99% SUCCESSFUL People Think Like This - RICH Mindset ft. Sandeep Jethwani | FO 50 - Raj Shamani

[Music]. one percent of people in this country. own one third of the wealth of this. country see what do the really wealthy. really smart people know. they know what they want to do with. their time but why there are certain. people who are able to make wealth and. certain people are not wealthy. i was reading on your website the first. thing it says that 50 000 crore managed. in the past i was in a business where i. would sit across the table from.

some of the wealthiest folks in india. okay and talk to them about how to. manage their money uh help them with. that you would meet people who are 25. crores 30 crores. and then you suddenly start feeling that. money is available like there is enough. money to go around. it's just that it is concentrated in the. hands of a few people. like india has. one of the craziest uh ginny. coefficients which is the wealth. inequality thing right okay. one percent of people in this country. own one third of the wealth of this.

country that is. incredible it's mind-boggling it is. disturbing and that's when you started. feeling like how how can this be like. more broad-based like how can more. people have access to wealth the other. thing was like what does what is like. wealth for everyone right like if i ask. you what does wealth mean for you raj. having time in my hand. and. i should not sacrifice that time by. doing the things which i hate yeah. that's exactly for me also that's what i. discovered is the concept of wealth.

right a lot of us believe that wealth is. things that you own. or the houses that you live in or the. cars that you drive. wealth is that what you don't see right. you don't see real wealth yeah and it. makes sense because every time you buy a. new car. you have less money in your account so. you have less wealth yeah and i agree. with you that wealth really is the. freedom to do. what you want when you want. uh and therefore it's not about retiring.

it's not about like this i like i'm not. a big fan of this fire movement okay. which is retire early one thing i hear a. lot of people say is i want to retire. early i think what they really mean. is that they want to do what they want. when they want somebody who's working in. a bank retirement might mean stepping. back and writing a book yeah right. that's not retirement they want to do. what they want when they want other. things right. and i think that truly for me is wealth.

and that's what i realized when i met. the really wealthy folks in india they. had the luxury of time. like they didn't have to get up in the. morning uh brush bathe have breakfast. and dash to office. like they were like okay. today i want to think about this like. what are you doing today i'm just. thinking about this new thing that i'm. going to work on right. and i think. that for me was a big realization that. how that can change the destiny of india. also in many ways. like what is the best thing about.

flipkart being bought by walmart it gave. a lot of young people a lot of money to. put in and start doing their stuff. absolutely and they started so many new. businesses exactly and that's becoming. like a proper flipkart mafia now yeah. exactly there's a flipkart mafia who's. gone ahead and spawned these hundreds of. startups potentially creating. next tens of billions of dollars of. wealth for themselves and the multiple. people who work for them that is really. wealth and i think india needs uh. certain things like this they need that.

we need that very very desperately every. young person who's watching this or even. in the room everybody's like hey. i want to get rich quick so that i could. retire from my job i can retire from all. the things right yeah why do you think. that is coming like why this is a. mentality all of a sudden because. aren't we all taught from the beginning. that study hard and then go to get a. good job or maybe start a business and. then do it for rest of your life like is. it that we are taught and now that is. getting challenged so why all of this. everybody's thing you know i think.

that's a lot has got to do with. india's own economic situation and in. the time that we grew up i'm an 80s kid. we grew up in a time of scarcity. that there were not enough jobs and. there was a right race to get into the. limited jobs that and therefore limited. number of engineering colleges medical. schools etc and all of that so you're. constantly in that. race to. uh and i think as indians we generally. couldn't discover ourselves. uh what our true potential is.

right and therefore when people make an. association with work. they it is an obligation it is something. that you have to do right. whereas actually i feel that. if we had the luxury of wealth of space. and time we could have discovered our. talents. better and differently much early on as. well. and which is why people want to then. retire like instead of like doing what. they love because they probably couldn't. discover what they really love we all. live in society where we've been taught.

from from the beginning we've never been. asked. so if you go to school teachers tell you. hey this is how it needs to be done yeah. parents tell you this is the way yeah. your. uncles advisors everybody keeps telling. you you go to a job you do a job as well. most of the. old bosses they're like this is how. needs to be done yes you've never been. asked so you never question yourself and. because you never question yourself. you're not. curious enough to find out what you. really love and that's why you're like. you know one day i'll be like leave.

