Rich People Don't Want You To Know This! Ft. @AbhishekKar | TJW-57
Shobha Rana・2 minutes read
Investing in the stock market requires skill and a long-term mindset, with luck playing a significant role in financial success. Wealthy individuals prioritize practical investments over flashy displays of wealth, focusing on simplicity and strategic choices.
Insights
- Successful investors in the stock market attribute their achievements to strategic planning and a long-term outlook, emphasizing the importance of skill over luck in financial gains.
- Wealthy individuals prioritize practical investments like appreciating luxury items and alternative assets, showcasing simplicity and value appreciation rather than ostentatious displays of wealth.
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Recent questions
How do wealthy individuals showcase their riches?
Wealthy individuals emphasize simplicity and practicality in choices.
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Summary
00:00
Navigating Wealth: Luck, Skill, and Mindset
- Many people confuse luck with skill, especially in the market where lasting 8-9 years can lead to significant success.
- Society is more status-driven than wealth-driven, with a focus on what others have rather than personal financial stability.
- Wealthy individuals do not showcase their riches for show, emphasizing simplicity and practicality in their choices.
- Investing in the stock market is often seen as a skill, with successful investors having a strategic approach and long-term mindset.
- Basic books on stock market investing, like "Common Stocks Uncommon Profits" and "One Up on Wall Street," are recommended for beginners.
- Developing a strong belief system and mindset is crucial for multiplying wealth and financial success.
- Luck plays a significant role in financial gains, with preparation and timing being key factors in successful investments.
- The journey to financial success involves navigating market cycles and developing skills over time, rather than relying solely on luck.
- The concept of "the rich get richer and the poor get poorer" is discussed, highlighting the importance of mindset and belief systems in wealth accumulation.
- Wealthy individuals focus on practical investments, like luxury watches that appreciate in value over time, rather than flashy displays of wealth.
13:31
Wealthy invest in watches, art, yachts, stocks.
- Wealthy individuals invest in expensive watches as an alternative investment, not merely for show.
- Art lovers are willing to pay exorbitant amounts for renowned artists' works, such as MF Hussain's paintings.
- Owning a yacht signifies a wealthy status, with the ability to host lavish parties onboard.
- International waters provide a safe haven for mega yachts, shielding them from internal agencies.
- The stock market is viewed with fear due to historical events like the 1929 US market crash and the dot com bubble of 2000.
- Mutual funds saw significant returns between 1997 and 2000, particularly in sector-specific IT funds.
- Stock market fears were exacerbated by crises like the Lehman Brothers collapse and various scams in India.
- Cardiac patients in 2008-2009 were predominantly stockbrokers, indicating the stress associated with stock market investments.
- Spirituality plays a significant role in financial decisions, with some communities heavily investing in the stock market due to religious beliefs.
- Manifestation practices can aid in financial goals, but action is crucial alongside positive thinking to achieve long-term success.
26:26
"Mindful Reading for Financial Success"
- The speaker discusses the importance of reading and maintaining a positive mindset to achieve goals.
- Emphasizes setting big but reasonable goals, focusing on incremental progress.
- Shares a personal anecdote about intuitive decision-making leading to a successful investment.
- Warns against the pitfalls of excessive hustle culture and burnout, advocating for balance and patience.
- Highlights the negative impact of impulsive buying driven by emotions on financial stability.
- Suggests content creation and monetization as a more sustainable investment compared to impulsive spending.
- Criticizes extravagant spending on weddings and the emotional decisions behind it, urging for financial prudence.
- Advocates for mindfulness practices, spirituality, and data-driven decision-making to counter emotional impulses.
- Cites examples of successful individuals like Warren Buffett and Elon Musk who prioritize financial stability over emotional spending.
- Encourages self-awareness, spirituality, and data-driven decision-making for long-term financial security.
38:54
India's Economic Growth and Investment Potential
- The increase in digital awareness in India has led to more people engaging with the internet and online courses.
- Despite issues like scams and corruption, India's economy is seen as a viable market for investment, with a current value of approximately $3 trillion.
- India's economy is projected to grow to $9 trillion in the next 8 years, with a significant contribution from the demographic dividend of its young population.
- The demographic dividend in India, driven by its youthful population, is seen as a key factor in the country's economic growth and prosperity.
- India's growth phase, in contrast to the stagnation in the US and UK, presents investment opportunities, especially in tier two and tier three cities.
- The shift of manufacturing and API production from China to India has already begun, driven by factors like FDI regulations and cheap labor.
- The next 25-30 years are predicted to be prosperous for India, with significant growth potential and scope for innovation.
- The importance of remaining loyal to investments based on the promoter's actions and business potential is emphasized, especially during market fluctuations.
- Investing based on common sense and simplicity, rather than complex strategies, is highlighted as a successful approach.
- The importance of maintaining balance across various aspects of life, including physical, mental, emotional, financial, and social well-being, is stressed for overall success and stability.
52:17
"Mindset, Money, and Success: A Holistic Approach"
- Understanding the importance of mindset in achieving goals and happiness, emphasizing the role of balance and money in this process.
- Highlighting the different mindsets towards money in various societies, comparing the West's focus on wealth accumulation with India's more recent shift towards instant gratification and investment.
- Discussing the generational differences in mindset towards money, with younger generations being more enterprising and risk-taking, focusing on investments and new asset classes like cryptocurrencies.
- Exploring the evolving mindset towards finance and success, emphasizing the importance of defining success on personal terms rather than societal standards based solely on material wealth.
- Emphasizing the significance of enjoying the process and journey towards success, rather than solely focusing on reaching the end goal, encouraging continuous learning and growth.
