Simple Money Principles That Will Make You Rich

00:00:01 Speaker 1: Welcome to the Freedom Business podcast, your host, Sat Raj Shekhar here. Great to have you here. This is where we are going to be talking about how we can redefine our education system by building vibrant learning communities. Take your knowledge out of the world and be awesome. Let's get in 00:00:29 Speaker 1: today is day number 14 of my 90 day podcast challenge. And I thought I'll talk about some money principles that can actually make you rich. 00:00:36 Speaker 1: And um I just want to say that I started from the middle class background. I was able to work my way up changing my beliefs about money, changing my habits about money. I'm going to make it as simple as possible. There are many uh you know, different kinds of courses, different kinds of ideologies. When it comes to money, I'm going to share something that's really simple and easy for everybody to understand. OK. First, when it comes to money, you need to understand that there are three aspects, three aspects of it. Number one is, how do you make money? Two is, how do you manage money? And three is how do you multiply money? 00:01:04 Speaker 1: OK. So when it comes to making money. Again, there are two categories you can have active income and, and you can generate passive income in terms of earning money and making money. Now, active income is, for example, in my case, I run webinars, I sell my products. And uh those of you who are working in a job or you know, you're doing consulting and stuff like that, the time and energy that you're putting into to generate the income is active income 00:01:30 Speaker 1: and passive income is what you create by taking the act, active income and making it work for you either in the form of investments or you have resilient income streams. Let's say in the case of, you know, affiliate marketing where you're referring tools to people. And as long as people are subscribing to those tools, you're going to be making commissions coming in which gives you a recurring cash flow and income. So that's the make money part. And when it comes to manage money, there are five categories where your money needs to go. Ok? The first category is tax. 00:01:59 Speaker 1: You have to allocate your money towards tax. So for every ₹1 that come every ₹10 that comes into my account, I move aside 3 to ₹4 just to pay the taxes, which includes the GST and the itr the income tax, 00:02:13 Speaker 1: then you have wealth, second category, then charity, then general and operations. So tax wealth. Now wealth is used for multiplying your wealth. So you want to buy gold, silver stocks, invest into markets or come under the wealth category. Charity. Normally in my case, 10% after paying all my taxes and after deducting, you know, what was my net profit on that? 10% goes towards charity 00:02:39 Speaker 1: general. If you see is for your general stuff like rent food, outings, mobile Children, fuel, and all that come in general and under operations. I have some other categories like ads, tools cost team cost partners, vendors, all the payouts that we do. So when it comes to managing money, there has to be a proper money management system. Most people are poor money managers. That's why they are not able to make money. And when it comes to the third category, which is multiplying money, 00:03:04 Speaker 1: there are four kinds of multiplication that you can do. You can put your money into short term assets. So basically whatever is there in your wealth bucket, you can put that into short term assets 00:03:14 Speaker 1: or you can put them into financial investments or you can put them into fixed assets like real estate and others and you have intangible assets like intellectual property, music, book royalties and many others. So overall, I want to help you understand that uh 00:03:31 Speaker 1: if you truly want to make a lot of money, it all starts with the way that you manage your money. And I give this example before and I heard this example may mind intensive, which is a highly recommended program for those of you who are having, you know, money issues or money beliefs, which are not conducive uh that they give an example of a child 00:03:49 Speaker 1: going into a carnival looking to have an ice cream. The child asks its father, dad, daddy, can you please take me and give me an ice cream? So the father goes, takes the child gets a single scoop ice cream 00:04:02 Speaker 1: and the child takes single scoop ice cream and is walking and coming back and then the scoop falls down on the floor and the child starts to cry. And the child says, daddy, daddy, please. I want one more ice cream. Let's I want another one. And the father says, ok, fine, let's go to the ice cream shop and get another ice cream. And as you're going towards the ice cream shop, the little child sees a triple scoop cone 00:04:22 Speaker 1: and the child asked the dad, please. Can you get me the triple scoops corn corn? 00:04:27 Speaker 1: Now, the question is, is the dad gonna bite? No, right? If the child can't even handle one scoop of ice cream, how can it handle three scoops of ice cream? 00:04:35 Speaker 1: Now, that's the same thing with how the world works. That's how the universe works. So if you cannot handle the small amounts of money, you will never be able to receive larger amounts of money. 00:04:46 Speaker 1: So when you're able to manage whatever money that you have allocate that into the five buckets, tax wealth, charity, general operations. 