How MANGO PEOPLE can get REALLY RICH in India? [8 Simple Steps]

five trillion dollar economy is from a three trillion dollar economy India will grow to become a 40 trillion dollar economy by 2047. so this is definitely a matter of great pride that by 2024 we will become a five trillion dollar economy by 2047 we will become a developed nation and will command an economy of 40 trillion dollars this is definitely a very proud moment for all the Indians and we should celebrate but we should not lose sight of the fact that we have to analyze the other side of the equation also consider for example a very important Matrix which is called as GDP per capita we keep on speaking about GDP but we rarely ever speak about GDP per capita which indicates the average wealth that is held by an Indian now if you look at this figure these studies tell us as per the current standards that India is ranked 158th out of 211 countries in GDP per capita Towns now this data comes from IMF on top of this if you Google that how much money you need to make in order to be top 10 percent rich in India then the numbers are very dismal that you only require an income of 25 000 per month and an income of 1.35 lakhs per month in order to be in top one percent rich in India so all these are very dismal figures so with side of the story should you believe in should you believe that India is a massively rich country or should you believe that India is a poor country well you should believe both the sides of the story there is absolutely no doubt that massive wealth is going to get created in India but a more pertinent question for you is that will you be able to capture that wealth on this video I am going to discuss 8 simple steps through which you will stand a much better chance of capturing this New Wealth that is being generated in India very humble request that if you like this macroeconomic fundamental business analysis put together please consider supporting these type of videos just a simple like from your side will allow more people to truly become rich I know that some of you would not have pressed the like button so please press the like button and we will get the video started so let me Jump Right In that in order to capture the New Wealth that is being generated in India the first thing that rich are going to do is that they are going to capture something called as assets so your first step to becoming rich is to own assets so Naval ravikanth has explained this beautifully so let me play that clip and then let me tell you what assets and liabilities are first of all the first thing if you're going to make money is that you're not going to get rich renting at your time even lawyers and doctors are charging three four five hundred dollars an hour they're not getting rich because their lifestyle is slowly ramping up along with their income and they're not saving enough uh they just don't have the ability to retire so the first thing you have to do is you have to own a piece of a business you need to have Equity either as an owner an investor shareholder or a brand that you're building that accrues to you to gain your Financial Freedom so just to add to Naval Ravi Khan's Viewpoint and asset or a definition of asset can be understood very cleanly by understanding what robot has said about it so basically Robert Kiyosaki says that an asset is something that puts money into your pocket for example if you are owning a house and if you rent it out you are giving it to someone then at the end of the month you will be getting some rental income out of it and that becomes an asset for you why because that house is putting money into your pocket and on the flip side if let's say you are owning a car and if you're just using it for personal use and in that respect probably you will have to undertake some maintenance fee you will have to do some servicing so from that perspective liability is the word good now things like a house could be both an asset and a liability if you are someone who is using a fleet of Uber cars and are doing some kind of business by owning a lot of vehicles then probably it could be an asset a car could be an asset or it could be a liability depending on the use but I hope this definition of asset versus liability is clear now comes the natural question that I am very early in my career I am in my 20s 25 30. and I do not have too many assets so why this point matters to me well it matters to you a lot because we forget some of the assets that all of us have for example time is one such commodity that all of us have irrespective of how much money you have in the bank so time is a critical asset it could be your skills that you are upscaling yourself so skill become a very important asset money of course is a massive asset if you have money then you can use that money to make more money an additional point that you need to understand is that assets are inter-convertible so what is the meaning of the center convertibility me just quickly paint this out for you so for example if you own a lot of time then what you can do is that you can upscale yourself and through that you can make a lot of money and if you have a lot of money then probably you can use it to buy more time for example you can hire more people who can help you out or you can Avail Better Health Care which again becomes an asset if you have more time you can again buy more opportunities from it similarly with money you can buy more opportunities opportunities could be simply studying abroad for example it could be very expensive to study abroad and you might miss those opportunities in case you do not have money the important point that I want to highlight here is that all these different assets are inter-convertible that you can convert time into money you can convert money into time opportunities into time opportunities into money so that's the piece of thought process that you should first and foremost develop it is very critical becoming rich thought process and this is literally where the story starts the second key step to become rich in New India is that you must grow your active income stream now what is the meaning of active income stream for example in the previous point I explained that you should own Assets Now many of you might be imagining yeah we have to own a house we have to own like you know a lot of stocks we have to own like lot of fds or bonds that is true but that is only partially true whenever we are starting maybe in like our teens or in 20s or in mid-20s then what might happen is that our first job or our initial set of jobs are going to Define our wealth building Journey so it is critical that you improve upon your active income stream what is the meaning of active income stream it's very simple that you are going to office that is something that pays your bills after every month you are receiving a salary so what are you typically doing there you are actually investing your time from let's say 9 A.M in the morning to 6

