When it comes to Money matters, Money Management is the most important thing next only to earning Money. And this episode of The School Of Men is all about money management
Our guest in this episode is Dinesh Kumar, an IIT alumnus with close to 3 decades in IT sector turned Money Management Coach. He's the founder of the Mega Money Mastery Club. He helps working professionals manage money and achieve Financial Freedom
You and access all the different ways to get in touch with Dinesh on his contact page
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Speaker 1: the mascara and welcome to the School of Men on
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Speaker 1: the Stronger Men Project podcast. I'm your host, A. Desai,
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Speaker 1: a mechanical engineer turned fitness coach and a gym owner.
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Speaker 1: In the regular episodes of Stronger Men Project. I share
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Speaker 1: my knowledge and expertise to help you lose excess body fat,
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Speaker 1: build muscle and strength and become the fittest and the
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Speaker 1: best looking version of yourself.
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Speaker 1: However, this episode is a part of the School of
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Speaker 1: Men segment, which is a biweekly talk show of the
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Speaker 1: men and for the men where I bring experts, achievers
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Speaker 1: and people who have inspiring stories to share and interview
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Speaker 1: them on your behalf to share their expertise and experience
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Speaker 1: and draw less
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Speaker 1: for you and me to learn, grow and excel across
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Speaker 1: different areas of our life and emerge as stronger men overall.
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Speaker 1: Thank you for tuning in today and let's get started
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Speaker 1: with the guest of this episode. A very, very warm
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Speaker 1: welcome to one more brand new episode of the School
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Speaker 1: of Men on the Stronger Men Project Podcast Today is
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Speaker 1: a very, very important topic. This is something which I
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Speaker 1: think will touch everybody and uh, which is very, very
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Speaker 1: important it is about, uh, money.
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Speaker 1: You may say that money is not the most important
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Speaker 1: thing in life, but you have to agree to me that, uh,
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Speaker 1: money is one of the most important things, if not
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Speaker 1: the most important thing. And, uh, one of my online
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Speaker 1: mentors says that, um, money may not solve all your
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Speaker 1: problems in life, but money will solve all the money problems. And, uh,
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Speaker 1: that is a great thing to have so that you
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Speaker 1: can focus on other areas of your life. And, um, today,
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Speaker 1: our guest, uh, is, um, someone who has mastered money
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Speaker 1: and someone who is teaching money to other people. A
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Speaker 1: good friend of mine. I would like to welcome Dinesh, uh,
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Speaker 1: to this show. Dinesh, uh, welcome to the show. And, uh,
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Speaker 1: why not, uh, introduce yourself. Um, what do you do?
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Speaker 1: And a little bit about your background?
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Speaker 2: Sure. Raj, Uh, it's a pleasure to be on your show. Uh,
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Speaker 2: thanks for inviting me.
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Speaker 2: And yeah, like, uh, I'm on a journey to teach
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Speaker 2: people about money, but I won't call myself master of money.
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Speaker 2: It's just that I have been a student of money.
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Speaker 2: I have some learnings, uh, learnings Based on what I did, right?
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Speaker 2: Learning based on the mistakes that I did. And I
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Speaker 2: just want to share those learnings with other people who
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Speaker 2: are starting on their financial journey
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Speaker 2: so that they at least can avoid those mistakes, which
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Speaker 2: I did. And they should be experimenting more. Uh, they
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Speaker 2: may commit some mistakes because mistakes are where we learn
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Speaker 2: a lot because, uh, life teaches us through the pain
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Speaker 2: that comes out of mistakes. But if I can help
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Speaker 2: them avoid those mistakes, which I did, um, that's my mission. Basically.
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Speaker 2: And
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Speaker 2: basically, I'm not a finance person. Uh, I am by
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Speaker 2: qualification and engineer, I did my engineering firm, IT Roy, Uh,
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Speaker 2: 91 to 95 batch. And after that, uh, going by
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Speaker 2: the wave, I joined IT and 27 years I spent
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Speaker 2: in IT sector. I was doing well over there,
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Speaker 2: earning good money, and life was quite good. It's just that, uh,
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Speaker 2: right from the beginning of my schooling, I had very
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Speaker 2: affinity towards my teachers, And teaching was something which came
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Speaker 2: very natural to me. I like sharing my knowledge. Whatever
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Speaker 2: I have learned during school time, Also, I used to
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Speaker 2: go a little advance, learn some chapters and share my
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Speaker 2: knowledge with my fellow students. And it used to give
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Speaker 2: me great pleasure.
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Speaker 2: So same thing I'm trying to replicate with money. Uh,
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Speaker 2: because money is a topic I got interested in in
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Speaker 2: starting 2008, and I found it fascinating. I did a
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Speaker 2: lot of learning on it and then started helping my, uh,
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Speaker 2: fellow people who's whoever who ca I came in touch with.
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Speaker 2: They started telling me who you are doing good.
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Speaker 2: And 15 years later, like I felt like, why not
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Speaker 2: take it full time? Because it was a combination of
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Speaker 2: teaching as well as money combining those two areas I've
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Speaker 2: started on this journey. So that's my brief introduction. And
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Speaker 2: as we proceed, uh, you and, uh, our audience will
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Speaker 2: get to know more about me.
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Speaker 1: Yeah. Yeah, definitely. Dinesh. Uh uh, It is a very very,
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Speaker 1: um um what I would say pure perspective. You are
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Speaker 1: coming with, uh, because the aim of this is
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Speaker 1: to, um, help men to become better. And, uh um
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Speaker 1: you said you are not a master, but you are.
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Speaker 1: You are a student That's a very, very beautiful thing
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Speaker 1: you said. And, uh, everybody is on their journey of learning. And, uh,
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Speaker 1: the goal of this podcast is to, um, draw lessons
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Speaker 1: from you like you have been a student of money
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Speaker 1: for some time now, and, uh, I'm, um I'm pretty
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Speaker 1: sure all the lessons you are going to share in
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Speaker 1: a in a few minutes will, uh, help our listeners.
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Speaker 1: Uh, so, Dinesh, um, why don't you tell us what
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Speaker 1: you exactly do now? Currently? What are you doing? You said,
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Speaker 1: uh uh, why not? You said you are full time
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Speaker 1: into teaching about money. Uh, why not share what you
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Speaker 1: exactly do?
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Speaker 2: Sure, Sure, I'll do that. It will be a pleasure
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Speaker 2: to do that. So November 2022 was when I left
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Speaker 2: my corporate job. And then I started thinking about how
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Speaker 2: I can teach people about money. And I was since
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Speaker 2: I have been an IT professional and I have worked
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Speaker 2: in various MNC, SI was thinking of targeting this audience
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Speaker 2: first
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Speaker 2: and you Typically, when IT and MNC professionals, they start
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Speaker 2: their career, they come to, uh, as a pleasure to
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Speaker 2: the companies after colleges and they're given orientation. So I thought,
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Speaker 2: Why not give a half day orientation to them and
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Speaker 2: teach them about money also? Because now they are going
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Speaker 2: to start earning money
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Speaker 2: and they may end up committing some mistakes. And one
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Speaker 2: of the typical scenarios that I thought about was towards
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Speaker 2: the end of the financial year, typically in February March. Uh,
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Speaker 2: an agent comes and sits in the reception of the
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Speaker 2: office and tells people that OK, to save taxes by
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Speaker 2: this insurance plan. And I have gone through this myself.
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Speaker 2: And since nobody wants to pay taxes, wants to save taxes,
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Speaker 2: we and we don't have much understanding of how to
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Speaker 2: interpret that plan. We end up buying that plan
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Speaker 2: and then later on, we realised Oh, my God, like,
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Speaker 2: now I'm stuck with this plan, which is useless for me,
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Speaker 2: not neither giving me insurance, not giving me returns. And
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Speaker 2: that's a common scenario. I have seen happening with myself
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Speaker 2: and with a lot of fellow, uh, in colleagues also.
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Speaker 2: So I thought like, uh, why not target? Uh, so
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Speaker 2: I was thinking of doing that, but infi somebody suggesting
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Speaker 2: me that you have been in technology area for so long.
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Speaker 2: And these days, digital is a way of reaching out
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Speaker 2: to more people. And it made sense to me. Definitely.
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Speaker 2: So initially the plan was to start a YouTube channel
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Speaker 2: and and I started with that. But then I came
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Speaker 2: across Siddharth, Siddharth, Raj, Shekhar.
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Speaker 2: And there the idea of combining coaching and social media
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Speaker 2: using as marketing. So it struck a chord with me
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Speaker 2: and starting. Um, April, uh, 2023. I joined his Hackathon
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Speaker 2: finished his hackathon. So that helped me put the basic
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Speaker 2: systems in place. And from then onwards, like I have started, uh,
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Speaker 2: marketing
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Speaker 2: and brand building, putting content on social media and also
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Speaker 2: reaching out to various people to tell about my mission.
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Speaker 2: So that has been my journey. So far, I have
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Speaker 2: started a community by the name of Mega Money Mastery Club,
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Speaker 2: and as of now, seven people are part of that community,
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Speaker 2: and I'm going to reach out to more people to
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Speaker 2: become part of this.