everything and do it so is that do you. feel is the reason because we have. always thought never been asked. absolutely and i think you know one of. the. things people get really nervous is when. they're asked a question. like uh as a country. we love when somebody solves things for. us. yeah like. tells you that these are the three. things if you do and i think we are now. for the first time going through a. little bit of a shift beginning to. happen. thanks to. social media creators uh where.

these questions are now are exposure to. the how globally people think. is much more than what it was say 10. years ago as somebody in finance i try. and relate everything that we see in. society. to. economy right and. like i personally feel there are three. phases of. india's wealth journey the first phase. was income management. right and a large part of our population.

still doing that which is that. here is a certain amount of salary you. make. you make your ends meet within that and. you practically retire with nothing. there was a survey and people were asked. that how will you survive post. retirement. 60 people said my children will support. me. yeah okay uh. so that was the. era. and in some cases still is the era of. income management and i think when i say. error it's not that.

uh it's like distinctive periods in time. even today there are parts of our. country which are dealing with that the. second was this whole wealth management. era. and it's a very recent era it's like. probably the last four five years where. people have for the first time realized. that the import you have to save money. and find ways of. employing that money right. like. one interesting uh. the first like bse is it gives out the. data of number of accounts that were.

opened in by investors right. from we went from one crore to two crore. accounts in. about 1300 days which is about three and. a half years. we went from nine crore to ten crore. accounts like that one crore was added. in. barely 90 days three months time wow so. imagine three and a half years it took. us to go from one crew to two crore. accounts. and from nine to ten which is adding. that one crore took us only three months.

which means that people are for the. first time now thinking about putting. money some to work right. but that is still a wealth management. error where you have money. you just wanted to earn some return. i think that the real. uh potential of india will get unlocked. when we enter the wealth creation era. okay where people start thinking how do. i really create wealth and which is free. up my time to do what i want to do when. i want to do it what i'm. really excited about is we are seeing.

signs of that like. entrepreneurs potential entrepreneurs. there's this conversation you go to a. cafe in bangalore. on the adjacent table somebody is. pitching to the new co-founder somebody. is pitching to an investor i think parts. of our country are entering that wealth. creation era. and i think that is the solve for. where we are today so wealth creation. technically you said it means. just like you make. enough money so that you buy out time to.

do things which you love yeah and then. you help other people to do the same. thing yeah so that you all collectively. keep doing you all get in the creating. zone rather than managing so yeah yeah. so like for me also like the first. startup. which we had uh which was 2008 to 2021. uh. helped us create deserve in many ways. because it freed us up personally. from the obligation of working in a job. right.

and today we can. uh. deploy whatever we have learned over the. last couple of decades. to be able to helping other people with. their wealth creation journeys fair and. i think which is why it's a huge. leverage. for individuals and for the country so. there's a misconception or probably. right thing that a lot of wealthy people. know what to do with their money is that. right or wrong see what do the really. wealthy really smart people know. they know what they want to do with.

their time somebody. who sold a business made thousand crores. they really know what they want to do. next. right. some people might do a. become a yoga. monk some people might travel some. people might start a new business some. people might start a new foundation to. help other people right so there are. many other things they know what they. want to do with their time yeah when it. comes to money. majority of them. rely on expertise.

because at that level the stakes become. so high you need somebody else to handle. it for you like i have a construct in my. head which is that. there are low stake. things and they're high stake things. high stake things is health your money. low stake things are what you want to. wear where do you want to travel to. vacation etc. now in low stake things. you don't need expertise. because you can spend your time etc.

and figure that out but when it comes to. high stake activities that's when you. really rely on expertise. imagine like if i. had a health issue would i should i. google it. and self-medicate myself and you'd. advise against that and the same thing. with money and i think the really. wealthy folks have figured this out like. look at the la the most wealthy folks in. the world right they've set up these. family offices they've set up full teams.

to help them with their money even the. people who are not as wealthy as them. are relying on experts to handle it for. them yeah so i think what. do they spend time on when it comes to. their money is figuring out whom they. can trust. with their money are there components of. how you can find these people and what. do they look for they're trying to. figure out whether they can trust you. and it's not about. where you will invest their money it's. not about how much fees will you charge. them. it's not about what is your.

scientific strategy and because that's. all a given like. yeah i mean if you don't like have. transparency and if you don't have a. logic around how you deploy people's. capital you shouldn't be in the room to. begin with. but what they really figure out is. can does this guy have the right. ethical. uh you know frameworks does this guy. have the right. intent at heart. uh to grow my capital. and which is why a lot of these.

