TOP 7 Money Making SECRETS ft. @financewithsharan | How To Be RICH? | FO 60 - Raj Shamani

seven things about money which every. young person should know around the. world in their 20s in order to make a. lot of money I learned this after. traveling 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. raising millions of dollars I've learned. this the hard way along with my friend. Finance with Sharon who's learned about. money and researched about it in such. depth that he's one of the biggest.

influences on Finance in the country. together we have listed out seven points. which are really important for every. young person to remember in their life. if you want to actually go ahead and be. successful and want to keep your. Financial Health intact and and finally. my book Bill don't talk is getting. launched on 25th November but for you. guys it's available to pre-order click. on the link below right now and pre.

order the book if you want to understand. how to build your personal brand how to. manage your money how to make a lot of. money while you're still young how do I. invest how do best people and best. entrepreneurs around the world invest. and build multi-billion dollar companies. how to manage your emotions life is a. race we all know this but how to win. this race at a really early age is what. I've written in this book based on not. only my experiences I've written this.

along with the top 10 people who are the. greatest entrepreneurs and the biggest. influences in the country so make sure. that you order it right now because you. never know it might be out of stock soon. so click on the link right now and once. you have pre-ordered it enjoy this. episode of figuring out which is a short. episode of seven pointers with my friend. Finance with Sharon about how to make. money and how to understand the really. important nitty gritties around the mind.

set which you need in order to make a. lot of money. seven things every 20 year old should. keep in mind when it comes to money so. here's with me Sharon we're going to. talk about seven things number one thing. which I feel is every 20 year old today. should learn how to make money through.

Wi-Fi. through Wi-Fi yeah like through using. the Wi-Fi effectively I think we both. would agree to that like through using. internet okay. I feel 90 of the people are watching. this have Wi-Fi and if they 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. most like 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 it's it's. incredible and also you get the scale. also usually the scale is easy. compounding is easy and the best thing. is number one thing which is there. if you learn how to make money through. Wi-Fi 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. you don't have cost leadership you can't. command more margins but you can if you.

learn how to make money through Wi-Fi. right you can stand out and because your. personality is different Sharon is. different Raj is different everybody. will have their role and it's already. made a lot of money through Wi-Fi okay. so my thing is you need way less money. than you think you need to retire uh. when I ask this question on Twitter how. much money do you think to retire less. than five percent of the people less. than 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're 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 a very. comfortable lifestyle no matter where. you're living in India you don't need. more than a million dollars yeah six. seven crores is what you need but most. people think you know give me like 20. crores 30 crores number that is because. they're instantly thinking that 20. crores is gonna remain as 20 crores till.

you die that's a that's a that's the. biggest uh. it's a very interesting thing because. most of the times we don't have a number. in our head like how much money do I. need yeah everybody wants to make money. yeah but they don't know how much money. do they need because they've never. calculated as per their lifestyle as per. their aspirations yeah they've just. looked at other people like oh soccer or. banana is very cool Hazard or banana is. very cool right you know and that's the. only number they're chasing true it's a. good one like I I generally feel like we. all need lesser money than we actually.

think of absolutely nice good point. so number three point is. think of money like no okay. money is time not the price. okay so spend money like time not spend. like you're paying a price okay for. example let's say you want to buy a car. okay so when you're buying a car think. of it like this is three years of my. time yeah I know there's only going to. be one of my points. yeah well that's really that's a really.

great uh uh statement uh because most. because 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 as simple as that. we're just extending our time with each. other and it's represented as money yep. that's it and that's it and that that. thing and I feel if people start. thinking of that thought they'll make. smarter decisions in their life because. they then they know.

which is even worth it because let's say. if you are buying a car which is five. years worth of your time but the charm. of that car is only going to be for one. year you're making a stupid decision. right true right so if a charm of your. car is only one year spend it like only. like six months of your time so that at. least you're having double the fun of. the amount of time you've invested so. this is how you this is how I spend my. money on so I think of money as time got.

it right go with the office okay so my. uh next learning is uh that uh you you. do not know what you are risk taking. appetite is uh 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. um now if you had asked me this last. year when I was planning to go to. Colombia and I need two crores to pay. next year so would I have to put 75.

percentage of my money in equity it's a. stupid decision yeah right so your age. has nothing to do with how much risk you. can take it is only dependent on what. the hell is that money meant for right. so if if I have no short-term goals. coming then I can maybe follow that. hundred Mana stage rule but most people. in their 20s are thinking about higher. education are thinking about maybe uh. saving up for a home loan down payment a. few years from now so you cannot take. you know you cannot put 70 or 80 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 yeah nice. one. I'll give you one more Point okay this. is I think we already covered in the. podcast but I want to give it a can. for in your 20s specifically. focus on making more money rather than. cutting costs. um okay and here's why I say this. because when you are in your 20s 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 cost there it makes sense.

