is free information online. Start investing today.
Starting a business is also feasible, but you need proper research, planning, and knowledge. So, if you have a good idea and execution ability, a business will make you rich in Nepal.
5. Passive income
Passive income is something you earn without actively working for it. However, most people often mistake passive income for something you make without working. That is not true.
You have to work. The difference between active and passive income is that active income is where your earning comes directly from work. Whereas in passive income, your earning comes from the work you are not doing currently.
If you want to become rich and wealthy, passive income is the way. You can never become rich by working at a 9-5 job. Think about every wealthy person you know. They are rich because they make passive income.
Wealthy people own assets that have high values in the market. They include stocks, real estate, businesses, etc. When someone owns a high-value asset, their wealth increases as the price of the asset increases in the market.
You can make passive income in Nepal. Blogging, making videos on YouTube, investing in stocks, selling digital products, etc., are some of the popular ways people make passive income.
However, it is not easy to earn passive income in Nepal. If you think of making a full-time living with passive income, you might have to think again.
It takes hard work, consistency, and patience to make passive income. Although it sounds cool to make money without working actively, it is much harder in reality. In fact, you might even have to work harder than making active income to make consistent passive income.
Read to know more about passive income: The Truth About Making Passive Income In Nepal
Some more tips
If you want to become rich in Nepal, you have to think about the future, not the present. There is not such a thing as an overnight success. You cannot do something today and become rich tomorrow or in a few days. Becoming rich takes time (at least a few years).
Furthermore, it takes a lot of work and persistence. What can you do today that will make you rich in a year or two (or five)? Think about that. And do it now.
Invest your money now and become rich in a few years. Start a business (or side hustle) now so that you can increase your profits and become rich in a few years.
Nepal is way behind in the context of development in many sectors. So, there are many opportunities for businesses in Nepal. Our country needs innovation, and if you can provide it, you can become rich in Nepal.
Finally, the most important thing you must do to become wealthy is to affect many lives. If you can do something that impacts thousands and millions of people, no one can stop you from becoming wealthy. So, if you have a business or a side hustle, think about mass-scaling it.
Frequently Asked Questions (FAQs)
1. Where do I invest my money for a good return in Nepal?
The most accessible place to invest your money in Nepal is the stock market. It is especially applicable for people with less money who want to start investing. However, it must be done with proper knowledge about stocks and investing. If not, you can quickly lose your money. The best thing to learn about investing and start with less money. As you gain better knowledge, you can invest more and earn more.
2. How can a student get rich in Nepal?
Students in Nepal can start side hustles like blogging, YouTube channel, tutoring, freelancing, etc. These activities require no (or very little) investments, but they can provide students with good earning potential.