discussions when it comes to. uh money are discussions like these. in most cases you're not discussing. what you will do with it or what. portfolio or which mutual fund or what. stock or which bond. that discussion doesn't come up it's. more about these conversations that what. sandeep like how how do you think. i should be deploying my money. or. what do you think i should be doing and. what they are assessing in that. conversation is can i trust this person.

and once they do that. then. it it creates a responsibility on the. person that they've trusted. right my like i wrote about this this. recently uh. you know there was there's this tech. entrepreneur uh i met him for the first. time in early 2008. and i said i want to come to your office. he's like no i'm going to and we're. talking about money so i want to meet. you outside so we met at this. there's this hotel called sun and sand.

uh. inju at that point i don't know what. it's called now so we met i remember the. sunset was it was happening at that. point. and. all we did all he did was talk to me. about my background like. where did i grow up what did i do etc a. few days later i get a call saying that. you know i'm transferring my portfolio. to you now you handle it. all that happened a few years later we. became close friends uh i asked him uh. over a drink. about that first meeting and said so he.

said i was figuring out whether i can. really trust you. and i said why because he said trust. gives me leverage. like now that i trust you. i don't have to be involved at all yeah. and it's opened up a whole. part of my life and time which otherwise. i would be micromanaging trying to. figure out where to deploy. and he he said that look you're gonna do. it full time that's all you do so i know. you'll do a better job than me all i. need to know is whether you have my. interest at heart and i think that's.

like generally in life. trust is crazy leverage i feel like. how we build our teams right is also. about trust that if you have a trusted. person. then you as a founder can step back and. do so much more yeah and i think trust. creates that sense of. responsibility on both sides. okay uh like if you are entrusted with. something. you will rise to the occasion and. deliver for that person it's not about. the economics. [Music].

but you will go out of your way to help. the guy whom you've tried who has. trusted you and said that raj you're. handling this for me i don't now care. and imagine like that's like i've heard. team members tell me this that you know. i i'm under tremendous pressure why we. have not like he said no because you've. left it to me. like you're not interfering in that and. i think like and that for me is like. something that i really believe is. is something. to spend time on like.

we should be spending time on figuring. out who we can trust why do you think. certain people. depicts more trust or certain brands. depict more trust because and certainly. we will not on trust right and it's like. a very deep uh. topic to delve into i feel like. we all are looking in general in life. for hacks. right trust is one of those things where. there are no hacks. right there's no like this if you do.

this somebody will trust you if you do. this somebody will trust you trust is. one of those things that you to live on. a daily basis and then it compounds. and when it compounds it snowballs into. something very massive look at the tata. brand for example in india right. it is trusted because. people believe that over time. over hundreds of years or maybe a many. decades they have done right by the. consumer by the various stakeholders. that and therefore today that brand. commands significant uh trust so i think.

trust is again one of those compounding. things that you have to keep investing. into if you want to build it as an asset. right so which means that on a daily. basis take those decisions. which are in the interest of the. stakeholder you're talking to so if. you're. let's say you have an employee. in your company like how are you doing. right by him or her. on a daily basis and not just like at. the appraisal cycle similarly if you. have a customer as a business you're.

faced with so many different decisions. at some point right where you can cut. quality. increase prices increase the margin and. so on. but the thing is that do you take those. decisions when you're under pressure or. do you say no i will not break the. compounding of trust i will do right. by my user or client or. whoever is consuming my service on a. regular basis so that is i think at the. top. the long term trust creation when it.

comes to people however on the other. hand there are like certain types of. people you trust. people like in our business on the. investing side it's about are you. willing to listen to the. user. the client the person who's placing. money with you because if you're not. listening. then uh. you're just projecting your own biases. onto their portfolio we go to a doctor. there are some doctors which are whom. you instinctively trust. because about it's about the way how.

they communicate what you have right. yeah like and the best of doctors by the. way can you can go in and. they'll tell you. quietly examine you write out a. prescription and send you out. but you'll be like wait a minute like. what just happened like i'm not sure. that did he actually figure. but and they might have like but then. there's other doctor who will actually. explain to you what. happened right so those are like. individually. category level differentiators but at.

the overall level i think trust is a. compounding game yeah so would you feel. that. people who are highly trusted are the. ones who attract wealth more see again. wealth is one of those things it's not a. race right it's not like a sprint where. you have to get wealthy by the time your. x years and so on okay. it's about again that same thing. flexibility do what you want when you. want. and. there are cases where people attract. wealth in a very short span of time but. are they really able to.

