Your reading this article is reason enough to believe that you are strongly determined to be wealthy. So what should be your first step?

Inculcate in yourself the saving habit: A penny saved is a penny earned. You need to inculcate in yourself the saving habit. Put off unnecessary spending and impulsive buying for good. Spend when you think it is required and if it is a purchase decision you need to make, think twice and scout for better deals before you narrow down on one. Also check out for any value additions on offer.

Such a practise will pay off well in the long run and help instill that hard-to-come-by saving habit in you sooner or later. Also know that your neighborhood post office has some fantastic schemes on offer. You may consider parking your savings there. Post office schemes will reward you well with returns and additionally offer you tax benefits too. So don't underestimate the power of small savings.

Secondly pay up your credit card bills now: Postponing credit card payments can only cost you dearly later. And that small part amount that you are offered to pay on your huge credit card bill for now, is only a ploy to extract the maximum out of your money. Mind you, the credit card company will charge you interest for the balance that is due to them and over a period of time you would have paid 3 to 4 times or even more the sum you actually owe them. In short make credit card payments asap (as soon as possible).

Taken a loan? Pay it off at the earliest. Whether it is a home loan or a personal loan, borrowings in whatever form they be must be paid off at the earliest. They are a painful liability. Also when you sit down to assess your assets and liabilities know that your liabilities must be extracting more than the required amount from your pocket through interest. The interest rates on personal loans are high and earlier they are settled the better.

Don't let money lie idle: Why let money lie idle when there are investment options that can contribute substantially to increasing your wealth. Why not make each rupee work and earn more for you through the magic of compounding.

Buy insurance now: Have you ascertained your insurance needs? If not, do it now. Insurance is important since as the breadwinner of the family it is your responsibility to ensure that your family continues to receive all the comforts that they are so used to forever and that means even in your absence. A systematically worked out Insurance plan can not only cover risk, bring in money at regular intervals but also pay up for your children's education, fulfill their career ambitions and take care of your retirement planning. So buy insurance at the earliest. The premium amount you have to fork out will also be lower.

What about Retirement planning? Given a thought to your pension requirements? If not do it now while you are young. That way you will have time on your side and flexibility too.

Most individuals believe retirement planning should be considered only when he is approaching retirement and they realize later how terribly mistaken they were. But by then its too late. By starting off early creating a sizeable kitty for yourself will be child's play. By the time you approach retirement you would be tension-free, relaxed and have a substantial amount to your credit to spend your retirement period lavishly. Take retirement planning seriously. And as part of your investment portfolio try the equity route to start off with. When you are young dabbling in stocks is easier and less risky than when age catches up. Besides you also have the benefit of compounding - something that can pay you rich dividends leaving you richer than ever as years pass.