00:04:55 Speaker 1: And you start to get diligent with every single rupee that's going in and going out and you build your skills to create active income and passive income. Only, then you'll be able to multiply your money. Now, it's easier said than done because if you look at the way that, you know, I had built my business from scratch where I was, you know, I was in the point where I was making 60,000 to 1 lac rupees per month salary, I was drawing from my agency when I was running it 00:05:20 Speaker 1: and then from there taking to 1520 LACS per month. And even beyond, we've done multiple grows in revenues in the last five years. Now, what was the the change that happened were two things. Number one is my own beliefs about money before I should think money is it's very difficult. You need to have hard earned money. It's not about hard earned money. It's about working smart and adding value to the marketplace. 00:05:45 Speaker 1: If there is not much money in your bank account right now, you you just need to ask this one question, 00:05:52 Speaker 1: what am I doing 00:05:54 Speaker 1: to add value to the market? 00:05:56 Speaker 1: And does the market see the value in me 00:06:00 Speaker 1: because you may have all the right intentions, but the money in your bank is only the representation of the value exchange that is there. 00:06:08 Speaker 1: So if you are not adding value to the marketplace, then the market will not give you money. 00:06:14 Speaker 1: Now, let's go deeper into that. Now, how do you add value to the marketplace? And what is you got to build skills? Like in my case, I built multiple skills so I could teach these skills to others and I could help others get results with these particular skills. And the results that they were getting is what, you know, compounded my income growth. So ultimately, people need to get what they are looking for and it, you have to help them grow and stuff. OK. So build skills is on one side 00:06:37 Speaker 1: and also build your ability to sell. 00:06:42 Speaker 1: If you are not able to sell, then you will not have control over your active income. Your active income go up and down. It all comes on to your sales process. 00:06:51 Speaker 1: In the beginning, I had a lot of tough time when it comes to sales. But then over time, I started to get good at it because now I look at sales as a form of service. So now whenever anyone pays me money, I know that they are paying attention. I know that they're going to take action and I know that they're going to get results even though I get a lot of free information outside. But still when anyone transacts and come into my structured learning community, 00:07:12 Speaker 1: the game is totally different. They are the people who are coming in, they are more serious and they want to really, you know, move forward. So this value exchange of creating active and passive income happens by building skills 00:07:25 Speaker 1: by getting good at sales 00:07:27 Speaker 1: and by looking at sales, the form of service. And this combined with managing your money really well, looking at every single rupee that is coming in and going out and being prudent about things is what's gonna help you completely change your financial future. And last but not the least 00:07:42 Speaker 1: money beliefs, you need to look at where else in your life from the past. Do you have any kind of belief systems about money where you're either looking at rich people as bad or making more money is not good or whatever, right? If you have any of these beliefs, you got to shift those beliefs internally so that you can start to respect money. Uh You can start to use money as a form of energy and not look at it as bad or good. And in fact, I believe that more and more people who have money, the world will become much better. You know, we need more rich people who are 00:08:13 Speaker 1: having the right intentions and that's what's going to, you know, help you make progress financially. It's gonna help you make a difference in the world. So for me, my vision is to create the richest community of givers. The international hub has given close to six crows in charity from the time we've been able to document it as a community 00:08:31 Speaker 1: and we've been giving anywhere between 15 and 20 lakhs per month as a tribe of all the members giving charities that they believe in and so on. So it's really fulfilling to run a business like this. And I truly want to, you know, thank every member who's listening to this. If you've been in the community for a long time, I really want to appreciate you for that magical action that you're doing every single month of giving money. And that is what I want to leave all of you with. If you want to make a lot of money, you need to first give it. 00:08:59 Speaker 1: Because when you're tight fisted with money, there'll be a stop of flow of the money. So once you start giving without expecting and just serve others, even if it's ₹10 100 rupees, ₹1000 what may be the case? Once you start giving every single month regularly without expectations, 00:09:16 Speaker 1: you will start to see the miracles and magic happen when it comes to the flow of money for me. When I'm paying anybody money, my vendors. I thank them when I receive money. I thank. So there's a book called Happy Money by Ken Honda. He has interviewed some of the top Japanese billionaires and he talks about the concept of arigato money. Arigato in Japanese means thank you. 00:09:40 Speaker 1: So before you pay anybody just say thank you Thank you. Thank you and you receive also. Thank you. Thank you. Thank you. So your whole response to giving and receiving should be the same because most people like to receive money, but they don't like to give money to others. So when you have a an equilibrium, when it comes to your flow 00:09:56 Speaker 1: of money, then things are going to be much, much better. OK. So I hope you found this podcast useful. Share your thoughts. You know, if you're on social media or you're hearing it anywhere, please make sure you subscribe to this podcast on Apple and Spotify. They have not done so and catch you in the next episode.