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Speaker 1: Yes, thank you, Dinesh for sharing. Um, the details. So, um,
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Speaker 1: you said you have a community called, um
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Speaker 1: mega money Mastery Club. Right? Um
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Speaker 1: and you also said that, uh uh, you completely left
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Speaker 1: your job. And, you know, you started. Uh uh, You
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Speaker 1: know your plans to work in this field. Can you
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Speaker 1: just tell me what prompted you to quit your job? Because, uh,
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Speaker 1: um I know that, uh, you might have been, um,
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Speaker 1: you know, very good. Uh, Jo, you know, very good
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Speaker 1: job you might be earning. Really good. Since you were, uh,
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Speaker 1: working for, uh, over two decades, Almost touching three decades.
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Speaker 1: Yeah. Um, and you might be earning quite well. And, um,
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Speaker 1: since you are, um uh, you know, um, you have
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Speaker 1: mastered a little bit about managing money. Uh, your finances
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Speaker 1: may also be very good. You might have had a
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Speaker 1: very comfortable life, uh, going forward. But what prompted you to, um,
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Speaker 1: you know, get out of that comfort zone and, uh,
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Speaker 1: uh, start into this new field?
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Speaker 2: Sure. Sure. Yeah. Uh uh. I would like to share that.
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Speaker 2: So there is, uh, like I told you, Like, I
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Speaker 2: had affinity towards teaching and helping others. So in between
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Speaker 2: during my, uh, 27 years career, I tried multiple times
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Speaker 2: getting into this. I took one or two years career
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Speaker 2: break in between and try doing this. Uh, and I
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Speaker 2: came back from USA in 2002 at that point of time. Also,
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Speaker 2: 1.5 years I was trying this thing, and at that time,
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Speaker 2: I was trying to teach,
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Speaker 2: uh, school level students. Uh, but that was pure academic
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Speaker 2: thing because I used to feel that I have, uh, like,
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Speaker 2: I was academically good. I went to IT so I
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Speaker 2: could academically help students. Uh, it didn't work out that well. Uh,
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Speaker 2: And then, uh, around 2006, also, I tried again. And
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Speaker 2: this time, uh, based on my experience in IBM,
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Speaker 2: uh, I had got experience of conducting technical workshops so
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Speaker 2: again that I had done well, I thought, like, let
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Speaker 2: me try, uh, taking it directly to public again. It
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Speaker 2: didn't work out that well, and finances definitely becomes a
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Speaker 2: constraint at that point of time. So I came back
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Speaker 2: to corporate jobs, but this was always niggling in my
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Speaker 2: mind that I need to do something related to that
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Speaker 2: and in my corporate jobs. Also, I try to keep
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Speaker 2: on doing this teaching, and, uh, whenever I got an
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Speaker 2: And now, like, uh, I have now, uh, crossed 50
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Speaker 2: last year in December And, uh, it started, uh, hitting
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Speaker 2: me hard that Ganesh, if you are not going to
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Speaker 2: do it now, it's not. It's going to be never
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Speaker 2: so if you want to do something you want to
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Speaker 2: do and do it I, I wanted to do it
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Speaker 2: parallel along with the job. But jobs these days are
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Speaker 2: very demanding.
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Speaker 2: Uh, and at senior level, it becomes even more demanding.
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Speaker 2: So I was spending nearly 12 hours at that job,
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Speaker 2: and after that, there was not much energy or time
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Speaker 2: left to pursue a parallel thing. And at the end,
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Speaker 2: companies also are not really willing that you should pursue
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Speaker 2: something else. So I thought that if I have to
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Speaker 2: do something which I want to do,
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Speaker 2: and by now, like financially, uh, I felt initially when
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Speaker 2: I started my career, OK, financial was the main thing.
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Speaker 2: By now, I feel like even if now I can't
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Speaker 2: build the financial question for myself, then probably I have
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Speaker 2: no one else to blame but myself, only
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Speaker 2: So, whatever the question is, I need to take a plunge.
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Speaker 2: And only if I burn all my bridges, I'll be
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Speaker 2: able to do it. So I burned all my bridges.
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Speaker 2: And that's why I came full time into it.
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Speaker 1: I can relate to that. Burning the bridges. That is
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Speaker 1: what I did when I quit my job. Um, but
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Speaker 1: what was driving you like? Uh uh, You said it was, uh,
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Speaker 1: you know, uh, niggling in your mind that you wanted
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Speaker 1: to do this. Uh, I would like to know why.
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Speaker 1: Why you wanted to do this.
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Speaker 1: Why do you want to? You said the teaching is
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Speaker 1: your interest. And, uh, yeah, you are interested in the
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Speaker 1: money and you choose to, you know, combine both,
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Speaker 1: but still, the question remains Why?
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Speaker 2: Well, uh, for me that wise enough that I want
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Speaker 2: to create an impact in this world in one way
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Speaker 2: or other. And these are my mediums, which I really
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Speaker 2: resonate with. See, uh, I have been teaching people, uh,
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Speaker 2: during my school time and even later during my corporate job, uh,
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Speaker 2: pro bono itself because of the, uh, sharing my knowledge
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Speaker 2: and bene if it benefits somebody,
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Speaker 2: that itself gives me pleasure. I can do it without
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Speaker 2: any financial consideration. Also, and even this journey, which I
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Speaker 2: embarked on. It's not for financial consideration. It is for
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Speaker 2: making an impact, making a something which I believe in
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Speaker 2: because in today's world I feel that people have become
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Speaker 2: too much obs obsessed with money. Money is important,
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Speaker 2: but, uh, what I want to convey to people is
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Speaker 2: that money is just a medium or a tool to
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Speaker 2: accomplish something else. It could be, uh, better relations. It
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Speaker 2: could be peace of mind or it could be freedom.
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Speaker 2: Those are the bigger goals.
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Speaker 2: Rather than focusing on these big, bigger goals, people have
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Speaker 2: become so much obsessed with money that they have lost
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Speaker 2: sight of these bigger goals, and at times they are
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Speaker 2: sacrificing these bigger goals in the pursuit of money.
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Speaker 2: So money is important for me, just as that tool
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Speaker 2: or the medium to achieve those bigger goals. So, at
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Speaker 2: times when some people come to me and I question them,
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Speaker 2: why do you want more money? And if they are just, uh,
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Speaker 2: like stuck with this thing that just for the sake
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Speaker 2: of having more money, I don't resonate with those people
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Speaker 2: I won't take, teach them how to make money. But
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Speaker 2: if they have some bigger goal, I tell them, Focus
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Speaker 2: on the bigger goal and at times you may be
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Speaker 2: able to accomplish that bigger goal without the money itself.
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Speaker 2: Mm. We will focus on how we can try to
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Speaker 2: get more money to accomplish. But we shouldn't lose sight
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Speaker 2: of those bigger goals.
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Speaker 2: So this is message which I totally strongly feel I
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Speaker 2: have implemented on myself and I feel like in the
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Speaker 2: our society otherwise things have become so dry. People have
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Speaker 2: become so obsessed with money that they are compromising their relations.
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Speaker 2: They are compromising their health. They are compromising their peace
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Speaker 2: of mind. In our childhood, we used to have this
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Speaker 2: message of saying,
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Speaker 2: uh if character is lost. Sorry If money is lost,
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Speaker 2: nothing is lost. If health is lost, something is lost.
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Speaker 2: And if character is lost, everything is lost
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Speaker 2: in obsession with money. Today, people have totally reversed it.
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Speaker 2: They say that if character is lost, nothing is lost.
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Speaker 2: If health is lost, maybe something is lost. And if
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Speaker 2: money is or health wealth is lost, then everything is lost.
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Speaker 2: I want to bring it straight again. That's my mission.
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Speaker 1: Yeah, to the issue. So in this context, since you're
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Speaker 1: teaching about money you're teaching about how to manage money,
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Speaker 1: how do you express to a listener the importance of, uh,
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Speaker 1: money management?
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Speaker 2: Yes. So a although I, uh, like, my main thing
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Speaker 2: is to, um, but with the bigger goals. But money
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Speaker 2: as a tool is quite important in today's world.
00:15:20
Speaker 2: Um, as you said earlier, uh, money is not everything,
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Speaker 2: but if you don't have money, you will have be
00:15:27
Speaker 2: facing a lot of problems. And money can help you
00:15:30
Speaker 2: accomplish a lot. So I'm not undermining the importance of money.
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Speaker 2: I fully understand the significance and importance of money, and
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Speaker 2: I have worked on that in my own life also.
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Speaker 2: And that's why I have chosen, uh,
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Speaker 2: I'm trying to tap on that obsession of people. Uh,
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Speaker 2: that OK? Yeah. Money is important. Come to me. I'll
00:15:48
Speaker 2: teach you about money, but we'll keep our focus on
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Speaker 2: the bigger goals. That's where I'm going to direct them. So,
00:15:55
Speaker 2: um, I, I tell them, OK, money is important. Come
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Speaker 2: to me. We'll work, uh, towards accomplishing because And if
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Speaker 2: money is going to help that I teach you strategies,
00:16:05
Speaker 2: techniques and what mistakes to avoid while pursuing this, um,
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Speaker 2: growing money and how to save money, How where to
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Speaker 2: invest To get better returns and also doing the risk management. Because, uh,
00:16:20
Speaker 2: when we pursue higher returns, uh, it is that high risk,
00:16:25
Speaker 2: high return, so we have to learn to manage that risk. Also,
00:16:29
Speaker 2: a lot of people fall into this trap that they
00:16:32
Speaker 2: want high returns. They go for that. But they end
00:16:35
Speaker 2: up on the negative side of the risk, and then
00:16:39
Speaker 2: they always try to play safe, and, uh, they are
00:16:42
Speaker 2: not able to make them. So highlighting that risk, teaching
00:16:46
Speaker 2: them risk management is a very important aspect.