PM in the evening and in exchange for investing that time in a company you are getting some money at the end of the month almost all of of us start our journey there if you are from a middle class even upper middle class then the chances are that you are primarily dependent on your active income there is nothing wrong yes from point one develop that rich thought process no problem there you must always have that long-term ambition but your wealth Journey story starts by cultivating your active income stream so what is it that you need to do about it and how you need to think about active income stream in Modern India so let's have a very quick discussion so Point number one here is that there is a lot of competition for jobs in India this is a fairly well understood point so I will not deliver that here you would have often read in newspaper things like your you know and there are like 500 PhD applicants applying for such a job these are actual data points I'm not making this up so there is a lot of competition for jobs in India now this is where we stop thinking about things right what we actually need to think about that in order to become rich you need to think about high-end jobs now what is the meaning of high-end for example consider something like management consulting VC private Equity investment banking for example if you consider the size of the management consulting Market in India compared to the US India's management consulting Market is only three or four percent that of the US so as a result we have almost 25 times fewer jobs I'm not saying 25 I'm saying 25 times fewer jobs in management consulting then you will get in the US so what I'm trying to outline is and this is point number B that the number of high paying jobs in India are very few to begin with and this is one of the reasons why I decided to study abroad and this is one of the reasons why I initially worked in Singapore I worked in management consulting because high-end job opportunities in India are very few to begin with many people ask me that you know what akshat should we go study abroad should we try to work abroad see my perspective on this is absolutely yes I'm not encouraging you to leave India because I left India I worked abroad I came back to India now I'm contributing to the Indian economy you need to understand the Viewpoint that when you are picking up high-end jobs not only you will make high-end money you will also develop high-end skills that you can bring back and contribute to our nation's growth story so please think about it little bit more holistically if you are not able to develop yourself how will you contribute the most to a nation right so just think from that perspective and from that perspective my answer is always that you know you should pick the best possible job you can get and statistically speaking you have much better odds of getting high-end job outside India than within India because the number of high-end jobs in India are very few to begin with now you might say that okay you know what active income are you told about going abroad I don't have that option I'm in my 30s 40s is there something that I can do to grow my active income yes negotiate your salary this is a very important point that most of us do not negotiate our salary even if when we are negotiating our salary we might get like a five percent hike if at all and that might not make you happy so please understand that number one most people do not get a salary hike because they do not ask for it this is a statistically proven Point again and number two is that when you are going and negotiating your salary it is very important to understand that you at least negotiate real inflation now what is the meaning of real inflation well I'll give you a very quick exercise guess the price of eggs guess the price of milk gets the price of vegetables or your grocery bill before 2020. now it has been almost four years in four years how much do you think those same things have changed for example type out your response below that one egg or milk packet how much did it use to cost pre-covered and how much is it costing now you can clearly see that inflation works very very differently same applies to school fees same applies to Health Care all this I'm telling you official data will not tell you official data will still say you know what inflation is just like four and a half five percent but honestly that does not mean that something that you used to get in 2019 at 100 rupees only cost like 115 116 now no it would have easily gone up by 30 40 do the same exercise I'm not making this up so you must negotiate your salary hard now comes the natural question that okay is there any other way that I can probably get a better pay raise and make more money from my active income I honestly don't want to depend on negotiating my salary it's a exercise that I don't enjoy well you have two parts one is that you become a specialist in your area for example if you are coding then learn all different types of possible coding that you could learn figure out areas which are growth areas for example these days there is a lot of work that is going into artificial intelligence machine learning cryptocurrencies blockchain all this stuff so if you are able to align your skill sets to these growing areas then the chances are that you will make more money so the track on which you are you are probably on that specialist track you can make a lot of money by becoming a specialist no problem there if you think that you know what now you're a specialist Wellies we're like very very difficult who will do PhD you will you know keep on working in that same domain for 30 40 years then your goal becomes to create multiple parallel income streams I'll speak about this point later but let's move on to point number three now the third step in order to become rich in India is to understand and optimize your finances very recently you would have heard the news that