uh. retain wealth i think that is. a function of how continually trusted. they are. because there are times when you make. money in the short run and then you look. look back and today let's say 10 years. later that person is you don't hear. about them anymore and the reason is. that. they couldn't retain that trust. they did something some shortcuts along. the way. which caused them to lose that wealth so. i think trust. the.

uh. trust is something that. will allow you to. accumulate but also retain uh wealth. why do you think certain people are. wealthy and certain people are not like. because everybody wants to create wealth. yeah i'm sure that nobody gets up in the. morning and be like. right everybody's thinking about it. reading about it finding ways to do it. they're going to the job in a hope that. they'll be able to do it they're doing. starting their businesses to do the same. thing. but why there are certain people who are.

able to make wealth and certain people. are not wealthy if you look at a lot of. mutual funds and you look at the funds. performance right i was recently looking. at a data that one asset management. company put out. and they said that. the performance of. this fund has been over many years 19. annualized. and i was like wait a minute like this. fund must have really made a lot of. money for people. so we looked at the data of how much.

money actual investors made in that. particular font we looked at when money. came in when money went out and we. modeled that to figure out. and actual returns of. investors in that fund was 12 to 13. which is six percent. lower than what the fund actually made i. call this the expertise gap a lot of. times when it comes to managing your. money. you need somebody to hold your hand. and tell you and help you with what is. right at which point of time.

otherwise our emotions kick in. and take control of that situation right. so i think. that for me is uh. is the reason why some people. continuously make wealth with their. investment and some people don't which. is the use of real expertise is that. happening or not. uh when it comes to high-stakes things. like money when it comes to life i have. a different theory everything in life. compounds i like i wish and i try and do.

that with my kids i try and explain to. them this concept of. making money on money which is. essentially compounding over time right. because trust compounds as we spoke. but also everything that you do in your. career also compounds right. sometimes there's a temptation that. for the same job i'm getting 15 higher. in another company. maybe i should make a switch and if you. look at it in a completely dispassionate. rational basis maybe that is the right. thing. but what you are breaking is the.

reputation. that you created in company a when. you're switching to company b you're. starting reputation afresh so you're. breaking the compounding of that. reputation. right and that then hurts in the long. run. so when people ask me should i like i. have this new job offer should i take up. etc. my first thing is to them is that ask. yourself are you breaking compounding in. any way form. uh that could hurt you in the in the. long run and i think like that for me is.

like a big lesson of wealth creation. like don't break the thread. of compounding in any. any field of your work and the problem. with compounding is when you're living. that moment it doesn't feel like a. progress yeah right because it's like. 0.01 on a daily basis. but. over time it becomes something magical. and very large there's this amazing book. one of the most favorite. things i've read uh ever is this book.

called range by david epstein. which is as you know about uh gender. lists. and what are generalists they've tried. different things but over time they've. accumulated. uh. insight in that field right like we. talked about roger federer who uh. played tennis much later in life and. played a lot of other sport right he was. building a sense in i mean not. consciously maybe but around sport. right which then got channeled into. tennis and once they he got into tennis.

he built on top of that right he played. for many years after that i would think. that. uh if it's conscious if it's thoughtful. it is potentially compounding too and. here's you here's how i look at you give. an ex beautiful example let's say. if you are leading a team in finance. then you're leading a team in. pharmaceuticals then you're leading a. team in. let's say law your compounding would be. in leading in leadership in the. leadership and i'll trust you on that. yeah not trust you on pharmaceuticals or.

health or money or anything absolutely. so that's how that's what you meant like. congratulations ceos are able to switch. across companies. because they've figured out leadership. they've figured out how to help people. deliver to their best potential and. that's their compounding game so for. wealth like people who end up getting. wealthy. are a who understand that there's a. price of expertise which they have to. pay yeah so either they become the. expert or they find out the expert who.

can help them too absolutely right and b. is. understanding consciously the power of. compounding in every field of their life. not only just money correct because. whether it's talent whether it's the. field or the domain expertise or just. trust or relationship anything at all if. you understand that consciously you you. become this person yeah who would a you. would attract a lot of things in life. which will make it easy for you to. become a wealthy person absolutely and.

you know i was telling my wife the other. day that. uh. our education system is split into. subjects right. instead what if it was split into. concepts right and compounding being one. concept. and it's. i feel like it's the most important. thing that. uh drives progress. like we look at human history there are. so many small decisions or small things. that were discovered along the way that. made human beings what they are today.

