Introduction Money Making SECRETS
Money Making SECRETS:There are seven things about money that every young person should know. Around the world in their 20’s in order to make a lot of money, I learned this after travelling to multiple countries after representing our country United Nations and spending time in my family business, then starting my own company and failing at it and then finally starting another startup and making successful to now raise millions of dollars.
Make money through Wi-Fi
(Money Making SECRETS)
I feel 90 of the people are reading this have Wi-Fi. They should know not only how to consume content on it . They should know how to make money out of it because that’s the easiest way to make money A and B.Forget easiest that ‘s the most necessary way to make money in today’s world because the amount of compounding which you can get through Wi-Fi.The no.1 thing which is their if you learn how to make money through wifi, you will be learning how to make money through your personality or through your knowledge and that’s your mode. it’s in a perfectly competitive world where everything is competition.
Money you need for retirement
(Money Making SECRETS)
I ask this question on Twitter “How much money do you think to retire?” Less than 5% of the people said less than 10 crores right that is because when we think of how much money you need to retire, most of them think of it like a big pile of cash kept under the bed.Right, we wre not thinking about okay this money that you have saved is constantly working for you to make you last your entire retirement right so for most people. Let’s assume even if you spend like 30 lakhs a year which is very comfortable lifestyle, no matter where you are living India you don’t need more than a million dollars.
Money is Time not Price
(Money Making SECRETS)
No.3 point is Money is time not price. Spend money like time, not like you are paying a price. For example let’s say you want to buy a car , when you are buing a car think of it like this is three years of my time . Most of us don’t realize that money is something that we invented it doesn’t really exist how has it been defined money is the reflection of the value of our time. It’s simple as that we’re just extending our time with each other and it’s represented as money.
Know your Risk Appetite
(Money Making SECRETS)
You don’t know what you are risk taking appetite is, most people think that the amount of risk that you can take is only dependent on your age, so this is famous 100 minus age rule , so let’s say I’m 26 years old and according to that role, I’m supposed to invest 74 of my money in equity.Now if you had asked me this last year when I was planning to go to Colombia and I needed two crores to pay next year, would I have to put 75% of my money in equity? It’s a stupid decision. So, your age has nothing to do with how much risk you can take. It is only dependent on what the hell that money is meant for. If I have no short-term goals coming, then I can maybe follow that Hundrad Mana stage rule, but most people in their 20’s are thinking about maybe saving up for a home loan down payment a few years from now so you can’t take or put 70 or 80 percent of your money in equity. It’s all dependent on the financial goals that you have, not the age that you have or the kind of person that you think you are.
Making Money V/S Cutting Cost
(Money Making SECRETS)
In your 20’s specially focus on making moremoney rather than cutting cost. I am say this because when you are in your 20’s you don’t have major spends in your life so the major spends which are gonna drastically affect your financial life and if you cut coast there it makes sense. Let’s say buying the fancy house, paying for your kids future, paying for lavish wedding, or going for a fancy vacation, or like buying fancy cars. These are thing If you cut coast here it’s gonna have a significant impact in your financial life but in your 20’s what do you have eat , going outside and party that’s it.Instead of just thinking like how can i not pary how can i not eat how can i not experience more how can I not go out.More people think how can I make more.
I would say if you want to do that if that is important to you, you can do it, it’s oky. but you need to cut down something , else for me that is not buying a lavish 50 lakhs 60 lakhs car I maybe happy with the 15 lakhs 20 lakhs car and that remaining 40 lakhs I’ll use it for going out to sturbucks lavish restrurant.
Invest in Liquid asset classes
(Money Making SECRETS)
When you are young atleast before you are 30 focus on investing in liquid asset classes. Don’t go for a liquid asset class until you have enough liquid asset classes to sustain the returns from which can sustain your lifestyle. Sol, I would focus more on the liquid asset classes building first and then go towards liquid asset class.
How to generate Wealth?
(Money Making SECRECTS)
Wealth is generated by ownership not Trading, when you anything which you own can help you create wealth and anything where you trade your timeand money won’t be able to help you create wealth. Everything you helps you make helps you make your wealth .if you want to genuinely create wealth create wealth in your 20’s start thinking about what are the things that you can own which can help you make money for a long period of time instead of just trading your time effort and money to make more thing.