Shahrukh Khan's daughter which is suhana Khan that she bought some agricultural land worth 13 crore rupees now try to guess the reason as to why she would be doing this well to cut the long story short to get the benefits of agricultural income because in India agricultural income is taxed at zero percent so suhana Khan despite her father making a lot of money and she might be running a lot of Ventures but through this agricultural land she would be paying zero percent taxes now many people erupted out on Twitter that you know what this is like completely wrong this that no this is like 100 legal I am neither taking side of suhana neither I am saying anything against her all I'm simply telling you is that whatever she did is perfectly legal but through this example I sent simply want to communicate the point that rich are very smart in terms of understanding Finance they also understand where to invest how to invest for example many rich people invest via hedge funds now hedge funds is slightly more riskier in nature but it also gives them better returns you might have seen that sharks like anupam mittal he invests in a lot of startups all these are high-end opportunities investing in hedge funds investing in Angel funds being an angel investor yourself investing in startups these type of opportunities we might not get as normal retail investors but what you can do is that you can pick up investing as a skill please understand basic economics Basic Finance basic investing I make so many videos you can literally watch the entire playlists for free there is zero charge around it you can educate yourself about Finance if you want to upskill yourself I run courses on top of that on member Community I really current news articles current macro Trends to whatever is happening in the market so that's a more practical way of learning so these are basic basic things where you can start your investing Journey tax optimization journey I am not asking you or encouraging you to become money-minded but understanding money is still very important without being money-minded so to say now comes the fourth point of becoming rich in New India which is to generate parallel income streams on point number three I explain that if you are someone on that specialist path for example you are doing a PhD in some area or you already have a career of 20 25 years you're very very happy with that continue on that path become a go-to expert you are already a specialist this is the type of a career trajectory that moves people from previous generation used to take and this was brilliant there is nothing wrong with this type of a career Direction but now what has happened is that with The Changing Times with the usage of more technology it is becoming easier than ever to create parallel income streams let me give you a very simple example and again please type out that before 90s 90s how many of your parents used to invest in the stock market the answer would be very few if I just randomly do a poll maybe like you know 10 people would have done that now if I'm asking that question in a seminar or webinar then almost like 40 50 might be doing it but you'll say you know Google only three percent people in India invest in stock markets no I'm talking to more people who are slightly more affluent but one of the key reasons why stock market became a viable option for people was that it got easier to invest in stocks post 2010-12 when all these zero discount brokers came into the equation there was more internet penetration people started using smartphones so to cut the long story short the point I'm trying to drive home is that with time with the use of Technology it is becoming easier to generate parallel income streams you might be seeing that a lot of youngsters are getting into freelancing business they do their job on top of that on weekends they might be doing some freelancing work similarly I live in Goa and I see a lot of youngsters or young couples buying homes and they rent it out on Airbnb and they are creating an additional income stream what has made all this possible well it's the advancement of technology and this has happened really really fast in the last 10 years and in the next 10 years this is only going to accelerate so if you're not on that specialized path become a parallel income stream person own three four income streams that is the goal with which you should operate there is a whole video that I've done on this topic so in case you want I have discussed specific ideas that you can go and execute but very quick summary there that if you are already in a full-time job you could start your parallel income stream journey by taking on some Consulting assignments now what is the meaning of Consulting assignment please go and check that video investing in real estate that gives you a cash flow again becomes a viable asset income option so please go and explore it understand yourself sit with your partner to discuss that which passive income stream might be most useful for your family and start the story there so this brings me to the next related point which has to do with your life partner all the points that I've spoken so far passive income active income all that stuff only survives if you are finding the right type of partner for you now I am not a marriage counselor I don't know I have no tips to share here but I will give you some basic science behind it see there are two types of broad people in the world so one could be called as utilitarians and second believe in the concept of Hedonism right so I'll explain both these terms utilitarian means so this is like my characteristic then I would if I have to buy a cart Mercedes on five star rating this that so I bought a Tata Mixon it's not as if that I could not afford a Mercedes but for me that's a utility thing right it would depend from item to item for example if I'm actually buying a house then I would typically want to live in a very good house simply because I have young kids at home I spend most of my time at home so there I have no problem in terms of spending money but net net I will be a utilitarian person so that is how I view life the second people who believe in another concept is called as Hedonism so Hedonism means care in what life a goal is what consumption I'm not attacking avocado eaters I also love avocado but that is not my go-to diet but again coming back to the basic point that hedonistic people what they enjoy is that they really