let's say buying the fancy house paying. like paying for your kids future paying. for your paying for your let's say the. lavish wedding or going for a fancy. vacation or like buying a fancy car. right these are the things if you cut. cost here it's gonna have a significant. impact on your in if in your financial. life right but in your 20s what do you. have like. right and eat and that's it so instead.

of just thinking like how can I not. party how can I not eat how can I not. experience more how can I not go out and. meet more people think about how can I. make more basically. um I would put it in this way choose the. expense that you want to be lavish upon. so for example what people say is you. know don't get a coffee from Starbucks. or don't go out to Lavish restaurants. eat inside but I would switch it a. little differently I would say if okay. if you want to do that if that is. important to you you can do it it's okay.

but you need to cut down on something. else for me that is not buying a lavish. 50 lakh 60 lakh car right maybe be happy. with the 15 to 20 lakh car and that. remaining 40 lakhs I'll use it for you. know going out to Starbucks and going to. Lavish restaurants or another another. area where I would cut down is my. marriage expense let's say instead of. inviting thousand people half of them. who I don't even know just call 100. people and then save that 50 lakhs and. and then maybe go on four or five. International vacations right exactly so. choose your expense instead of cutting.

down everywhere when are you getting. married not anytime not before 30. okay no but but this makes the maximum. sense to me because. I feel most people are trying to cut. cost even that I feel they should focus. more on making more money because as you. said like income. income generation is on a contribute. more to your wealth than you trying to. you know cut cost so focus on focus on. how can you find out more ways how can. you upgrade your skills how can you use.

Wi-Fi to make more money how can you use. like passive income compounding like. couple of other things so right focus on. making more money that's 100 thing like. log. he was like he's a very contrary opinion. instead of learn If instead of learning. the art of budgeting learn the art of. making more money at least in your 20s. you need budgeting and everything post. that like once you have enough money. right now you don't have enough money.

like focus more on so you know you only. have limited time let's say you're four. hours a day in four hours a day if. you're just thinking about how can I. save more how can I save more how can I. save more versus how can I make more how. can I make more how can I make more yeah. and that's what you need to change so. that's not good so you have a six point. now yeah so my next point is when you. are young before at least before you're. 30 uh focus on investing in liquid asset. classes what most people make the. mistake is in their late 20s let's say. after four to five years of working now. they're about to get married you know 27. 28 29 they they immediately go and you.

know buy this huge house on a house loan. now that is ninety percent of your money. tied up in an in-liquid asset class. right so I would say do not go for a. liquid asset class until you have enough. liquid asset classes to sustain uh the. returns from which can sustain your. lifestyle right so I would focus more on. the liquid asset class building first. and then go towards illiquid asset class. it's a very contrary one right in your. 20s people say that hey focus on long. term focus on illiquid you can afford it.

you can do that and you say the contrary. yeah that's because I strongly believe. that and I'll tell you what most people. think that you know you need to own. something to enjoy it right I don't need. to own a car to enjoy it I can just rent. it I can get it on Zoom I don't need to. own a house to enjoy it you don't own. this beautiful mansion of yours over. here five bedroom apartment right you're. renting it over here so I don't need to. own it I can also rely on my friends. like you to stay in big places right so. the point being you don't need to own. something because owning is much more.

expensive than renting if you think. about it when you consider the. opportunity cost and play you you. definitely can buy a house because. um you know everybody wants to you know. call that you know have that feeling. that I own this house but. you give it much more priority than. building a liquid Corpus for yourself. because you don't know how empowering. have a liquid Corpus is would you wrap. the question is the answer is simple. would you rather have five crores in a. house living in a five crore house or do. you have five crore cash invested.

somewhere right five crore cash can give. you 40 to 50 lakhs uh income every year. a five crore house is a five crore house. right you still have to work out for a. living yeah plus you have to spend on. your house you have to spend on it so I. would choose this I mean people might. have different answers uh but I would. say I would urge people to consider this. because this is much more empowering uh. not in not only in terms of your. lifestyle but also in terms of Freedom. you can do whatever you want right you. can do things which you genuinely enjoy. doing instead of working a job just to.

pay off this home loan Emi nice that's a. it's a good one by the way I only let. you stay in my house because I know that. you're gonna get your Penthouse soon and. I can stay there as well so yeah you. have to repay that okay which I'm also. renting by the way yeah. no way. okay so number seven point is. I have two points I can't think which. one to think about. um. I would say.