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Speaker 1: Yes. OK, then So will I would like to dig
00:16:53
Speaker 1: a little deeper on the technical aspect of, uh, money management.
00:16:56
Speaker 1: But before even that, uh, I get a sense that, uh,
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Speaker 1: you also teach about, um, the mindset towards money, that
00:17:02
Speaker 1: is the most important thing. Right. Um, So what is, uh,
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Speaker 1: you know, what do you think is missing? Like, why
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Speaker 1: is it important
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Speaker 1: that, um, you know, young professionals have to learn about
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Speaker 1: money management and what kind of mindset they have to
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Speaker 1: develop as per you.
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Speaker 2: So one aspect, I have already highlighted others that, uh,
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Speaker 2: keep the bigger goals in mind. Money is not the
00:17:28
Speaker 2: bigger goal. Just, um II. I bring this thing in
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Speaker 2: the perspective, that money is not the end goal. Um,
00:17:36
Speaker 2: one example which I share with them is that, uh
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Speaker 2: imagine if someone is lying at her, his or her deathbed,
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Speaker 2: and he has
00:17:43
Speaker 2: say, 100 of cars in his account. But in his life,
00:17:47
Speaker 2: he didn't had good relations. He didn't have good health.
00:17:51
Speaker 2: He didn't see the world enjoy the world. So is
00:17:55
Speaker 2: that money really worth it? On the contrary, he had
00:17:59
Speaker 2: the same deathbed. The person has this satisfaction that he
00:18:02
Speaker 2: has been able to create a positive impact in the world. Uh,
00:18:05
Speaker 2: he enjoyed a good,
00:18:07
Speaker 2: uh, life. He travelled around. He interacted well with people.
00:18:11
Speaker 2: He helped people he or she helped people. Wouldn't that
00:18:14
Speaker 2: be a better situation if he, uh, had something like
00:18:17
Speaker 2: hundreds of rupees on the account at that point of time?
00:18:20
Speaker 2: Because after the life is over, what use is that
00:18:22
Speaker 2: money going to be for him or her? So
00:18:26
Speaker 2: that way I try to put them into the perspective
00:18:28
Speaker 2: that money is of that importance a tool to uh
00:18:34
Speaker 2: so that's one aspect of mindset. I try to, uh,
00:18:37
Speaker 2: teach them after that. Uh, the other part of the
00:18:41
Speaker 2: mindset that I work with and which, uh, I also
00:18:44
Speaker 2: suffered for a long time was scarcity mindset.
00:18:48
Speaker 2: We are blessed with abundance during my own lifetime itself.
00:18:54
Speaker 2: During my childhood, even cycle was a luxury. And these
00:18:58
Speaker 2: days people have multiple cars and they still feel that, uh,
00:19:01
Speaker 2: my neighbour has BMW. I don't have BMW. He has
00:19:04
Speaker 2: two BMW SI don't have two BMW S that kind
00:19:07
Speaker 2: of thing. So there's always this scarcity mindset. Despite having
00:19:11
Speaker 2: accomplished so much, people feel that they don't have enough.
00:19:16
Speaker 2: And the only reason is that because they are comparing
00:19:18
Speaker 2: with someone who is ahead of them,
00:19:21
Speaker 2: every person's journey is unique. Every person has his own, uh,
00:19:26
Speaker 2: way or destiny. So,
00:19:30
Speaker 2: uh, uh, like developing this mindset that what I have
00:19:33
Speaker 2: is enough be happy with that. And with that positive mind,
00:19:37
Speaker 2: aspire for progress and development and growth. I don't say that.
00:19:42
Speaker 2: Don't go for two BMW S3 BMW S, maybe go
00:19:45
Speaker 2: for roll styles also go for that. But first have
00:19:48
Speaker 2: this positive mindset that whatever is there is good enough.
00:19:51
Speaker 2: Be happy with that and then aspire for progress
00:19:55
Speaker 2: with that peace of mind. And that may manifest it.
00:20:00
Speaker 2: That's another mindset, Correct. And, uh, a lot of people
00:20:04
Speaker 2: carry this negative qu, uh, beliefs about money, That money
00:20:09
Speaker 2: is evil. Money corrupts money, corrupts the relations, and rich
00:20:14
Speaker 2: people are bad or rich people are corrupt. That kind
00:20:17
Speaker 2: of thing, if people are anyone, is carrying that kind
00:20:20
Speaker 2: of belief system about money. Uh, I tell them clearly
00:20:24
Speaker 2: that money is not won't come to you because you
00:20:26
Speaker 2: yourself are telling that money is bad and do you
00:20:28
Speaker 2: want to become a bad person?
00:20:29
Speaker 2: If you don't want to become a bad person, then
00:20:31
Speaker 2: with this belief system, money is not going to come
00:20:34
Speaker 2: to you. So till this mindset is, uh, got into
00:20:39
Speaker 2: right place, uh, there's no point, uh, investing and all
00:20:44
Speaker 2: those things because even if they get the good returns,
00:20:46
Speaker 2: they will end up repelling that one.
00:20:49
Speaker 2: Yeah, true,
00:20:51
Speaker 1: I cannot help but smile when you brought up, Even
00:20:53
Speaker 1: cycle was a luxury, and I can completely relate with
00:20:57
Speaker 1: this because I had to. I got my first cycle
00:21:00
Speaker 1: when I was eight, Standard when I was like, 13
00:21:02
Speaker 1: years old. And, uh, my older boy is now seven
00:21:05
Speaker 1: years and he has already had three cycles. The younger
00:21:09
Speaker 1: one is five years old. Uh, he has had two cycles,
00:21:12
Speaker 1: one he has already lost.
00:21:13
Speaker 1: So the times have really changed. There is more and
00:21:16
Speaker 1: more abundance nowadays, like money is not in shortage nowadays.
00:21:19
Speaker 1: Money is in abundance. That is one thing I can
00:21:22
Speaker 1: relate to. And like you said about mindset, one thing is,
00:21:25
Speaker 1: um uh you go with the mindset that money is
00:21:28
Speaker 1: not the end goal, but money is the vehicle to
00:21:30
Speaker 1: a much more meaningful life. This is one thing I
00:21:32
Speaker 1: can from what you said.
00:21:35
Speaker 1: And, um, second thing is that having this abundance mindset
00:21:39
Speaker 1: and having this positive attitude towards money and especially, I think, uh,
00:21:43
Speaker 1: for our generation, um,
00:21:47
Speaker 1: maybe because of popular culture, maybe because of Bollywood, uh,
00:21:50
Speaker 1: in the nineties and 2000 was the rich guy was
00:21:54
Speaker 1: always the bad guy. And I think we have picked
00:21:57
Speaker 1: up this negative, um, mindset related to money.
00:22:01
Speaker 2: Angry young man. Angry young
00:22:03
Speaker 1: man, angry young man. And it is the case with
00:22:05
Speaker 1: all Canada film industry. Also like, it was always again
00:22:09
Speaker 1: with a always about which was the poor. And I
00:22:12
Speaker 1: think this has played a major role in terms of
00:22:15
Speaker 1: our relationship with money
00:22:16
Speaker 1: so great that you're trying to solve this problem. And, uh,
00:22:19
Speaker 1: now let's come to how are you trying to solve
00:22:22
Speaker 1: these problems? What comprises? You know, money management. What are
00:22:26
Speaker 1: the things you teach to your students in money management?
00:22:29
Speaker 1: I would like I would be interested to know.
00:22:31
Speaker 2: Sure. So the first thing, uh, I told you, mindset.
00:22:35
Speaker 2: Once the mindset is, uh, in shape, then we can
00:22:37
Speaker 2: start on working on strategies for managing money. And the
00:22:41
Speaker 2: first thing I tell people is that, uh, first, let's
00:22:45
Speaker 2: prepare the foundation. So that, uh, because if we are
00:22:48
Speaker 2: going for high risk, high growth kind of strategies, uh,
00:22:52
Speaker 2: first thing we should be able to do is if
00:22:54
Speaker 2: the risk works out on the negative side, we shouldn't
00:22:57
Speaker 2: be totally uprooted.
00:23:00
Speaker 2: Uh, we should be able to handle that risk.
00:23:02
Speaker 2: So, uh, first step is to create an emergency fund
00:23:06
Speaker 2: and emergency fund is wherein. You, uh, even if you
00:23:10
Speaker 2: lose your job, your, uh, month cash flow stops at
00:23:13
Speaker 2: least for six months to one year you are able
00:23:16
Speaker 2: to sustain. And that's for a person who is doing job,
00:23:20
Speaker 2: because the assumption is that within six months to one year,
00:23:23
Speaker 2: the person will be able to find the next job
00:23:26
Speaker 2: and resume his or her cash flow. If the person
00:23:29
Speaker 2: is in his or her own business,
00:23:31
Speaker 2: then the recommendation for emergency fund is two months of, uh,
00:23:36
Speaker 2: expenses that they should be kept in emergency fund. So
00:23:41
Speaker 2: emergency fund can't be created overnight. But I tell my
00:23:45
Speaker 2: students that, OK, start working on it and create that
00:23:48
Speaker 2: emergency fund. Uh, as soon as possible, as fast as possible.
