Self-Defeating Beliefs About Wealth

February 1, 2011 4 Comments


wealthymatters.comIf a person says he/she would like to be wealthy but you find them struggling,you will find them having one or more of the following self-defeating beliefs about wealth.These beliefs sap energy and kill initiative.

Belief No. 1: How much you earn depends on how hard/long you work or how highly skilled you are

Such a person becomes a workaholic and often believes in driving other people to work.A person like this might have a professional degree and quite often believes in chasing professional qualifications.He/she believes that a professional qualification often entitles them to more money.With these people the focus is on the work and its length, hardness, unpleasantness and/or skill.They believe in their own merit and get upset when they feel the world does not reward them justly.These people focus on the process and not the results.Their focus is not on wealth generation, which should be their goal if they want to be wealthy, but on part of the process, i.e. the nature  of the work they engage in to make money, which they believe will make them wealthy.

Belief No. 2: Work is not meant to be enjoyable.

Such people often unconsciously believe that the more they suffer at work,the more meritorious they are and the more deserving they are of wealth.As they believe in the virtues of suffering,these people often maximize their own suffering and those of others around them.They are resistant to the thought that pain might be an indicator that they are going about things the wrong way or the hard way that there might be better,easier and less painful ways of going about things.

As a contrast consider these words of Warren Buffet “I get to do what I like to do every single day of the year.I tap dance to work, and when I get there, I think I’m supposed to lie on my back and paint the ceiling. It’s tremendous fun.”

Obviously the more fun you find work the less you have to force yourself to do it.Your body and mind instead of rebelling and sabotaging your efforts are actually engaged in harmony to produce your best work. Read more of this post

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Wealth

February 1, 2011 3 Comments


wealthymatters.com“Wealth is having all that you want and need.

There are two ways to achieve this:

1) Work to aquire all that you want and need.

2) Reduce your wants and needs to less than what you have.

Both methods are difficult.

In practice, a mixture of both will be employed to gain wealth but option 2 will always be available where option 1 may not always be.”

This is something I came across while surfing the net yesterday.The original is here. http://sleepythinking.wordpress.com/2009/10/02/wealth/

I think it’s a nice and clear way of putting things.Wants are infinite.Our definition of needs are often extended to include everything we can have.Living below our current means is a sure shot way of accumulating a corpus.The corpus , in time , could be put to work to increase our means and so reduce you direct labour to have the things we want and need.In the mean time , work , both hard and smart , is a given.

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Buffett Quotes

January 30, 2011 34 Comments


wealthymatters.comI have always enjoyed Warren Buffett’s quotes.I enjoy the folksy humour.I appreciate the insights.And I find they help me remember important things just when I need to.I have benefitted from sticking to his fundamentals.I thought I’d share my collection of Buffetisms with you.I will add to the list as I come across them.If you have any favourites please share them with me.I’d love to hear them.

  • “Beware of geeks bearing formulas.”
  • We’ve put a lot of money to work during the chaos of  the last two years. When it’s raining gold, reach for a bucket, not a thimble.”
  • “Derivatives are financial weapons of mass destruction.”
  • “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
  • “I am a huge bull on this country. We will not have a double-dip recession at all. I see our businesses coming back almost across the board. “
  • “I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over.”
  • “The basic ideas of investing are to look at stocks as businesses, use market fluctuations to your advantage, and seek a margin of safety. That’s what Ben Graham taught us. A hundred years from now they will still be the cornerstone of investing.”
  • “Stocks are simple. All you do is buy shares in a great business for less than the business is intrinsically worth, with management of the highest integrity and ability. Then you own the shares forever.”
  • “The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.”
  • “I won’t talk unless they bring me a price.”
  • “I can’t be involved in 50 or 75 things. That’s a Noah’s Ark way of investing – you end up with a zoo that way. I like to put meaningful amounts of money in a few things.”
  • “If you have more than 120 or 130 I.Q. points, you can afford to give the rest away. You don’t need extraordinary intelligence to succeed as an investor.” Read more of this post