this is very contrary but wealth is. generated by ownership not Trading. okay okay so what I mean by this when. you anything which you own. can help you create wealth and anything. where you trade your time and money. won't be able to help you create wealth. right okay. so when you trade your time over. something let's say we're trading time. here example right so we are we're. investing our time we're trading our. time here so based on this agar is I'm.

getting paid for example to talk like. this and I'm getting paid let's say one. lakh rupees yeah right I'm trading my. time to make money that's good for. income generation. but for wealth generation I need to own. this IP and put it online and just let. it be right because then probably today. I'll make 10 000 for out of this but. over a long period of time I might end. up making 5 lakhs out right so. everything you own helps you make helps.

you make your wealth so for example. Equity Real Estate your IPS your coding. your media everything that you own. eventually helps you make money let's. just just think about the richest people. around you even when we talk about the. employees right in the company and the. CEOs who have made it big they all are. employees but they've all made it more. wealth by their esops by the stock. option pool than the salaries and even. if they were getting salaries they owned. other people's equity and then ended up.

making money right so think about if you. want to genuinely create wealth in your. 20s 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 things um. it's a great Point basically what he's. trying to say is if the money that. you're making is directly proportional. to the time that you're putting in. you're never going to become you're. losing rich rich rich right you're. always having that hand to mouth. existence or you might still have a good.

life but. um not you know build generational. wealth right you will not be able to. build generationals maybe that's not. your priority also to build generational. wealth you just want to make enough. money to sustain your lifestyle and your. comfortable working 60. but if that is. fine okay by the way but if you are. someone who wants to build so much. wealth that you can build huge. businesses around it like impact other. people in a profound way then you need. to know something I I disagree with this. point I'll just I think I'd add to a. Nuance even if you let's say don't want.

to make generational wealth okay. everybody every product life every. product has a life cycle that they go up. and they go down same humans also have a. life cycle right so our energies and. focus today can help us make more money. and put in the more hours but as we grow. older let's say 4 45 50 60 then the. value of our time will get lower because. our energy will be lower that's it today. you are able to pull off 10 hour work. day 20 hour work day okay so you make.

let's say one lakh rupee per hour you. make for example your today you're able. to make 15 hour work day you will make. 15 lakhs tomorrow let's say even if your. time is 2 lakh rupees per hour but you. won't be able to give more than two. hours you don't have the energy and the. bandwidth to do it right so at that time. what will support you only your. ownerships not your time because time. will fade because just like every human. being your skills are gonna get. irrelevant your time is going to get. less important and your energy is going. to be lesser right so if you don't have.

something which is owned by you of the. people or of the company or of the. products which are getting better with. time. right so then the only way to sustain. during those times is that the money. that you made before that would have to. be something that you own oh yeah right. because if you spend all of that then. you will not be able to do whatever. money you're making out of your time. yeah buy something like you have that. ownership over something so that later. when you don't have enough time that is. the problem right when most people in. their 20s to whom we are talking they're. not able to save enough and they feel.

like it is insignificant to save it. right now right okay so here's the thing. when you don't have enough money what do. you have. time of time so with time also you can. own you can own IPS like this when. you're on time right so think about ways. which are. ownership is different levels one. ownership is you own through money one. is through effort one is Through Time. one is I think so with time is either. you go and build stuff but time is you. start a side gig which you have let's.

say something like this which you. started the content the IPS You're. Building or with time you can what you. can do is you can start big you can. start learning some skill which is. required by the people and then own that. consultancy so with when you have more. time you can build a company yourself. you can put in let's say you can put in. the effort to help that company grow so. that you make money or you can help. build your own IPS or coding orders. that's the whole point like if you don't. have money you have time and when you.

don't have time I'm assuming that you'll. have money yeah. that's the thing that's it boom. thank you so much for watching this. episode if you found any value in this. make sure that you like subscribe share. comment with everyone around you because. you never know just one idea one point.

can change someone's entire life and if. you feel that I've given you any value. please go ahead and pre-order my new. book build on talk because this book. I've given my everything I've been more. transparent than ever I've written every. setback I've gone through I've written. about every little thing about how did I. get my first break on speaking how did I. make my first million dollars how did I. raise money how did I build my brand how.

did I reach out to the best people. around the world how did I get into un. and got speaking gigs around the world. in more than 26 countries. so make sure that you read and. understand how you can do these kind of. thing for yourself and get all the. opportunities which the world has to. offer in today's world and get success. quickly make sure you order the new book. build don't talk by rajamani the link is. below in the description until the next. episode keep figuring out. [Music].