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