00:23:53
Speaker 2: Then the other aspect that I, uh, bring into light is, uh,
00:23:57
Speaker 2: related to risk management is insurance,
00:24:01
Speaker 2: and when I say insurance again, people confuse or mix
00:24:06
Speaker 2: insurance with investment insurance is meant just to cover the risk.
00:24:11
Speaker 2: A risk of losing life. Uh, your family may be
00:24:14
Speaker 2: having some, uh, financial expectation from you. If you are
00:24:18
Speaker 2: not there, they are going to have emotional loss. Uh,
00:24:22
Speaker 2: that's irreparable, but even financial loss is there, which is
00:24:25
Speaker 2: quite significant. And at least that financial loss can be
00:24:28
Speaker 2: covered through that life Insurance.
00:24:31
Speaker 2: Health insurance is another thing, because these days hospitalisation has
00:24:35
Speaker 2: become so expensive. If, God forbid, somebody has to stay
00:24:39
Speaker 2: in hospital for, uh, some period of time, I have
00:24:42
Speaker 2: seen people go bankrupt. In that case, it has become
00:24:46
Speaker 2: that prohibitively expensive. And hospital won't admit you if they
00:24:50
Speaker 2: don't see your, uh, financial capability.
00:24:54
Speaker 2: So health insurance is another thing. And one thing which
00:24:58
Speaker 2: is not much talked about, is and I want to
00:25:01
Speaker 2: emphasise is disability insurance? If God forbid, uh, person, uh,
00:25:08
Speaker 2: like gets involved in an accident and he stays alive, But, uh,
00:25:13
Speaker 2: he gets disabled so his earning will stop. But he
00:25:17
Speaker 2: becomes a kind of liability because more upkeep and maintenance
00:25:20
Speaker 2: is required for this kind of person.
00:25:22
Speaker 2: So disability insurance provide that kind of cover. So more insurance, uh,
00:25:28
Speaker 2: are there to cover, uh, various kind of risk? Uh,
00:25:30
Speaker 2: there are fire insurance. There is flood insurance and all
00:25:33
Speaker 2: those kind, But at least these three insurances need to
00:25:36
Speaker 2: be in place once they are in place. A person's
00:25:39
Speaker 2: risks are get covered. And then
00:25:43
Speaker 2: a person gets confidence that even if I take some
00:25:46
Speaker 2: risk in some investment, and if the risk works out
00:25:50
Speaker 2: on the negative side, I'll be able to digest it.
00:25:52
Speaker 2: I'll be able to handle it.
00:25:55
Speaker 2: So, um because otherwise people keep a lot of money
00:25:59
Speaker 2: at less growth areas or safe area, just in the
00:26:02
Speaker 2: anticipation of, uh, some risk materialising and that money stays idle,
00:26:08
Speaker 2: it doesn't grow. Yeah, so So now that idle money
00:26:13
Speaker 2: can be freed up for investment in, uh, areas like
00:26:16
Speaker 2: stock market mutual funds and even some very high risk
00:26:20
Speaker 2: areas like Cryptocurrencies a very small portion.
00:26:23
Speaker 2: So, uh, after the insurance and risk management are in place,
00:26:27
Speaker 2: we move to towards the investment side and for investment.
00:26:30
Speaker 2: One thing which I recommend is diversification and, uh, portfolio creation.
00:26:37
Speaker 2: The reason diver diversification is so important is because, uh,
00:26:41
Speaker 2: there is a saying related to investment. Don't put all
00:26:44
Speaker 2: your eggs in one basket.
00:26:46
Speaker 2: And, uh, that's what a lot of people commit the mistake.
00:26:49
Speaker 2: Either they put every all their money in stock market,
00:26:53
Speaker 2: or they put all their money in fixed deposit or
00:26:56
Speaker 2: one common scenario, which I'm seeing is that, uh, probably
00:26:59
Speaker 2: 80 to 90% of their overall investment is in real
00:27:02
Speaker 2: estate because real estate is so expensive and big ticket
00:27:06
Speaker 2: that they end up investing so much money out there
00:27:09
Speaker 2: in real estate. Uh, but in such scenarios, like if
00:27:13
Speaker 2: one sector or one investment doesn't work out, then you
00:27:15
Speaker 2: are stuck in case of diversification. One or other investment
00:27:19
Speaker 2: will keep on working for you. And that way you
00:27:22
Speaker 2: will keep on getting consistent returns, OK,
00:27:26
Speaker 2: And then, uh, once the investment is also in place,
00:27:31
Speaker 2: then I tell them to work with
00:27:33
Speaker 2: Like, uh, all areas need to be balanced, the areas
00:27:37
Speaker 2: related to financial freedom. There should be some money allocated
00:27:42
Speaker 2: for that. There should be some money allocated for their goals,
00:27:45
Speaker 2: short term and long term goals.
00:27:48
Speaker 2: There should be some money allocated for play play. But
00:27:51
Speaker 2: when I say plays are basically, uh, it shouldn't money
00:27:54
Speaker 2: shouldn't be meant just for saving. It should also be
00:27:57
Speaker 2: like bring some joy in life for you and your family.
00:28:01
Speaker 2: So go out, uh, go out to some restaurants, go
00:28:05
Speaker 2: on some travel, uh, like, uh, see around the world
00:28:10
Speaker 2: use that money for that. So some portion, like some
00:28:13
Speaker 2: percentage of money, should be allocated. For that, Uh uh,
00:28:18
Speaker 2: some one bucket should be there for meeting the necessities. So,
00:28:22
Speaker 2: uh, I ask people to do expense tracking and see
00:28:26
Speaker 2: what's the monthly expenses. Average based monthly expenses are there.
00:28:30
Speaker 2: And create a bucket for that and take money out
00:28:32
Speaker 2: of that bucket only. And one needs to simplify his
00:28:36
Speaker 2: or her life so that expenses stay in control because
00:28:40
Speaker 2: another problem which I would like to highlight, is these
00:28:42
Speaker 2: days people are earning much, much more salaries than as
00:28:46
Speaker 2: compared to when we started our career.
00:28:47
Speaker 1: Very, very true.
00:28:49
Speaker 2: But they are still able to save lesser money as
00:28:51
Speaker 2: compared to what we used to do, because as their
00:28:54
Speaker 2: income increase, they correspondingly they increase the expenses also and
00:28:59
Speaker 2: Net net. They are still not able to save the
00:29:02
Speaker 2: money because the mindset or the equation that they follow
00:29:05
Speaker 2: is saving difficult to income minus expenses.
00:29:10
Speaker 2: But if you want to do consistent savings, then the
00:29:12
Speaker 2: equation should be expenses is equal to income minus savings.
00:29:17
Speaker 2: Yeah, that's again a mindset related thing which I I
00:29:21
Speaker 2: try to teach them beforehand. Because if person always think that, OK,
00:29:24
Speaker 2: whatever is left out of expenses, I will save then
00:29:28
Speaker 2: savings can't happen
00:29:30
Speaker 2: because there is no limit to the expenses that you
00:29:32
Speaker 2: can make in today's world, you can go in the
00:29:34
Speaker 2: negative world. Uh, also, Yeah.
00:29:38
Speaker 2: Then another thing. I, uh, teaching my community is about debt.
00:29:42
Speaker 2: People have a lot of negative mindset about debt and, uh,
00:29:46
Speaker 2: that that is bad. That is not always bad. There
00:29:50
Speaker 2: is good debt and there's bad debt.
00:29:52
Speaker 2: OK, if there is loan taken to get a liability
00:29:56
Speaker 2: when I say liability, it's something for which you are
00:29:59
Speaker 2: going to pay something like, uh, a car, maybe a
00:30:02
Speaker 2: car which is not going to be used for business purpose,
00:30:04
Speaker 2: rather for just for luxury or pleasure purpose. That's a liability.
00:30:09
Speaker 2: But a car, a loan taken for something which increases
00:30:13
Speaker 2: your value or which is going to give you returns.
00:30:15
Speaker 2: Uh, again, one has to be very mindful over here. Uh,
00:30:19
Speaker 2: because some people take house loan and then buy real estate,
00:30:25
Speaker 2: it can be done. It can be done. And because
00:30:27
Speaker 2: ho home loan is the cheapest loan that you get.
00:30:29
Speaker 2: But one has to be very mindful about this calculation
00:30:33
Speaker 2: that the asset that they're going to buy has to
00:30:35
Speaker 2: give more returns compared to what they are paying for
00:30:38
Speaker 2: the loan. That's a good asset. But if they are
00:30:41
Speaker 2: going to buy a liability from that loan like car
00:30:44
Speaker 2: or expensive gadgets or watches, then that's a bad debt.