right you know sapiens uh you will know. that he's written about this that these. are small things which at that point in. time doesn't seem like such a big. event right and that's how you will feel. when in your daily lives also even in. your portfolios right. because uh. one of the things about most portfolios. is people are seeking excitement. right that uh yes. this is not exciting etc let's do.

something more exciting what do they do. they break compounding and move to this. new. uh. instrument or something which is. potentially fresh. and again your broken compounding uh. so i think it's about just that that. allow compounding to play out uh tim. owen spoke about this this concept of. the instant gratification. right which is sitting somewhere in your. brain trying to make you do. things which will make you happy at that. point in time and almost always they.

break compounding so i feel education. also this one problem. that we have never we always are taught. about past we never talk about future. like there should be a class on future. like what would you want to build or. what would how would you want to imagine. your 10 years from now or what would you. do like. just challenge the curiosity and. possibilities so that it helps in. nurturing the thought of innovation. rather than just finding patterns of the.

past no absolutely like you know i was. at a singularity university in the bay. area. i think in 2019 and it was eye-opening. thing for me i think in many ways that. contributed to me starting deserve. uh there was this uh so. you know we were a bunch of like 50 60. folks and. there was this. futurism class okay. and there was no reading material. nothing given in advance so we didn't. know what we were going in for the.

professor walked in. she divided the team and the group into. like 10 groups. and said that you pick one concept. and explore that towards. uh. next level and the next level and so on. so i'll give you an example. uh she gave my team the concept of. driverless cars. right now what does driverless cars mean. driverless cars one way of thinking. about them is that you won't need to.

drive anymore therefore you will have. free time. but there is also another angle to it. which is that. if there are driverless cars. will you need to own a car or not. right so that is the next level effect. because if it's a driverless car. there is no shortage of drivers anymore. and cars are easily available. why do we have a problem getting an uber. or an ola is because the driver is not. available not the car is not available. right so if drivers were not a.

bottleneck. then you will have any amount of cars. available. therefore the moment you walk out you. will get a car. therefore you will not own a car. what will it mean for. companies which lend against cars and so. on so forth right. so uh and that for me was a very. eye-opening thing in that. you look at one thing and explore what. it means. and i wish like our kids were. enabled to think like that.

like take. uh the like button on instagram. right. and. then what like so what will happen if. you if the if the designer who. introduced a like button. uh if you he was asked okay so what will. happen so people will change like so. what will happen so people will focus. spend more time on instagram so what. will happen they will try and look. better on instagram and so on so forth. right imagine the implication of that. one feature. which was a like button. right just just having this thought.

process of what will happen next like. that one like button will. will breed an entire generation which is. which is wanting validation constantly. on everyday basis and absolutely. absolutely just having that thought. process is great yeah so also in the. wealth creation process right i've. i've been a big believer of this and i'm. sure you would agree to this as well. that the maximum wealth is created by. investing in future not investing in. today.

right you can make average returns by. investing in today but if you invest in. the future. right you can make crazy return so let's. say for example. jeff bezos so he was not he was working. on amazon 20 years from now. right 20 years 20 years ago facebook he. was working on the technology 20 years. ago right so everyone who works on the. future. ends up getting disproportionate. advantage over other people and making. wealth yeah right but when you look at a. lot of wealth managers and that's. creation right they all look at data and.

patterns of what's working what's not. working yeah i look at the look at try. to understand the logic the quant the. mechanics all of these things yeah so. what do you feel is a better way to. create wealth like is it to take bets on. future because when you think about. future. it's very less logic. it's a lot of. gut feeling and maybe pattern behavior. shift which you have seen i think that's. a amazing question and i think that's. something that for us informs portfolio.

strategy also uh. what do you look at when you. decide if you want to invest in a pms or. a mutual fund. and invariably the first data point you. look at is how that strategy did in the. last one year last three years last five. years and so on right. there is this very small disclaimer at. the end which is that past performance. is no guarantee of future returns right. and actually i think that should be the.

main thing and the old return should be. in small font sevi did a great job of. introducing that disclaimer. and yet i don't think we pay enough. attention to it right a lot of times we. are investing into instruments funds. fund managers asset classes which have. performed in. recent times the recency bias. and invariably. you are ending up buying a thing which. has already done its thing. right it's moved already and now you are.

