postaday | wealthymatters

Dhanteras

November 12, 2012 Leave a comment

wealthymatters.com Dhanteras falls on the thirteenth day of the month of Ashwin. The word “Dhan” means wealth. As such, this day of the five-day Diwali festival has a great importance for the rich mercantile community of Western India. Houses and business premises are renovated and decorated. Entrances are made colourful with lovely traditional motifs of Rangoli designs to welcome the Goddess of wealth and prosperity. To indicate her long-awaited arrival, small footprints are drawn with rice flour and vermilion powder all over the houses. Lamps are kept burning all through the nights.

Believing this day to be auspicious women purchase some gold or silver or at least one or two new utensils.Home appliances and new clothes and furnishing are other common purchases.The idea is that the spirit of prosperity that the heavy duty shopping signifies will continue throughout the year. Read more of this post

Filed under Precious Metals, Theory Tagged with buying gold and silver on dhanteras, Dhanteras, postaday, purchasing gold and silver on dhanteras

Something To Remember

October 30, 2012 11 Comments

Filed under Entrepreneurship, Tool Kit Tagged with do, doing, entrepreneurs, Entrepreneurship, postaday, think, Thinking

Patience And Wealth

October 30, 2012 10 Comments

wealthymatters.com

Walter Mischel’s marshmallow test is one of the best-known studies in the history of psychology. In the 1960s, Mischel, then a professor at Stanford, took nursery-school students, put them in a room one-by-one, and gave them a treat (they could choose a cookie, a pretzel stick, or a marshmallow) and the following deal: They could eat the treat right away, or wait 15 minutes until the experimenter returned. If they waited, they would get an extra treat. Tracking the kids over time, Mischel found that the ability to hold out in this seemingly trivial exercise had real and profound consequences. As they matured and became adults, the kids who had shown the ability to wait got better grades, were healthier, enjoyed greater professional success, and proved better at staying in relationships—even decades after they took the test. They were, in short, better at life. Read more of this post

Filed under Theory Tagged with delayed gratification, integrity, patience, postaday, psychology of wealth, trust, Walter Mischel’s marshmallow test, Warren Buffet

Eike Batista’s ‘The Heart of the Matter’

October 30, 2012 2 Comments

wealthymatters.com Eike Batista is Brazil’s richest person and ranked 7 in the world.In his book ‘O X da Questão’, translated:’The Heart of the Matter’ he recounts his trajectory in the business world and offers tips on entrepreneurship.Following are excerpts from the book:

1. “Nobody is happy alone. To share experiences is always a good thing.”

2. “You grown as a person when you face your own challenges, or stressful moments, as I like to say. A good entrepreneur must be prepared to evolve in adversity.”

3. “The good seller is the one who is also a good listener.”

4.“Believe in yourself. If you doubt in yourself, you won’t be able to face your co-workers. Or the market, for that matter.”

5. “Don’t quit on the first adversity. Believe in your intuition, but try to be down to earth as well, paying attention to research and polls.”

6. “Don’t think you are unstoppable or foolproof. Don’t think that the only way your business will work is through perfection. Don’t aim for perfection. Aim for success.” Read more of this post

Filed under Entrepreneurship, Tool Kit Tagged with billionaire, Brazillian billionaire, Eike Batista, Entrepreneurship, minimum risk, O X da Questão, postaday, The Heart of the Matter

Gold And Diwali

October 29, 2012 8 Comments

wealthymatters.com Buying gold on Diwali is a well established tradition in India.Have you ever wondered how well you would have done if you had bought gold every Diwali day for the last 10 years?Here are the stats:

In the past 10 years, gold has been a great investment. If you had bought some gold each Diwali over the past 10 years, then these are the gains you would have seen by the next Diwali in Rupee terms: 9.3 per cent, 11.7 per cent, 8.0 per cent, 26.6 per cent, 11.5 per cent, 32.7 per cent, 23.5 per cent, 22.8 per cent, 36.7 per cent, 16.5 per cent.Compounded, the total gains are 670 per cent.So you could say ‘Sona hee hai, koi fizool kharchee thodey naa hai.'(It’s gold, not a waste of money)and make a purchase this Diwali.

But before you go overboard ask yourself how likely it is that this run of unprecedented returns in gold will continue.Or in concrete terms ,how likely is it that 10 grams of gold will cost Rs 2 lakh in 2022?

My answer is:Your guess us as good as mine.But if 2 lakhs per 10 grams sounds absurd do take a look at this chart compiled by the RBI.Way back in 1992 or in 1970 what would you have said about today’s prices?

Life is uncertain.Time,wealth and happiness are transient.If gold,especially ornaments, make you happy,go ahead and buy them.You might not become a billionaire from holding them .You might even lose money. But they will be a surer source of value than the newest Tab or TV.