00:30:48
Speaker 2: So debt management is another thing I teach in my
00:30:51
Speaker 1: community. Can you finish? Um uh,
00:30:55
Speaker 1: give few more examples of good debt
00:30:58
Speaker 1: for a common person who is in a job, What
00:31:00
Speaker 1: could be a good debt as per you
00:31:04
Speaker 2: home loan if done properly, uh is can be a
00:31:09
Speaker 2: good debt. And, um, buying a property using that loan
00:31:15
Speaker 2: and home loan is the cheapest loan, so typically one
00:31:18
Speaker 2: can get it for something around 8% to 9% on
00:31:22
Speaker 2: the average. And,
00:31:24
Speaker 2: uh, if one buys a property, the rental yields out
00:31:28
Speaker 2: of that could be, uh, 3 to 4%. Uh, 1
00:31:32
Speaker 2: shouldn't expect more than that, like even that I'm putting
00:31:34
Speaker 2: on the higher side, and then the if the property
00:31:38
Speaker 2: is going to appreciate, say, uh, 6 to 7% per annum.
00:31:41
Speaker 2: I'm taking that conservative estimate. Then the return from the
00:31:46
Speaker 2: property combining the rental yield and the appreciation is going
00:31:49
Speaker 2: to be 10%.
00:31:50
Speaker 2: And the loan that he's going to take is going
00:31:54
Speaker 2: to be 8 to 9%. That 1% differential is profit.
00:31:58
Speaker 2: The growth that he will get on top of that
00:32:01
Speaker 2: home loans typically bring the tax benefit also,
00:32:05
Speaker 2: so considering that this kind of thing can bring 2
00:32:09
Speaker 2: to 3% real growth because a lot of people think
00:32:13
Speaker 2: that 4 to 5% is growth is good enough. Uh,
00:32:17
Speaker 2: but inflation is an important factor to consider because in India,
00:32:22
Speaker 2: average inflation is somewhere between somewhere around 7%.
00:32:28
Speaker 2: And if one person is getting growth in portfolio or
00:32:31
Speaker 2: from investment is 4 to 5% that is not actually growth.
00:32:35
Speaker 2: That is actually the growth, because inflation is reducing the
00:32:39
Speaker 2: value of money by 7% and the growth being so
00:32:43
Speaker 2: it is a negative 2% net growth which is being achieved.
00:32:46
Speaker 2: So the growth has to be more than that inflation
00:32:50
Speaker 2: rate that is 7% to make a positive growth for, uh,
00:32:53
Speaker 2: for the person, Yeah, yeah, true.
00:32:58
Speaker 1: OK, so, um, when it comes to debt, you think, um, it's, uh,
00:33:03
Speaker 1: good to invest in, uh, good debts, which, uh, over
00:33:06
Speaker 1: a period of time will, uh, you know, keep your
00:33:09
Speaker 1: net positive, considering the interest you're paying and considering the
00:33:13
Speaker 1: returns you're getting from that and also considering inflation, Right.
00:33:17
Speaker 1: So any kind of debt you're taking you are good
00:33:20
Speaker 1: to go. If, uh, you know that, um, results in
00:33:23
Speaker 1: a net positive.
00:33:24
Speaker 1: And another thing that you said is don't go for
00:33:26
Speaker 1: bad debts. Bad debts. Could be investing in a car
00:33:29
Speaker 1: when you don't really need it. Investing in, you know,
00:33:33
Speaker 1: the latest iPhone, even if you don't need it. And nowadays,
00:33:37
Speaker 1: it is very very, uh, one.
00:33:40
Speaker 1: What I could say concerning trend for me is, uh,
00:33:44
Speaker 1: there is a lot of consumerism, like every every day.
00:33:47
Speaker 1: There is a new gadget, and, uh, there is the marketing.
00:33:51
Speaker 1: You you cannot escape the marketing, and I also go
00:33:55
Speaker 1: on to an extent to say that there is no
00:33:56
Speaker 1: free will like any action you are taking is always motivated,
00:34:00
Speaker 1: or it has been, um, somehow secreted into your mind
00:34:03
Speaker 1: through marketing and, uh, messages through different, uh, you know,
00:34:08
Speaker 1: um uh, different avenues you cannot really imagine. Like, uh,
00:34:12
Speaker 1: how it's happening if you're a normal person and not
00:34:15
Speaker 2: thinking the young generation who start their career since they
00:34:18
Speaker 2: haven't kids. And they have got, like, now, good money
00:34:21
Speaker 2: in their hand. They get easily tempted because they have
00:34:24
Speaker 2: this temptation within them. Earlier, they were getting money from
00:34:28
Speaker 2: their parents, which was kind of limited. Now, they have
00:34:30
Speaker 2: got their own money and good amount of money. They
00:34:33
Speaker 2: easily fall prey to this kind of thing. It's totally understandable. Yeah. Yeah.
00:34:37
Speaker 2: So sorry I interrupted you. You were
00:34:38
Speaker 1: like, No, it's totally fine. Um,
00:34:41
Speaker 1: uh, it was great perspective you put because I'm not
00:34:44
Speaker 1: a young person anymore. I almost forgot about that. That
00:34:46
Speaker 1: phase of life, but I would like to come back
00:34:49
Speaker 1: to it later, a little bit. But before that, um uh,
00:34:53
Speaker 1: you mentioned the term financial freedom. Can you define it for, uh,
00:34:56
Speaker 1: from your point of view, what really does it mean
00:34:59
Speaker 1: to be financially free? And then after this, we can,
00:35:02
Speaker 1: um
00:35:03
Speaker 1: um you know, talk about how will you advise a
00:35:06
Speaker 1: person who is starting in the job to, uh, you know,
00:35:10
Speaker 1: create this financial freedom and how a person who is already, like,
00:35:14
Speaker 1: 3040 years old and not in the best financial shape.
00:35:17
Speaker 1: And how would you advise that person to create this
00:35:21
Speaker 1: financial freedom?
00:35:22
Speaker 1: That will be the follow up. You can just continue
00:35:24
Speaker 1: to talk about it. Sure,
00:35:25
Speaker 2: sure. So when I say financial freedom, what I mean
00:35:29
Speaker 2: is when people, uh, especially our older generation, they could
00:35:34
Speaker 2: never think of this because they, like, uh, my father
00:35:38
Speaker 2: was born around 1947 He and, uh, from partition era.
00:35:42
Speaker 2: He had seen some very tough times.
00:35:45
Speaker 2: So money was, uh, really, like something big for, uh,
00:35:48
Speaker 2: his generation. And based on our upbringing, he kind of
00:35:52
Speaker 2: passed on that mindset to us.
00:35:55
Speaker 2: So financial freedom is a concept wherein we say that
00:35:59
Speaker 2: when someone is working to earn money, typically, the mindset
00:36:03
Speaker 2: is that I have to work and get money in return.
00:36:07
Speaker 2: So you are basically working for money.
00:36:10
Speaker 2: Mm. So it's if you're working for money. Basically, you
00:36:14
Speaker 2: are being a slave of money,
00:36:16
Speaker 2: so you can't be free.
00:36:18
Speaker 2: Financial freedom is achieved when you don't have to work
00:36:21
Speaker 2: for money.
00:36:23
Speaker 2: You rather make money, your slave, you become its master
00:36:27
Speaker 2: and you make the money work for you.
00:36:30
Speaker 2: Money works for you, and you can do whatever you want.
00:36:33
Speaker 2: You can either choose to rest, or you can choose
00:36:36
Speaker 2: to do what you want to do when that state
00:36:39
Speaker 2: is achieved. That's financial freedom.
00:36:42
Speaker 2: And
00:36:43
Speaker 2: so that's basic definition of, uh, financial freedom. High level definition. Well,
00:36:49
Speaker 2: the next question comes, How can we make it happen? Because, uh,
00:36:53
Speaker 2: people get stuck with. That's the typical mindset. Only if
00:36:56
Speaker 2: I work I will get money. What's the other way of, uh,
00:36:59
Speaker 2: getting money? So if you work for money and money
00:37:04
Speaker 2: comes to you, then it's basically active income.
00:37:08
Speaker 2: The other type of income is passive income, where you
00:37:11
Speaker 2: put some effort and put some money over there. And
00:37:15
Speaker 2: after that, it comes in the autopilot mode. You don't
00:37:18
Speaker 2: have to work on it, and it keeps on giving
00:37:20
Speaker 2: you returns. So the examples could be you write a book.
00:37:25
Speaker 2: You initially put some effort. After that, that book is published,
00:37:29
Speaker 2: and it if it is a good book, it it
00:37:31
Speaker 2: keeps getting sold and you keep on getting the royalty.
00:37:35
Speaker 2: Uh, these days, digital media, you can create courses. If
00:37:38
Speaker 2: those courses are good, people will keep on buying and
00:37:41
Speaker 2: you will keep on getting income or blogging. That could
00:37:44
Speaker 2: be another source of income. So these are passive sources
00:37:47
Speaker 2: of income where you put one time effort one time
00:37:50
Speaker 2: money and then or investments Uh, you invest in stock
00:37:55
Speaker 2: market stocks, keep on giving dividends or even, uh, bank
00:37:59
Speaker 2: related F DS. They can be so rental income, uh,
00:38:02
Speaker 2: real estate rental
00:38:04
Speaker 2: now a stage. Our expenses have to be met through
00:38:08
Speaker 2: these incomes, combination of active income and passive income. A
00:38:12
Speaker 2: stage wherein your passive income becomes so big that it
00:38:17
Speaker 2: more than covers your expenses and you don't need active income.