coming into it like i was looking at the. inflows that happened into bitcoin. uh the amount of inflows that we got in. the last six months. or six months ago was much more than. what they got in the collective history. of. the currency. which means majority of people who've. come into this currency have lost money. now. right. and why did they come in because they. were looking at past returns. i think. great portfolio managers fund managers. wealth managers.

look for patterns. and figure out what performed. in what kind of economic environment. right okay so if a particular fund. manager was doing really well when. interest rates were low. uh. will he or she perform when interest. rates are rising. is a question mark. like and we when we look take asset. allocation calls we also end up looking. at what is the stage of the economy in.

right one of the things we find a lot of. similarity is. 10-12 years ago. when our economy was in a similar state. what it is now right okay uh. and therefore to say that maybe the. markets will behave as they did then. over the next few years rather than. assuming that what has happened in the. past will necessarily recur. like. interesting thing that happened. especially on the back of 2021. is that everyone started extrapolating.

2021 in various ways in life right. we said that a certain set of stocks and. portfolios have done really well they. will continue to do well. we assume that the digital adoption that. happened in that year will continue to. uh be that and we are realizing to. a lot of surprise that people want to. get back to regular life yep yeah uh. we sort of assumed that. uh we will want to meet people only. online online but now people are hating.

it and there's a study done in states. where they've done it on gen z. so 72 percent gen z 72 percent gen z. said that they want to get back offline. they want to go to events they want to. do concerts they want to meet their. friends offline they want to have chill. parties yeah nobody is interested in. forget online meetings they're not. interested in watching netflix wow. they're like i'm done with this i want. to go out and be with friends and 72 is. crazy number based on whatever the size. would be absolutely and that shows up in.

the stock prices of a lot of these. companies right it the assumption that. what happened in the recent past will. continue to happen in the same way i. think. and if if there is any evidence of that. that is required it doesn't work like. that it's 2021 to 2022. and which is why you we end up urging. investors like. don't look at past performance review. investing. never works like it's always almost. ending up in an accident in the future.

but unfortunately that's what really. happens because it is easy to visualize. and sell like it's one data if imagine i. were to tell you that okay i've done all. of this analysis and this is what i. believe. you will say that's your belief. but there's this real data of last. year's performance. yeah and that's hard data and this is a. belief. right and invariably the human mind. wants certainty so then you chase the. hard data and. that's why we don't end up making the. money that we want to like the same nyu. professor.

he quoted that. you know what. who are the ones. who make maximum wealth. what is the indicator which makes the. maximum wealth and how do you judge that. and they all say is the story and the. conviction of the story. absolutely and it's like and like. everybody started laughing it was like. how can you say this what is that but. he's like if you look at he's a finance. professor yeah he's a number numbers. guys like it talks about. capital allocation cash flow all of.

these things right and past performances. and he said but if you look at. if you try to chase patterns and you. look at the past data you're only going. to be able to beat that or be. exactly at a position where you'll be. making the same model if you want to. make. insanely extraordinary results. it's the story of itself it's the story. which you believe in and that story. should be backed by logic it should not. be like hey.

like that should not come on it's a it. should be. backed by a logic and if it makes sense. i think that's what makes you the. maximum wealth the fact that elon got so. many people to believe in the story of. electric vehicles. enabled. the ecosystem of elect that is needed. around electric vehicles to get created. yeah right because tesla doesn't operate. in a isolated environment they need. suppliers right how will a supplier.

invest in a new project unless they buy. into his story. that. he will produce x number of cars every. year right. and i think. how like life is a lot about. storytelling uh i wish that was one. concept beside compounding that we were. taught that how important communication. and storytelling is. in your in your day-to-day work yeah and. i think i think every good story has. three elements in them.

one is the promise of future. second is the logic and the. understanding of the behavior which is. giving you an insight of the future yeah. and third is relatability if i can't. relate with you or your problems then. you won't be able to see the same vision. which i am imagining so i mean if you. look at it as a tesla story as well. right. nobody. cared jack about electric vehicles. until he said that this is going to be. cooler and faster yeah so like everybody. who wanted like a cooler cars or faster.

cars bought into this and they kind of. believed in it correct. imagine the pre-bookings that happened. at that point of time was crazy right he. got capital to build cars when he had. only a story. there's concentrated wealth creation and. there's diversified wealth creation. concentrated wealth creation is the. highest game that you play and a lot of. that is around storytelling and. believing in those stories that's a. concentration that's a concentration. like uh if i really believe in. the tesla story i'll put all my money.

