Not Just Another Personal Finance Video.

ITS MOTIVATION TIME

Not Just Another Personal Finance Video. #MoneyPsychology #WealthMindset #warikoo My new book Build An Epic Career is out now! Discover 15 career tools, avoid common mistakes, and build the mindset for career success. Grab your copy here: https://amzn.in/d/0W51szP  If you wish to be part of the Money Matters series, please fill up this form: https://forms.gle/G3wwgpVjctRneyQv6  In this video, I share the mental frameworks that separate the wealthy from the average person. These aren't technical finance concepts but psychological frameworks.  The key insight is that wealth creation isn't just about knowing which mutual fund to choose or following the 50-30-20 rule. It's about developing systems thinking where one decision compounds into multiple positive outcomes. I also share 3 practical strategies to develop this mindset. This mental shift is what transforms not just your financial situation but your entire approach to life.  #WealthMindset #MoneyPsychology #warikoo   ------------------------------------------------------------------------------------------------------------------------------

Transcript

00:00The content of personal finance will tell you about how to do the budget,

00:0350, 30, 20 rules, in which proportion, which mutual fund,

00:07in which time, then after 15-20 years,

00:10you will become the owner of SIP.

00:13But all of these content was always available.

00:16All of these content you can always want,

00:18whatever salary you can choose.

00:20Completely free of cost.

00:22Why do not become the owner of their own money?

00:27In this video, we will talk about the mental frameworks,

00:31which are probably more important than these concepts.

00:35Because the concept can be understood.

00:38But the right way of making money is the right thing.

00:42Few people.

00:43Billionaires think very different from a millionaire.

00:46A million dollar means 8.5 crores.

00:50And a billion dollar means 8.5 thousand crores.

00:56A million dollar means 8.5 thousand crores.

00:57I personally know 4 billionaires.

01:00I've worked with them.

01:01I've been in touch with them.

01:02And there are 2 people who have become a billionaire.

01:06So, look at their journey.

01:07They're familiar with their talents.

01:09How they deal with their money.

01:12They're familiar with their children.

01:13They're familiar with their friends.

01:15They're familiar with them.

01:17And then, you try to understand a little bit.

01:20Ameer people.

01:21Ameer people.

01:23How do we think about our money?

01:26First, mental framework.

01:28Next order thinking.

01:30This is chess players.

01:33When a chess player plays a move,

01:34he doesn't play that move.

01:36With the next 2, 3, 4, 5,

01:39they're not playing chess board until 6.4 thousand crores.

01:43And that makes them the chess player.

01:46The wealthy people.

01:47They play the same game with their decisions.

01:50They're not like,

01:51Hey, we have to take it.

01:53Take home loan.

01:54They think 2nd, 3rd, 4th order consequences.

01:59If I take home loan,

02:01suddenly, I'll add 15, 20, 25.

02:05This fixed monthly amount.

02:09And that will restrict me.

02:11If there's a restriction.

02:13Then that means,

02:14I'll add a salary.

02:17Because I need a salary coming in.

02:19If I add a salary.

02:21This means that if I want to take a risk.

02:23I want to leave a business.

02:26Or focus on a side gig.

02:29I'll always be sucked back into this job.

02:32Because this is a home loan.

02:34That means,

02:35that I always have to take my salary.

02:37And how much salary is high.

02:40I'm going to be tied to that.

02:42A common home loan decision.

02:44Which may be,

02:46in your current salary,

02:47in your 20, 4, 10.

02:49Whatever any rule.

02:50You can afford it.

02:52But,

02:53the 2nd, 3rd, 4th, 5th order consequence tells you.

02:58That you should take this home loan.

03:01You should take your risk.

03:03You should take your risk.

03:04For the least,

03:05or for the least, 10, 15 years.

03:08You should stop.

03:09You should drop.

03:10You should take it.

03:11The 2nd,

03:12Metal Model.

03:13Asymmetric Risk Reward Model.

03:16This will explain us in personal finance.

03:18That you should take more risk for return.

03:23If you take less risk,

03:25on an average,

03:25your return is less.

03:27Sure.

03:28We get it.

03:29But,

03:30every decision has a risk-reward curve curve.