00:38:21
Speaker 2: You can leave your active work. Then you can say, OK,
00:38:24
Speaker 2: my passive income is going to meet my expenses. Why
00:38:27
Speaker 2: do I need to keep on, like, slogging for money?
00:38:30
Speaker 2: And that's where financial freedom is actually.
00:38:34
Speaker 1: Yeah. Wonderful. Dinesh, like one of the things, uh, over here.
00:38:38
Speaker 1: Um what message I want to give men is that
00:38:42
Speaker 1: a lot of men are stuck in a jog which
00:38:44
Speaker 1: they don't like,
00:38:46
Speaker 1: OK, this is what I used to feel when I
00:38:48
Speaker 1: was working. Um, even though it was the field which
00:38:51
Speaker 1: I like, but somehow the, you know, kind of environment
00:38:54
Speaker 1: and the kind of growth I had seen, uh, there
00:38:57
Speaker 1: are some shortfalls. There were some shortfalls from my side also,
00:39:00
Speaker 1: so that's a different story, but, uh, this is the case,
00:39:04
Speaker 1: like a lot of people. Um um
00:39:06
Speaker 1: um they have to work out of compulsion that OK,
00:39:10
Speaker 1: without working. I cannot get this money, and I cannot survive. But, uh,
00:39:15
Speaker 1: once the people, once a person achieves financial freedom, that
00:39:19
Speaker 1: means he has enough passive income. Even if he doesn't work, uh,
00:39:24
Speaker 1: he will get enough income, which, uh, which will support
00:39:27
Speaker 1: him and his family. Of course, passive income is not 100% passive.
00:39:31
Speaker 1: You have to put some effort in marketing and, you know, promoting.
00:39:35
Speaker 1: Um so it's a great concept which I never you know,
00:39:40
Speaker 1: I never knew about this. I have been introduced to
00:39:42
Speaker 1: this very, very, you know, very recently, the state
00:39:46
Speaker 2: is such that others that even people who have accumulated
00:39:50
Speaker 2: in the IT field I especially saw it because IT
00:39:53
Speaker 2: was a very rewarding field. People,
00:39:55
Speaker 2: uh, at times get overseas trip. They get rewarded well,
00:39:58
Speaker 2: in foreign currency, they create that savings and invest it
00:40:01
Speaker 2: suitable places. But the obsession with money is such that
00:40:05
Speaker 2: they still keep on working for more and more money.
00:40:07
Speaker 2: They I. I tend I have to tell people that
00:40:10
Speaker 2: you already have so much that you can be financially free.
00:40:13
Speaker 2: But that mindset is not there. That concept of understanding
00:40:17
Speaker 2: is not that, Yeah, I can be financially free.
00:40:20
Speaker 2: So that's my mission to tell people you can be
00:40:23
Speaker 2: financially free. So be financially free. Why you want to
00:40:27
Speaker 2: keep on claiming but that because of habit because of
00:40:31
Speaker 2: that mindset, Because of that conditioning, people have accepted this
00:40:34
Speaker 2: slavery as way of life.
00:40:36
Speaker 1: Yeah, yeah, yeah, it's a mindset is the biggest thing
00:40:39
Speaker 1: like it is the foundation for everything. Right,
00:40:43
Speaker 1: Ok, Dinesh. Um So, uh, let's come to, uh, two scenarios,
00:40:48
Speaker 1: like a person who is completely new, who is starting
00:40:51
Speaker 1: his starting out in his career. How would you advise
00:40:54
Speaker 1: that person to take care of his finances and how
00:40:57
Speaker 1: to build this life? Uh, you know how to build this, um,
00:41:01
Speaker 1: financial freedom. And, uh, after that, you can talk about, uh,
00:41:05
Speaker 1: a person who is, like, thirties in his thirties and
00:41:07
Speaker 1: forties who is already, um, has a lot of, you know,
00:41:10
Speaker 1: commitments and, uh,
00:41:12
Speaker 1: probably is holding some debt. So how would you, um,
00:41:15
Speaker 1: advise these two people?
00:41:18
Speaker 2: Sure. So first, let's talk about young people and young people.
00:41:24
Speaker 2: If they get this awareness about financial freedom concept,
00:41:29
Speaker 2: it can totally change their life and their further generations life. Because, uh,
00:41:34
Speaker 2: Einstein had said that compounding is the eighth wonder of
00:41:39
Speaker 2: the world. And in this compounding thing, um, this compounding
00:41:45
Speaker 2: is totally magical. Because after a certain stage in, if
00:41:48
Speaker 2: things are compounded, like they grow so fast, that, uh,
00:41:52
Speaker 2: human mind can't even conceptualise that
00:41:56
Speaker 2: so
00:41:57
Speaker 2: and for young people, time is their biggest friend.
00:42:01
Speaker 2: Yeah,
00:42:03
Speaker 2: uh, they If they start at the right time at
00:42:07
Speaker 2: the early stage, then they have time is the biggest asset.
00:42:10
Speaker 2: They don't need to take big risks. They can play
00:42:12
Speaker 2: very safe. The only equation that they need to understand
00:42:15
Speaker 2: is about that, uh, expenses is equal to income minus savings.
00:42:20
Speaker 2: First do savings, and then do the expenses
00:42:24
Speaker 2: rather than falling into the trap of income minus expenses
00:42:27
Speaker 2: that first they do expenses and then whatever. So set
00:42:31
Speaker 2: this equation. Right? Uh, I, I want them to become aware.
00:42:35
Speaker 2: And whatever income is there, it may be a good package.
00:42:38
Speaker 2: It may be not so good package. But manage your expenses.
00:42:42
Speaker 2: S first, do savings out of that and then manage
00:42:45
Speaker 2: your expenses. Simplify your lifestyle, OK, and then
00:42:50
Speaker 2: Well,
00:42:51
Speaker 1: what percentage? Uh, would you suggest people to start saving
00:42:55
Speaker 1: if they are, you know, completely new and beginning in
00:42:58
Speaker 1: the career.
00:43:00
Speaker 2: OK, that's where I can give some ballpark figures. Um, ideally,
00:43:05
Speaker 2: one should be saving 40% to 50% of their income,
00:43:10
Speaker 2: but every person situation is different. Uh, for some person, uh, expenses,
00:43:15
Speaker 2: because of his own situation may be more for some.
00:43:18
Speaker 2: He may able to able to manage with the lesser expense.
00:43:21
Speaker 2: So percentage wise, uh, I can give very thumb rule
00:43:24
Speaker 2: kind of thing, but, uh, one has to, uh, make
00:43:27
Speaker 2: decision based on his or her individual situation. But the
00:43:30
Speaker 2: thing is that even if you are able to save
00:43:32
Speaker 2: small percentage, be consistent. Being consistent is more important
00:43:36
Speaker 2: rather than doing a big saving for a few days
00:43:40
Speaker 2: and next month, failing to live up to that being
00:43:43
Speaker 2: consistent is the most important thing. OK? And then consistently
00:43:46
Speaker 2: keep on doing that, let it work. And then time
00:43:50
Speaker 2: is going to work magic for you.
00:43:52
Speaker 2: And, uh, you can be financially free. Uh, maybe, like
00:43:56
Speaker 2: in your late thirties or forties. Definitely. You can become
00:43:59
Speaker 2: financially free if you follow this formula
00:44:02
Speaker 2: and where to invest and all those things. Those are like, uh, very, uh,
00:44:06
Speaker 2: situational and need more learning. Um, I can teach them
00:44:10
Speaker 2: about in my programme.
00:44:12
Speaker 2: Now, Next comes the people who are starting a little late,
00:44:15
Speaker 2: maybe in their thirties and forties. So these people, uh,
00:44:18
Speaker 2: first of first thing is that they also need to
00:44:21
Speaker 2: become aware that fin financial freedom is possible. You don't
00:44:24
Speaker 2: have to keep on saving for money all throughout your life.
00:44:27
Speaker 2: Financial freedom first, uh, adopt this concept. Then they have
00:44:32
Speaker 2: to take more effort in making more savings because they
00:44:36
Speaker 2: have lost time and that time can't be returned. But
00:44:40
Speaker 2: now they have to start saving more and work with
00:44:43
Speaker 2: the same equation. That income minus savings is is good expenses.
00:44:47
Speaker 2: I know at this stage of thirties and forties cutting expenses,
00:44:51
Speaker 2: especially if they have got inflated earlier. Bringing them down
00:44:55
Speaker 2: is seems impossible, but it is not impossible. So they
00:45:00
Speaker 2: have to take that bitter pill, bring down their expenses,
00:45:04
Speaker 2: increase their savings
00:45:06
Speaker 2: and let those savings work in high growth areas. After
00:45:11
Speaker 2: putting the risk management in place and a little later,
00:45:15
Speaker 2: maybe not as fast as, like, young people can achieve it. Um,
00:45:19
Speaker 2: but these people can also achieve the financial freedom that
00:45:22
Speaker 1: OK, great. Dinesh. Uh, you said you have to cut expenses.
00:45:25
Speaker 1: Can you give, um, you know, a few examples, like
00:45:28
Speaker 1: where they can start cutting expenses?