in tesla and may make a lot of wealth. out of it but there's a probability. attached to that yes it's not a. certainty right. whereas there's this diversified where. you potentially believe in many. different stories and create a. diversified portfolio around that. and. the probability of this uh is. potentially higher yeah i think we're. getting getting back to the original. point rich attract which gets richer. money attracts money and one of the.

major reasons would be this. that. because. you. are secured now you can place high bets. and have concentrated bets. yes when you're trying to because when. you're secured and certain about their. max to max. then you play high bets. right versus when you're not secure you. try to play secured in certain bets but. actually the reverse happens. there is when you have smaller amount of. money. you tend to.

believe that if i do this one thing. then i will uh. you know i'll be very rich i used to. walk to school and along the way there. was this lottery shop you know a lottery. shop is a very interesting place because. it's for sure very colorful. right there is this big mast which is. colorful so colors attract attention so. and these tickets are laid out and every. day i would see. like eight to ten people. uh you know leaning over a big board of.

lottery tickets trying to pick out and. stuff and i used to wonder like what are. they looking for. how do they know that this ticket will. do but they would spend a lot of time. figuring that out. and a lot of them potentially would. gamble away a lot of their life earnings. there because of the hope that this will. make me rich. whereas probably what they should be. doing at that point is just investing in. diversified stuff right what do you. think are the like top three concepts. which everybody who wants to create.

wealth should understand in their life. so one is probability okay i'll give you. an example. let's say. if i. uh buy a lottery and i can get a million. dollars. and i say that the chance of. winning that lottery. is say one percent. that means. effective outcome is say ten thousand. dollars. for me right because one million. multiplied by one percent ten thousand. dollars on the other hand there is this.

investment that i can make that will. certainly give me twenty thousand. dollars right which one should i pick. and. humans are. inherently hopeful creatures right. that's why we got to where we are so we. would probably pick the lottery yeah. right because promise of one million. it's promise of one million right do you. think we should chase incremental. results and not exponential results so. uh if you are secure. in your life and have made a certain. amount of capital by all means go to.

exponential exponential results like. when do people start angel investing. right when they've made their money they. have a couple of houses they have enough. capital to. run their family home etc and so on and. then they start investing in angel. investing yeah right it's not the first. thing that you do. right so there is uh. there is this whole probability thing. and i feel like. i also need to figure out how to explain. that to my kids better. right. uh.

because uh if i were to be able to. explain that they'll be able to take. life decisions. much better than they are. the second is which i feel is about this. dealing with uncertainty. right. uh because a lot of stress. that we see in life around us is because. of uncertainty a lot of us can't live. with uncertainty. live with this feeling that we it's okay. not to know what's going to happen next. right and which impacts our risk-taking.

appetite. and which impacts our ability to grow as. a nation also. right entrepreneurial nations. uh are inherently risky. because they are okay with uncertainty. it's okay not to know everything right. but when we have been taught that okay. do this. five steps to this learn this do that. etc guidelines. uh. notes cheat codes cheat sheets. you know we've got used to certainty.

right. and. the third is i think a more a. personality thing that. i feel that. i'm also still learning. is. dealing with insecurity. okay. like uh. which is the fact that you may not know. everything. and that's all right. right so. i wish like probability uncertainty.

insecurity. were things we were made cognizant about. and probably would have. it will be helpful and all three if you. look at like the most successful. entrepreneurs they've all got in this. thing okay. so. most of the people who have built crazy. tech products. they. went for the exponential. risk when they knew that yes. correct they were secure in their head. that yeah hey max 50 000 job i'm gonna.

get it back again correct right so the. security came yeah so their incremental. level was sorted and that's why they. went for the exponential result they. tried to do something right. um forget tech like even the management. students or anyone who feels like if i'm. a sales person. i'm not going to go down correct down. the right that's why i can place high. bets that's one. second is uncertainty. every entrepreneur understands that. antenna unless there's a play of.

uncertainty and i there's that's a. there's a phase of uncertainty and i. cross that i won't be able to. make exponential results in my life yeah. so we all. admit that yeah that yes. i know that it's uncertain but. guess what i'm still gonna get over it. correct okay and third thing insecurity. i feel. it's good to have insecurity yeah. because like it pushes you to do more.

like. most of the people i have met. they all will tell that i'm not the best. person to do this i probably don't even. know how to do this but i'll figure it. out so every time you're insecure about. certain thing instead of saying. impossible say i don't know yet so for. example yeah if i'm insecure about. certain things let's say. i'm. i'm i'm insecure that i don't have the. right amount of talent to build a. startup i can say that it's impossible. i've just not built for it right or i. can say i'm built for it i just don't.