03:34This means,

03:35as long as you will increase your return,

03:39it is not necessary.

03:40You have to take the risk in the same way.

03:43One point is,

03:45where you are taking the risk,

03:48that you can do more than that.

03:52But,

03:52you have to go to that point to understand.

03:55And,

03:55Amir,

03:55people know that point.

03:58Or,

03:59they go out of the risk.

04:01Let's take an example.

04:02Imagine that you are in a corporate job.

04:04Your salary is coming every month.

04:06You also risk it in your work.

04:08Maybe a new role.

04:09Maybe you change your own function.

04:11From sales, marketing,

04:12from marketing or anything else.

04:14Maybe you go to a new geography.

04:15Maybe you go into a new business line of that business.

04:18Whatever.

04:19But,

04:20that risk and reward is almost a straight line.

04:22That you will take the risk,

04:24that you will get bigger,

04:26you will get an increment,

04:28you will get a bonus,

04:29etc.

04:30But,

04:31if you get a side gig with your job,

04:35or you leave your job,

04:36because you have that financial independence,

04:38you will run your money.

04:41The risk has increased.

04:42But,

04:43if that risk is paid off,

04:46then the reward will be far,

04:47far,

04:48far greater,

04:49than what you will ever make,

04:51in your salary,

04:52earning,

04:53as a corporate employee.

04:54So,

04:54this asymmetric,

04:56risk, reward,

04:57curve,

04:58or model,

05:00is what wealthy people can do.

05:03And when I'm saying this,

05:04it is very important to recognize,

05:07that two of those four billionaires,

05:09that made me,

05:12the way that they used to think,

05:13is not like,

05:14man,

05:15I have a lot of money,

05:17I can do anything with this money,

05:18they came from very,

05:19very humble backgrounds.

05:22But what they kept telling themselves was,

05:24that mother-in-law,

05:25we started to learn from this place,

05:27and we came from here,

05:28where we are not going to be hungry,

05:31so we have studied and worked well.

05:34So, now we know that,

05:35there is no question of survival,

05:36there is no two thoughts in survival,

05:38that we can keep our food,

05:41and our clothes,

05:42and maybe,

05:43we can keep our clothes on the head,

05:45and keep our clothes on the head.

05:47So, even if we fail,

05:50even if we fail,

05:52we know,

05:52we are never going to die of hunger or poverty.

05:55We can play a different game.

05:57We can see how much we can play.

05:59We can see how much we can play.

06:01We can see how much we can play.

06:02We can see that this casino game,

06:04which we call our life,

06:05if our losses,

06:07we can go to a max amount,

06:09we can see that our expense,

06:10and our marriage,

06:11our work,

06:12our poverty,

06:13we have to know it.

06:15We have to put our clothes on the next day,

06:18we should not choose.

06:18We will never imagine six days.

06:20So, why do not want to go to another country?

06:23Why it doesn't go to our house,

06:24we will never run through our phones,

06:26our phone,

06:28our ossia,

06:29our society will never run through our lives,

06:32that we will never run through this side,

06:34we will go to this side of our world,

06:36and we will run through our lives.

06:36We will not go to this side too.

06:38we can achieve the goal.

06:40How high we can leave that goal.

06:44That is asymmetric risk-reward framework.

06:49Third, a very deep, powerful mental model.

06:53It's called anti-fragility.

06:56What's the fragile thing?

06:57If it's going to break, it's going to break.

07:00What's the anti-fragile thing?

07:03That when it breaks, it goes further.

07:07There is an idea that when they try to stop a badha, an obstacle, an obstacle, they suddenly become strong.

07:17It's a very powerful concept.

07:18It's a book called Anti-Fragile by Nassim Talib.

07:21It's a very big book.

07:22It's a little deep book.

07:23It's a very hard book to study.

07:25But I remember reading it almost 14 years back.

07:29And, no, 14, sorry, 11 years back.

07:32In 2013 or 2014, I had read a book.

07:36And it was really, really hard-hitting because at that point, I was going through a very difficult time.

07:39As a founder, we were struggling.

07:41We were going through a lot.

07:43And I always thought, why are these so difficult?