00:45:31
Speaker 2: Sure. Um, one thing, uh, which I find a lot
00:45:35
Speaker 2: of people commit Mistake is when, uh, making a decision
00:45:39
Speaker 2: about buying a car, or we'll talk about other gadgets
00:45:44
Speaker 2: later for, for example, one of my students, when he
00:45:46
Speaker 2: came into my community, he was, uh, very emotional about that.
00:45:51
Speaker 2: His mother is like having some disability or because of
00:45:55
Speaker 2: old age. And he said, uh, he wants to buy
00:45:57
Speaker 2: a bigger car of the budget of 20 lacs and
00:46:00
Speaker 2: brand new car
00:46:01
Speaker 2: and his financial situation. Seeing his financial situation, I told him, No,
00:46:05
Speaker 2: you shouldn't do that. So I told him, First of all,
00:46:09
Speaker 2: you can get a decent car in lower budget and
00:46:13
Speaker 2: don't go for a brand new car.
00:46:15
Speaker 2: Rather, look for a deal, Uh, for a second car,
00:46:19
Speaker 2: which is two or three years old, because the car,
00:46:23
Speaker 2: immediately after taking out of showroom, depreciates by 20 to 30%.
00:46:27
Speaker 2: Just the showroom premium itself is 20%. Nearly so. Why
00:46:32
Speaker 2: go for that premium just because of that new car concept?
00:46:36
Speaker 2: On the contrary, based on the Internet and the information
00:46:39
Speaker 2: available these days, you can easily get a good segment
00:46:43
Speaker 2: car not much driven,
00:46:45
Speaker 2: and you can check for its safety and everything, and
00:46:48
Speaker 2: I get a good deal. I myself first committed that
00:46:52
Speaker 2: mistake of buying a big new car and like losing
00:46:55
Speaker 2: that money. And next time I corrected that mistake getting
00:46:58
Speaker 2: a good deal on the car. And, like,
00:47:01
Speaker 2: uh, I feel amazed like how much money one can
00:47:04
Speaker 2: save based on that, because it's not just the upfront
00:47:07
Speaker 2: capital expenditure that one makes in the buying the car
00:47:11
Speaker 2: insurance premium maintenance. Everything keeps on coming down. As you, uh, like,
00:47:16
Speaker 2: buy a second hand car. So that's one way, then
00:47:21
Speaker 2: getting a phone.
00:47:23
Speaker 2: Uh, wait,
00:47:25
Speaker 2: Uh, if you really feel that iPhone can help you
00:47:29
Speaker 2: and you can afford it, uh, go for it. But don't, uh,
00:47:33
Speaker 2: spend your one month salary just to get that iPhone
00:47:36
Speaker 2: or something. If you can do with, uh, lesser priced phone, uh,
00:47:40
Speaker 2: an android phone or something. Just because the iPhone is
00:47:43
Speaker 2: being touted as the best and everything, uh, it it
00:47:47
Speaker 2: is not something like, uh, which is it is going
00:47:50
Speaker 2: to become a liability. It is not an asset for you.
00:47:53
Speaker 2: So these are the kind of expenses which can be
00:47:55
Speaker 2: cut down easily
00:47:56
Speaker 1: again, I would say with the iPhone it that you
00:47:58
Speaker 1: are a victim of marketing. You have been told that
00:48:01
Speaker 1: iPhone is the best. And, uh, you should, uh, you know,
00:48:04
Speaker 1: go for it. Uh, I've seen, uh, we have to
00:48:07
Speaker 2: stop being the victim. They have to stop being the victim,
00:48:10
Speaker 2: and they have to control. They have to take charge. OK? Yeah. Uh,
00:48:14
Speaker 2: I know like it is having some, uh, premium value,
00:48:18
Speaker 2: but I will go for it when I can really
00:48:20
Speaker 2: afford
00:48:20
Speaker 1: it.
00:48:21
Speaker 1: Yeah. Dinesh, these are CO. The the couple of examples
00:48:24
Speaker 1: you took are, like, big ticket like car is something like, uh, uh,
00:48:28
Speaker 1: twice or thrice in a lifetime. Kind of, uh, you know, deal. Uh, for, uh,
00:48:33
Speaker 1: you know, middle class person iPhone is something like, once
00:48:37
Speaker 1: in two years or something. Can you point out few
00:48:40
Speaker 1: things like which we do on a daily basis, Like
00:48:43
Speaker 1: like month. It could be a monthly expenditure, or maybe
00:48:46
Speaker 1: a much more frequent thing
00:48:47
Speaker 1: where we can save a lot of money. Like, uh,
00:48:50
Speaker 1: it may seem like a small ticket, but, uh, the
00:48:52
Speaker 1: frequency is more. Can you give a few examples like
00:48:55
Speaker 1: that so that we can immediately help any listener?
00:48:59
Speaker 2: Uh, this, uh, cutting down their expenses. What I ask
00:49:02
Speaker 2: people to do is an exercise called expense tracking. So
00:49:06
Speaker 2: every day on the in the notepad, uh, paper and pen,
00:49:11
Speaker 2: using paper and pen, they should note down what all
00:49:14
Speaker 2: expenses they did every day. Because when I ask people
00:49:18
Speaker 2: their monthly expenses, they say that OK, they are earning
00:49:21
Speaker 2: one lakh per month.
00:49:23
Speaker 2: They are making 60 monthly expenses. In that case, they
00:49:27
Speaker 2: should be, uh, able to save 40 every month. But
00:49:30
Speaker 2: they are not able to save that much. They are
00:49:32
Speaker 2: saving 10 or 20. So I asked them, where did
00:49:35
Speaker 2: that 20 go? And they don't have any answer to that.
00:49:38
Speaker 2: So these things are called as leakages leakages. So because
00:49:43
Speaker 2: they don't even realise where that money is going and
00:49:47
Speaker 2: if they are able to fix that leakage,
00:49:49
Speaker 2: and the only way of doing that is doing this
00:49:51
Speaker 2: expense tracking every month and once they start doing expense,
00:49:56
Speaker 2: so every day, So they have to do expense tracking
00:49:59
Speaker 2: every day. And once they start noting down every day, uh,
00:50:03
Speaker 2: this thing and they have to note down every minute expense,
00:50:06
Speaker 2: they themselves start seeing that. Oh, I'm doing
00:50:09
Speaker 2: so much expense on this thing, and this is not
00:50:12
Speaker 2: meaningful expense. They start themselves cutting that down. I don't
00:50:16
Speaker 2: have to tell them to do, because for every person
00:50:19
Speaker 2: something is a person may be loving coffee. He may
00:50:22
Speaker 2: indulge in that a person may be having some other taste.
00:50:26
Speaker 2: He may not want to come because keeping your inner
00:50:28
Speaker 2: child happy is also important If you are despite making
00:50:32
Speaker 2: good savings, if you are not going to be happy,
00:50:34
Speaker 2: that money is useless.
00:50:36
Speaker 2: So the person, once he start, becomes aware of his
00:50:40
Speaker 2: expenses minutely, he himself will start cutting down on the
00:50:44
Speaker 2: low priority expenses.
00:50:48
Speaker 1: Great. Then, is one thing um, that came popped in
00:50:51
Speaker 1: my mind when you were saying this, uh, that, um
00:50:53
Speaker 1: uh we have to realise that nowadays spending money is
00:50:56
Speaker 1: has become very easy. Like everything is on your fingertips.
00:50:59
Speaker 1: Everything is on your phone like you may be ordering
00:51:02
Speaker 1: on swig and zomato again and again, which, you know
00:51:04
Speaker 1: the cost will add up.
00:51:06
Speaker 1: It is convenient, but the cost will really, really add up.
00:51:09
Speaker 1: Eating out there, you can use credit cards, anything and
00:51:13
Speaker 1: everything you want. You can just order it on Amazon.
00:51:16
Speaker 1: There is a lot of impulsive buying. This is one
00:51:18
Speaker 1: thing I have observed. I have also been a little
00:51:20
Speaker 1: mindful about this. I also tend to do this and
00:51:23
Speaker 1: UP I as much as it is a boon to
00:51:26
Speaker 1: the economy and people who are doing business. It is
00:51:29
Speaker 1: also ban for people who are spending right.
00:51:32
Speaker 1: It has become so easy to spend money. So the
00:51:35
Speaker 1: I think, uh, it's a great advice. Uh, Dinesh, like,
00:51:38
Speaker 1: we have to start noting down what we are where
00:51:41
Speaker 1: we are spending. And, uh, this is the habit, which, uh,
00:51:44
Speaker 1: I think which is lost in time. My mother used
00:51:46
Speaker 1: to do this very, very long time back, but nowadays, uh,
00:51:50
Speaker 1: hardly I have seen any per any person doing this,
00:51:53
Speaker 1: so
00:51:54
Speaker 1: I think it's, uh, you know, very very. It's like
00:51:57
Speaker 1: going back to basics, like whatever. Our parents. Yes, yes,
00:52:01
Speaker 1: the So I think, um uh, we are getting, you know, uh,
00:52:04
Speaker 1: I had, you know, short of time, Uh, we have,
00:52:08
Speaker 1: uh you know, you have got a lot of things.