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India’s 100 Wealthiest

January 30, 2011 2 Comments


Rank
 Name Net Worth ($mil)
1 Mukesh Ambani 27,000
2 Lakshmi Mittal 26,100
3 Azim Premji 17,600
4 Shashi & Ravi Ruia 15,000
5 Savitri Jindal 14,400
6 Anil Ambani 13,300
7 Gautam Adani 10,700
8 Kushal Pal Singh 9,200
9 Sunil Mittal 8,600
10 Kumar Birla 8,500
11 Adi Godrej 7,500
12 Pallonji Mistry 6,900
13 Anil Agarwal 5,500
14 Dilip Shanghvi 5,200
15 Shiv Nadar 4,700
16 Malvinder & Shivinder Singh 4,200
17 Kalanithi Maran 4,000
18 G.M. Rao 3,500
19 Uday Kotak 3,400
20 Anand Burman 3,200
21 Indu Jain 3,100
22 Rahul Bajaj 3,000
23 Subhash Chandra 2,900
24 Micky Jagtiani 2,800
25 Venugopal Dhoot 2,650
26 Rajan Raheja 2,600
27 Sudhir & Samir Mehta 2,500
28 Gautam Thapar 2,400
29 Madhusudan Rao 2,300
30 Pankaj Patel 2,050
31 Cyrus Poonawalla 2,000
32 Yusuf Hamied 1,950
33 N.R. Narayana Murthy 1,900
34 Ramesh Chandra 1,860
35 Desh Bandhu Gupta 1,850
36 Chandru Raheja 1,800
37 Ajay Piramal 1,750
38 Baba Kalyani 1,720
39 Brijmohan Lall Munjal 1,710
40 Niranjan Hiranandani 1,700
41 Nandan Nilekani 1,600
42 Shyam & Hari Bhartia 1,550
43 Senapathy Gopalakrishnan 1,500
44 Vijay Mallya 1,450
45 Rama Prasad Goenka 1,410
46 Mangal Prabhat Lodha 1,400
46 Vikas Oberoi 1,400
48 Jaiprakash Gaur 1,350
49 K Anji Reddy 1,290
50 Keshub Mahindra 1,280
51 Anu Aga 1,240
52 Naresh Goyal 1,200
53 Anand Jain 1,190
54 Vinod Goenka 1,180
55 Virendra Mhaiskar 1,170
56 Brij Bhushan Singal 1,160
57 Rakesh Jhunjhunwala 1,150
58 Murugappa Family 1,140
59 B G Raghupathy 1,130
60 Murali Divi 1,120
61 Harsh Mariwala 1,110
62 Balvant Parekh 1,100
63 K Dinesh 1,090
64 G. V. Krishna Reddy 1,080
65 Bhupendra Kumar Modi 1,070
66 Shahid Balwa 1,060
67 Mofatraj Munot 1,050
68 Ashwin Dani 1,030
69 Tulsi Tanti 1,000
70 Benu Gopal Bangur 980
71 S.D. Shibulal 925
72 Kishore Biyani 912
73 Ashwin Choksi 910
74 Manoj Tirodkar 905
75 Kiran Mazumdar-Shaw 900
76 Shobhana Bhartia 895
77 Rakesh Wadhawan 875
78 Abhay Vakil 870
79 Hemendra Kothari 860
80 Ramesh Agarwal 795
81 Gracias Saldanha 790
82 Analjit Singh 735
83 Prathap Reddy 685
84 Balkrishan Goenka 660
85 Shishir Bajaj 655
86 Kapil & Dheeraj Wadhawan 650
87 Jignesh Shah 610
88 Prithvi Raj Singh Oberoi 605
89 Bhavarlal Jain 603
90 Hemant Shah 580
91 Karsanbhai Patel 575
92 Qimat Rai Gupta 550
93 Kamal Khetan 546
94 Ashok Sarin 545
95 Shantanu Prakash 538
96 Atul Ruia 536
97 P.V.Ramaprasad Reddy 535
98 Bhadresh Shah 526
99 Bharat & Ravi Sheth 501
100 Rajju Shroff 500

This is the Forbes List of the 100 Richest Indians.The Forbes list of the World’s Richest is so well known but not this list ;so I thought of putting it up here. These  people share a common background with us.They have faced and overcome challenges many of us can personally identify with. They skilfully seize opportunities that we too could potentially capitalize on. So why not learn from them? To this effect I am on the look out for authentic material and first hand reports on these people.I’ll put them up on this blog as I find them.

A quick glance throught the list throws up some surprises:No Tatas , Wadias etc.:Some old and prestigious names are missing.There are only 5 women in the list.Ther are a total of 69 billionaires in the list.The top ten account for nearly 50% wealth of the top 100. The combined fortune of India’s 100 richest people was $300 billion.Incidentally the wealth of the top ten in the list equals 12% of India’s GDP.

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Lord Kubera

January 28, 2011 64 Comments


wealthymatters.comKubera, also known as Dhanapati, is the Hindu God of Wealth.He is believed to be the Treasurer of the Gods.He, along with all his Yaksha followers, guard all the treasures of the earth and also the riches buried and unclaimed inside the earth. As treasurer of the Gods and chief guardian of wealth, it is his responsibility to distribute wealth among people.It is believed that Kubera flies in his Pushpak to distribute wealth to his devotees assisted by the Kinnaras and Kinnoris(Centaurs).

Worship of Lord Kubera is believed to be the basis of gain of unlimited wealth and prosperity.For when Lord Kubera is pleased  he blesses the person with material success and wealth. The chances of coming into wealth unexpectedly and suddenly  increases.And no matter how much one spends, money keeps flowing in provided the wealth is used for constructive purposes and not for destructive or anti-social activities.So Lord Kubera is  propitiated for quick financial gains,unexpected gains of money through lotteries etc and a prosperous business.

wealthymatters.comLord Kubera is propitiated by chanting the Kubera Mantra and by worshipping the Kubera Yantra.The Kuber Yantra is a tool to attract the cosmic wealth energy and accumulate  riches and  increase cash flow .There is a picture if one on the right. The speciality of the yantra is that addition in any direction gives 72.The Yantra is believed to open up new avenues of income,lead to growth in business and abundance.Copies of the yantra can be either hand drawn on paper or made of metals like copper , silver ,and if you can afford it- gold sheets.They can be kept wherever wealth is stored or where financial dealings take place or they can be worn as amulets. Read more of this post

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