07:45Why are things not easy? Why are things not easy? Why are things not easy?

07:48And when I read that book, I realized,

07:50that the easy life will never make you perfect.

07:56The difficult life will not make everyone perfect.

08:00But some people's mindset, some people's desire, that when the problems come, they don't crib, they don't complain, they don't always frustratingly express their anger.

08:14Instead, they're like, this is what I'm trying to teach.

08:17This is what I'm trying to tell.

08:19This is what I'm showing, what I'm trying to say.

08:21Which, perhaps, I've never known in a simple, subtle life or simple, subtle condition.

08:28And that is what makes them stronger.

08:30And I can tell you that for the last 10 years I was a start-up founder of the past 10 years,

08:38where I didn't have much money, but only one day, I had lost a lot.

08:44I learned a lot.

08:45And I think a large part of where I am today is because of that.

08:51Not financially, mentally.

08:53Because I know that any other thing, any other thing can help me.

08:58Because I have become so strong in my mind, that I have learned a lot of things that I have learned earlier.

09:08And that is also the wealthy mindset.

09:11The market has fallen, it's telling me something.

09:14It's an opportunity.

09:15At this point, I can improve myself.

09:18Some emergency happens, some calamity happens.

09:22What did I learn from this?

09:23How can I prevent that?

09:24How can I prevent that in my life?

09:28I can plan that.

09:30And that makes them stronger.

09:32Every one of them makes a problem.

09:34Fourth mindset.

09:36Compound interest.

09:38Compound interest is money.

09:39It's compound interest of learning.

09:41When your knowledge, your skills, your skills exponentially grows exponentially because you are doing that a lot.

09:51It's a concept of boring.

09:53And this is one of the most strikingly that I have seen in people.

10:01At any point, when you start a new thing, every thing is excited.

10:05Every person has fun.

10:07Every thing starts a new thing.

10:08Every thing starts a new thing.

10:09But a lot of times, that new thing becomes old.

10:12That new thing becomes boring.

10:14Just make sure that they learn something.

10:16Whether he learns a business.

10:17Whether he learns something, whether to be a loan.

10:18Whether it towards a broker.

10:19If it wins something, whether to invest hard enough.

10:22Every new thing becomes exciting, .

10:29And in that point,

10:3089% is likely to wake up.

10:33Of the whole thing people end up driving.

10:33By doing something new to learn new things,

10:35someone's living with a relationship.

10:38You ask to make new things.

10:39And cada conception makes new things.

10:41Baby changes in life.

10:42And that is what sets them apart from the wealthy mindset.

10:48Because wealthy mindset, you know that, friends, you combine with sporing.

10:54When every person is looking for exciting things and you are just sitting there, you are just doing that, that compounds.

11:01Our content game.

11:02In 2020, we started a very good content journey.

11:06There was no reason for us to win.

11:11First of all, there are a lot of good people.

11:13They know very good people.

11:15They have been a lot of years.

11:17And they do a lot of great work.

11:19But I remember that during Covid,

11:22every person was doing content.

11:25Every person was opening YouTube.

11:27Every person was doing Instagram.

11:29Every person was doing TikTok.

11:31Every person was doing content, content, content.

11:34And I remember distinctly writing on Twitter,

11:37that there is no difference, who is making content now?

11:40The difference is that when all of this happens,

11:44referring to Covid,

11:45who will be making content now?

11:48Because when you make content now,

11:50it will be boring.

11:51We've been around 5 years.

11:52About 500 long-form videos,

11:55about 1500 short-form videos.

11:58We're talking about one channel.

12:00Whether you're drinking,

12:01whether you're drinking,

12:02whether you're drinking,

12:03whether you're drinking,

12:04these videos are running.

12:06It's very boring.

12:07It's very boring.

12:09The editor, same work.

12:11The audio, same work.

12:12The thumbnail, same work.

12:14The camera, same work.

12:16So many times,

12:17content repeats, content repeats, content repeats.

12:19Because I know,

12:20that this content,

12:22it's very boring.

12:23It's very boring.

12:24But it's very boring.

12:26It has compounded.

12:27It's very boring.

12:28It's very boring.