know yet how to do that absolutely and. that's channeling in security correctly. because you're saying okay i need to. learn more about it right yeah so. instead of just discarding it by saying. him it's not for me absolutely saying. that it's not for me yet yeah yeah maybe. one day it'll be for me yeah and you. know i think it's about the vocabulary. also raj like if somebody were to tell. me there is this concept of insecurity. uh. as a kid that. this is what you are feeling. and it is okay.

and. this is how you can deal with it or this. how you can think about it it can in. itself make a lot of difference. sometimes you don't know that you're. feeling insecurity yeah. till many years later when you're more. mature you look back at that time says. was i too insecure what i should. uh and i think this vocabulary uh around. these concepts i think uh sometimes. giving a word to it. is is important yeah so it's there's a. there's a framework right. if you want to make something common.

start saying the word yeah like it. starts by saying the word because unless. you won't say the word you won't give it. a name yeah you won't know what that. feeling is called. like fear and excitement right yeah so. when when you're. nervous and you're scared you feel the. same thing versus when you're excited. yeah like your body doesn't know whether. you're fear like you're scared or. nervous right yeah it's just the. conditioning from the childhood yeah. which tells you that these are the. things i need to be scared about and. these are the things i need to be. excited i'm excited about yeah yeah.

because. probably the chemical in your brain is. the same. so i was speaking to one skydiver like i. did skydiving a while ago and i was. speaking to him like i'm scared. you know when i look out of the plane. i mean i'm excited about the idea that i. want to skydive i want to jump it but. the moment you open that door i get. scared like do i need to jump or no yeah. and he's like the moment you open the. door i get excited then you jump. and it's like our bodies are feeling the. same thing yeah we both are shivering we. both don't know what's going to happen.

our heart is beating faster yeah it's. just i've been trained to look at it as. excitement you have been look at trained. at looking at fear no i think just like. the different words at different time. conditions in a different way and i. think that's this link to the earlier. point of storytelling the power of words. like you know. in deserve you know the what is the job. of so we have a customer support team we. call them member partners that in itself. the fact that they're a partner to our. users uh and secondly what's their job.

their job is to delight the user. yeah right and the moment we say it that. way. uh and when we explain the job. description we put it out like that. you're a member partner your job is to. delight the user. and. and some of that stuff then you don't. have to teach. people that this is what you need to do. yeah because the moment you say delight. you know that you have to go over and. above right. so i think i words have crazy power oh. yes instead of saying that you need to. attend calls. you need to.

yeah just address problems yeah then. you're not worrying about that. how many tickets you closed et cetera. they know that my job is to deliver the. customer okay last question which we ask. everybody uh on our podcast is. what do you feel where is this what is. the next big opportunity for india the. biggest. concept that human beings created which. is unique to us is the concept of money. right. and as.

an economy develops. money becomes more and more central. because we are now moving away from the. very basic day-to-day stuff right now as. the country develops our food. etc is taken care of. so probably the agrarian economy is. stable it's it's reasonable it covers. everyone right. but you have more money in the hands of. people. so any business or any those businesses. where my flow of money dictates how that.

business will do i think that for me is. one thing that we should watch out for. very closely. give me an example like uh credit or. lending for example is something that. we're very excited about again because. money's flowing insurance our own. business wealth or investing. uh these are businesses where the. currency or the commodity with on the. top of which it is operating is money. and with surplus economic capital i.

think those businesses will do really. well. yeah makes sense yeah nice thanks a lot. for doing this man really love having a. conversation with you i hope you did too. i i really love the the concept of. figuring out uh. i i think it shows. humility in many ways that. you're. if you're not preaching you are learning. along the way so i think that in itself. is something incredible and. congratulations on that thank you thank.

you the whole idea is to. genuinely get the right people and learn. from them because so i've been a. believer of this and i keep fighting. with my dad about this right i feel that. dad you know what. me and someone who i feel as a role. model. we don't have a difference. yeah like the same people it's just they. know something which i don't know yet. so i need to ask them and find out ask. the right question or maybe the clear. question. and they will teach me something and if.

i execute that right maybe i'll reach. that level so it's just always about. like i'm this curious person who wants. to learn from everyone who i feel is. doing right yeah incredible and i think. i wish. like that was something that was taught. in schools that that you need to learn. from everyone. we are all figuring out yeah even today. everyone is.

you.