00:52:10
Speaker 1: You have added a lot of value. Um uh, coming
00:52:14
Speaker 1: here on the podcast. Dinesh, thank you so much for
00:52:16
Speaker 1: doing it. Um, before parting away, Dinesh, Um, I would
00:52:21
Speaker 1: like to, uh, you know,
00:52:23
Speaker 1: like you to end with your final thoughts, or if
00:52:26
Speaker 1: you want to, um,
00:52:28
Speaker 1: share few lessons, like a couple of lessons. Uh, which
00:52:33
Speaker 1: people can take away Something like if the person has
00:52:35
Speaker 1: listened to this podcast till the end. It should be like, uh,
00:52:39
Speaker 1: you know, uh, hitting gold.
00:52:41
Speaker 2: OK, sure. I'll try that. Like to give that Golden Nugget.
00:52:46
Speaker 2: And it is that, uh, in our education system. We
00:52:50
Speaker 2: are given a lot of skills. Uh, we are taught
00:52:53
Speaker 2: about science, math and a lot of skills, and further,
00:52:57
Speaker 2: we may go for engineering or medicine for getting those skills.
00:53:00
Speaker 2: All those skills are meant for us to, uh, get
00:53:04
Speaker 2: engaged and start making money out of that.
00:53:07
Speaker 2: But in our education system, we are not talk about
00:53:10
Speaker 2: once that money starts coming, how to manage that money,
00:53:13
Speaker 2: and it's an important skill. I am trying to make
00:53:17
Speaker 2: it part of the education system. I'm going to work
00:53:19
Speaker 2: at the college level and school levels to provide that education.
00:53:22
Speaker 2: Till that happens, Uh, please be mindful of the money
00:53:26
Speaker 2: that you are getting how to make the best use
00:53:29
Speaker 2: of it, how to manage it. Well, because it is
00:53:31
Speaker 2: an important medium for you to accomplish bigger goals.
00:53:35
Speaker 2: And, uh, you can choose to come with me or
00:53:38
Speaker 2: follow any money mentor that you resonate with, but please
00:53:41
Speaker 2: work on this money management skills because it's going to
00:53:44
Speaker 2: help you a long way. Ensuring peace in your life
00:53:48
Speaker 2: in your relations and finally achieving the financial freedom. Be
00:53:52
Speaker 2: aware of that financial freedom and go for it. So
00:53:55
Speaker 2: that's my
00:53:56
Speaker 1: parting point. Thank you for your advice, Dinesh. Um, I
00:53:58
Speaker 1: What I would like to add here is, um um,
00:54:02
Speaker 1: see, one thing that has that internet has, uh, you know,
00:54:05
Speaker 1: brought is, um it's It is a boon in a
00:54:07
Speaker 1: way that we have access to so much of information,
00:54:10
Speaker 1: which we could never imagine when we were growing up.
00:54:13
Speaker 1: Like it has created a lot of information. And it's
00:54:16
Speaker 1: a great leveller, like anybody can access any kind of information.
00:54:19
Speaker 1: And it is also been, in a way, that there
00:54:22
Speaker 1: is so much of information. And there is so much
00:54:24
Speaker 1: of confusion. Uh, you are left with, uh, you know,
00:54:29
Speaker 1: you are left paralysed, like they say, um, by analysis, like,
00:54:33
Speaker 1: if you really want to achieve something, I would say
00:54:36
Speaker 1: the best approach is to find someone who is already
00:54:40
Speaker 1: doing it, and someone who is teaching it. It saves
00:54:43
Speaker 1: a lot of time effort. And, um uh, you know,
00:54:47
Speaker 1: a lot of heartburn and a lot of losses. And
00:54:50
Speaker 1: I would definitely urge
00:54:53
Speaker 1: our listener if you're listening this, you should find a coach,
00:54:56
Speaker 1: someone who is knowledgeable and, uh, someone who can, uh,
00:55:00
Speaker 1: you know, uh, cut short your learning curve and, uh,
00:55:04
Speaker 1: give you some, um,
00:55:06
Speaker 1: immediate actionable steps which, uh, can you know, immediately help
00:55:10
Speaker 1: you to improve your finances and also, um, build a
00:55:13
Speaker 1: better life with all the hard earned money you have
00:55:17
Speaker 1: you have earned. Don't waste the hardened money you have earned.
00:55:21
Speaker 1: And I would definitely want uh, uh, you to connect
00:55:24
Speaker 1: with Dinesh. So for that, Dinesh, I would like to
00:55:27
Speaker 1: ask you how can our listeners connect with you?
00:55:32
Speaker 2: Sure. Uh, my website is, uh, Dinesh Kumar dot Coach
00:55:37
Speaker 2: over there, you can get all details of my programme
00:55:41
Speaker 2: about myself. You can, uh, book a 1 to 1
00:55:44
Speaker 2: call with me to get more clarity about my programmes. And, uh,
00:55:48
Speaker 2: that will be a 45 minute call. I'll answer all
00:55:51
Speaker 2: your queries and give more details about my programmes. And
00:55:54
Speaker 2: then you can make a wise choice, whether my programmes
00:55:57
Speaker 2: suit you or not. And that's the best place to
00:56:00
Speaker 1: come. And, uh,
00:56:03
Speaker 1: there is an option to, um get on a call
00:56:06
Speaker 1: with you in your website.
00:56:07
Speaker 2: Yes, yes. And it's going to be a free call
00:56:10
Speaker 2: free discovery call where I get to know more about you,
00:56:12
Speaker 2: and you get to know more about me and my programmes. And, uh,
00:56:16
Speaker 2: I'm also, uh, like, uh, coming to programme is a
00:56:20
Speaker 2: paid programme. Uh, but otherwise, on social media, I keep
00:56:23
Speaker 2: on putting, uh, my value content, uh, as part of
00:56:26
Speaker 2: my mission, and I'm there on LinkedIn and then on
00:56:30
Speaker 2: Facebook insta as well as YouTube. So I'll be giving
00:56:33
Speaker 2: those links to you others. And you can, uh, put
00:56:36
Speaker 2: that in the report.
00:56:37
Speaker 1: So I'll leave all the connection All the links to the, uh,
00:56:41
Speaker 1: social media and also his website in the description, I
00:56:45
Speaker 1: would definitely urge you. You check out his stuff, go
00:56:48
Speaker 1: to his social media and get all the free value
00:56:50
Speaker 1: he's giving you. And if you're serious, And, um, if
00:56:54
Speaker 1: you want to take your financial game to the next
00:56:56
Speaker 1: level
00:56:57
Speaker 1: and secure your future and have a, you know, uh,
00:56:59
Speaker 1: build a truly, you know, financially free life for yourself. Definitely.
00:57:04
Speaker 1: Get on a call with Dinesh, go to his website
00:57:07
Speaker 1: and book a call with him. And, um
00:57:09
Speaker 1: uh, I'm pretty sure he'll be able to help you. So, Dinesh,
00:57:12
Speaker 1: thank you so much for, uh, coming on the show and, uh,
00:57:14
Speaker 1: adding a lot of value. Um, I wish you all
00:57:18
Speaker 1: the best and, uh, all the best in your endeavour. And, uh,
00:57:21
Speaker 1: I think I would have you know, uh, I feel,
00:57:24
Speaker 1: uh I wish I had someone like you when I was, uh,
00:57:27
Speaker 1: you know, starting in my career, I have learned a
00:57:30
Speaker 1: lot of, uh, things the hard way. So hope you
00:57:34
Speaker 1: create a lot of impact in this world and, uh,
00:57:37
Speaker 1: create truly, truly, you know, amazing financial education. Financial literacy in, uh,
00:57:44
Speaker 1: in the world. Thank you so much.
00:57:45
Speaker 2: Again. Sure. Rather, thanks a lot. It has been a
00:57:48
Speaker 2: pleasure coming over here and interacting with you.
00:57:51
Speaker 2: And yes, like, let's continue our journey. And, like, uh uh,
00:57:55
Speaker 2: thanks for all your wishes.
00:57:57
Speaker 1: Yes, Dinesh, it was good having you. Thank you so much.
00:58:00
Speaker 2: Thank you. Bye. For
00:58:02
Speaker 1: now. So there it was. Mr Dinesh Kumar for you. Uh,
00:58:05
Speaker 1: money management Coach and the founder of Mega Money Mastery Club.
00:58:10
Speaker 1: I hope Dinesh has inspired you to take your money
00:58:13
Speaker 1: seriously and start managing your money better.
00:58:16
Speaker 1: I hope you have made a lot of notes while
00:58:18
Speaker 1: listening to this episode. If not, I highly recommend you
00:58:21
Speaker 1: re listens to this podcast and make a note of
00:58:24
Speaker 1: those lessons, which you can start implementing immediately.
00:58:29
Speaker 1: And if you think you need direct guidance to manage
00:58:32
Speaker 1: your money better and create a life of financial freedom
00:58:35
Speaker 1: and abundance for yourself, I would definitely recommend you get
00:58:39
Speaker 1: in touch with Dinesh and see how he can help
00:58:42
Speaker 1: you and guide you in achieving your financial goals. I'll
00:58:46
Speaker 1: leave the links to DSHS website, his Facebook profile and
00:58:49
Speaker 1: his email ID in the description for your benefit.
00:58:52
Speaker 1: Thank you for tuning in today, and I'll promise I'll
00:58:54
Speaker 1: come back with another inspiring guest on the next episode
00:58:58
Speaker 1: of the School of Men. This is other always here
00:59:01
Speaker 1: to help you become the best version of yourself