You should not wait till you reach a certain age and amount to define the strategy you should follow in order to accumulate more wealth. The earlier you start the better it is to grow big in life. Check out the Crorepati calculator to know the way; how you have to progress in life.
You should set financial benchmarks early on and ensure progression and diversification occurs as you reach them. To get started; you must set the financial goals on yearly basis which will help you to achieve the financial goals in a slow and a systematic way as you will be getting closer to you financial goals rather than just let the years pass bye. Just remember to haave realistic goals in achieve and achieving the same year helpos you to keep progressing ahead in the life.
For example, I used to set various goals that were financial in nature but not Rupee driven. It would perhaps be being in realistic returns that I should be able to beat inflation and still be able to grow my money by 8-12% per annum. However I invested correctly which ensured that the next year I may have more number of properties for rent when compared to the previous year.
I started as a small player but I had time on my side and I took pragmatic decisions in my life and invested timely when the going was good and property prices were low or were with in my range.
I concentrated on property and stock market as I understand both the markets better than any other market. Just remember that one has to have an understanding of the financial market which helps one to make a financial picture in your head before painting it.
However I also believe in diversification and I can say that it is a key to ensuring slower but healthier returns while minimizing risks. Scaling is a strategy you can use early on to set forth diversification methods based on the financial picture you want to paint for yourself as mentioned above. Scaling is your ability to add different types of investments to your portfolio based on the size of your wealth. Create a guideline as to how to scale matters.
Besides above tactics; I always did the correct tax planning which ensured that I was on the right side of the law and saved on the taxes as amount saved is amount earned. I had a goal to lower tax liability and for that I created the HUF which became our another earning entity and also helped us save money as it is a legal way to save money and this concession is only available to Hindus. Thank God at least at some place religion helped us save some money from the income tax authorities. Check out how HUF creation helps you save tax legally.
Do let us know that how you have used certain tactics which has helped you multiply money at a faster rate by using the honest and legal means as we have always advocated use of the correct means to grow up in life.