12:29Today, we,

12:30cumulatively,

12:3115 million followers,

12:33or 1.5 crore people,

12:35every day.

12:36It's insane.

12:38It started from zero.

12:40This is only because of boring.

12:43Compound interest,

12:44of knowledge,

12:45of skills.

12:46Doing the same thing,

12:47every single day.

12:49This is the right thing for fitness.

12:51This is the right thing for diet.

12:52This is the right thing for relationships.

12:54This is the right thing for your skills.

12:55This is the right thing for your money.

12:57This is the right thing for your money.

12:58It's the boring investing

12:59that ultimately grows

13:01to become crazy money.

13:035th mindset.

13:04The emotion around money.

13:07Money is a very emotional thing.

13:09And whenever we think about money,

13:12we think that we are very practical,

13:14but we are very emotional.

13:16We buy things not because

13:18we can afford them.

13:20We buy things because

13:21we desire them.

13:22We buy things not because

13:23we need them.

13:24We buy things because

13:25we want to show to the world

13:26that we have them.

13:28And this always

13:30is a mindset

13:32of a scarcity

13:33and immediate.

13:35The wealthy mindset

13:36knows

13:37that which money is emotional.

13:40Which money is practical.

13:42For example,

13:43the markets are emotional.

13:44The Tesla's car accident

13:46has gone down.

13:47The stock has gone down.

13:48The Tesla launched a robot taxi

13:50and the stock has gone down.

13:51The Paytm's notice

13:52has gone down.

13:53The Zomato launched a new business

13:55and has gone down.

13:56It has gone down.

13:57It has gone down.

13:58But this is not how

13:59the wealthy mindset operates.

14:01It has gone down.

14:02It has gone down.

14:03It has gone down.

14:04It has gone down.

14:05It has gone down.

14:06It has gone down.

14:07But when you zoom out

14:08and when you look at that graph

14:09that graph is only upwards

14:11and you take that bet

14:12on that upward trajectory

14:14it has gone down.

14:15It has gone down.

14:16It has gone down.

14:17It has gone down.

14:18It has gone down.

14:19They are like

14:20we have to be invested

14:22as long as we believe

14:24that what we have invested

14:25is a long term strategic investment.

14:28It adds value.

14:30And that's the same thing.

14:31First, you are a college student.

14:33You are a college student.

14:34You will be in a college.

14:35Some days, you will be very good.

14:36Some days, you will be very good.

14:37Some days, you will be very good.

14:38Some days, you will be sitting in class

14:39and you will be thinking

14:40what I am studying.

14:41Some days, it will be fun.

14:43Do you take decisions

14:44based on those reactions?

14:45You ought not to.

14:46This matter doesn't matter.

14:48Over a four-year period

14:49you will be a completely different person

14:51than who you were

14:52when you entered that college.

14:54But if you are thinking

14:56that you will leave the college.

14:58I am thinking, drop out.

15:00I am thinking,

15:01I am thinking,

15:02I am thinking,

15:03I am not doing internships.

15:04I am sitting in class

15:05and I am completing the curriculum.

15:07You will make terrible decisions.

15:10Zoom out.

15:11Long term.

15:12What do you want?

15:14Do you have it?

15:15And if you have it,

15:16do you believe in it?

15:17And if you believe in it,

15:18stick with it.

15:20This video,

15:21probably not about personal finance.

15:22But with personal finance,

15:23it is probably that

15:25if you spend these 30 minutes

15:27reflecting

15:28on all the things

15:29that I have said,

15:30then maybe you will do

15:31the best thing possible

15:32for yourself

15:33to make yourself

15:34not just wealthy

15:35but extremely happy

15:37and in control

15:39while creating that wealth.

15:41this is Ankur Varekur

15:44signing off.

15:45My fourth book

15:47is written in a very simple,

15:49very relatable,

15:50very practical,

15:51very practical way.

15:53I am surprised

15:54that this book

15:55was given me

15:56when I was confused

15:57when I was 14 years old.

15:58I was confused

15:59about my career.

16:00What would I do?

16:01What would I do?

16:02What would I do?

16:03What would I do?

16:04What would I do?

16:05This book,

16:06I have written in that

16:07Mickey.

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