enjoy consuming luxurious things everything has to do with luxury so if you are trying to pick a life partner my only tip would be that you know what you really need to win a person on Hedonism versus utilitarianism and whether or not you are also typically aligned with that Viewpoint or not this becomes a very important point because I see a lot of my friends getting a little bit miffed because of the fact that you know what the husband or wife likes to spend money like crazy and the other person likes to save money so you know right so just think from that perspective please understand what type of person you are and what type of a life partner you would want because you can do everything income stream active passive this that doing well in career but if we the personal life falls apart it can lead to a lot of bad stuff so the next Point becomes that you must grow your wealth or whatever income you are making in excess of inflation so that will lead to something called as wealth protection people have very wrong notion I discussed earlier in the video that people think that inflation in the economy is only four and a half five percent so if I put my money in instrument X I'm not even naming it and on that if I'm making let's say six percent return oh yeah right and I'm actually beating inflation no that is completely completely wrong earlier I gave you an estimate that when you check food inflation prices when you check education inflation when you check Health inflation then the prices have gone up quite massively so if you have to boil down that how do I figure out what the exact inflation is and what I need to do in order to protect my wealth important point that you need to understand is that you will have to take risk with your money right it's as simple as that you cannot expect to beat inflation and actually protect your wealth without taking any risk when you take risk some things will go right some things will go wrong therefore you must understand how to construct a portfolio what type of portfolio will work for you so all these different different things should be there where do you start your journey well you start your journey by going to index funds going to stocks going to mutual funds all these are basic basic things where you could start your Journal I'm not telling you that invest in this particular mutual fund or that particular mutual fund you make a call but the Central Point going forward is very simple that if you don't grow your money in excess of real inflation you are getting net net poor you can keep on working all entire life it will not amount too much unfortunately if you're not protecting your wealth this is a central point please understand it so let's move on to the next point which is that in order to build wealth you must be in profitable niches there are two examples I'll give here one is a tweet from Mr Kunal Shah he says that only 180 public companies in India make more than one thousand crores profit after tax and out of these almost 30 thing are in bfsi which means banking financial services and insurance why because this is a profitable space this has been a profitable space and likely going forward this will be a profitable space and therefore 40 50 of my portfolio is in these industries only I keep on speaking about it and again you can check my portfolio here on this video where I've explained this point let me give you example number two of being present in profitable Niche for example consider the story of Reliance so when Reliance industry started it was what type of a company textile right it was in that then it moved to what oil right so Reliance right now is also heavily oil dependent now where is it going it is going into Tech right why is that because reliance as a business Empire business group wants to be present in profitable niches this is something that you should also do in your career that for example if you feel you're not you're not going to make a lot of money then if you are from a tech background then migrate to other areas of growth so let me know in the comment box that how are you migrating in your career that is a very important point with that said let me speak about the last point that don't operate in this new world with a savings oriented mindset operate from an abundance oriented mindset now many of you would say and now you're saying that don't operate from a savings oriented mindset I'm not saying that become like a brainless person who just keeps on spending money like crazy on whatever I'm not saying that what I'm trying to tell you is that you will not become rich by saving money because if I give you a task that cut like 10 000 rupees from your overall expenses in a month how much money will you be able to save and what are the changes that you might have to make so you will never get rich by making these type of sacrifices at least now when the wealth is getting eroded faster than ever so yes you should save you should have some spare discretionary income convert that into investment convert that into money build passive income all that stuff but you can't become rich by saving money in today's world what you need to operate with is the concept of abundance abundance means that you know here you know everyone can get rich it's not as if that you know only I can get rich build collaborations build community do constructive criticism right for example a lot of people just simply like you know tag keep tagging YouTubers that their entire Empire is getting built by concept of criticism because what you are doing is that you are simply cutting off relationships so in this hyper competitive world it is very important that you don't cut people off you look for opportunities to collaborate because when you operate with the concept of abundance collaboration there is a lot that you can achieve which you never thought that you could I am personally seeing benefits of that and it has helped me and therefore I am sharing it with all my community as a Next Step it's important for you to understand that we are living in a world where there is something called as cost of living crisis everything is becoming expensive so please watch this video why is that happening I'm related to whatever I have taught you on this video it will give you a very holistic perspective of how to build wealth in Modern India thank you so much for watching and I will see you soon

2023-07-10 01:48

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