We followed these 3 SECRET STRATEGIES to become Wealthy/Rich in India | Akshat Shrivastava English

► Have trouble filing your taxes? Do check out taxbuddy and also avail 35% discount on the services sought:
_______________________________________________________
►LAST FEW SEATS LEFT for my stock market and cryptocurrency course [Starting 17th June, 2022] Enrol today:
_______________________________________________________
Recently, I purchases an air conditioner.

While making the payment, the salesperson offered me the EMI option, but I told him I wanted to pay it upfront.

But he INSISTED me to pay via EMIs.

This is just a small instance of one of the major traps which firms use - that is keeping you from getting RICH.

Wonder how?

Watch this video till the end to understand the logic. And what YOU can do about it.
*********************
***********************
Attributions:
Stock videos from Pixabay and Pexels
Logos: Wikipedia Commons

Video Editor: Nayan Jain

[AkshatZayn]

►LAST FEW SEATS LEFT for my stock market and cryptocurrency course [Starting 17th June, 2022] Enrol today:

► Have trouble filing your taxes? Do check out taxbuddy and also avail 35% discount on the services sought:

[shaheenshashayaarrr]

6 things to Takeaway:-

1)Have a Broad mindset
2)Attend Social Meet-up or Business Conference
3) Don't get a habit of buying everything in EMI. If u can buy it twice, you are good to buy.
4) Don't Take Loans .. Expect take it when it creates cash flows
5) Buy Commercial property than residential property
6) Avoid Loans during your 20's.

hope this helps..

[ANTHONY]

I love your videos. Unfortunately, it's been a while since i visited i am experiencing one of the most challenging phases of my life... Lost a fortune investing in emerging companies... Hopeful, for a turnaround.

[zameershaik]

You're the most underrated life coach and mentor I came across YouTube. Thanks for the valuable lessons.

[svengrot]

THANKS. Just what I needed to watch. My husband and I are administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my Wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 1 million bucks.

[rajshrivastav]

I simply escaped the middle class trap by not having a fancy marriage & child easy🌞

[RevenueRocketeers]

Few things which can help you come out of middle class trap are :
1.Opting for simple wedding .
2. Spending 33% of your time with people with abundant mindset.
3.Perceive money as an instrument rather than the end goal.
4. Learn more about the money 💰 markets .
5.Start investing in diverse options.
Enjoy your life .

[ferozkarim]

I actually loved to take loans... but within my means and with certain backup..
The advantage of enjoying, say, an AC or a laptop today compared to 2 years later, is much higher and offered me more value. The happiness of enjoying 2 extra years in a car with my family offers a whole lot of value. After all, is just one life.
But yes, I will never take loan for secund home, secund car or stock market or vacations etc..

[jeanno]

Nice content! Few years back i was assistant to a wealthy pen artist and within the short period i worked with him i observed that he had quite a chunk of investment everywhere, stocks, crypto, dividend investing to name a few, so he had revenues coming in from all angles. And in a year his worth doubled. With this i learned that the rich stay rich by investing.

[ajaykumar-banker]

Congratulations Akshat. You always seem to amaze me. EMI or full payment, avoiding impulse buying, getting out of comfort zone, taking risks and expanding skillset. Wonderful points. JUST ONE POINT. TAKING ACTION IS THE MOST IMPORTANT SO VIEWERS GO FOR IT.

[soulcubehk]

1) EMI schemes from financial institutions usually come with a target which requires the shop to bring in certain number of EMIs per month. My friend's shop has had a similar issue where the EMI scheme was pulled since they didnt meet the quota.

2) The shops would receive the whole amount within a couple of weeks from the purchase( not sure about the timeframe, but shops do receive full amount less some service charges)

[raj]

How can someone be so good ? Hats off man mad respect

[harishganesan]

Great video. But the thing about taking debt only to create cashflows is.. Defining cashflow becomes difficult if the investment is long term. Buying a property to stay might potentially be creating net positive cashflow if we also consider the rent that is either prevented/ rent obtained.

Even if the monthly EMI is more than the rent, the interest part of that EMI is the thing that should matter in the cashflow computation, as the property retains some value. And even if the interest part of the EMI breaches the rent, it still might be net positive if the plan is to stay in the house for long well after repayment.

And i didnt even talk about non financial benefits of the investment. The stability of a family living in a owned house if undisputably a lot greater than one renting it. But on the flip side, the property might become a elastic band which keeps pulling us back from taking risk related to stuff like work location.

So i have to say i dont agree with your point that " buying a house for living is a bad idea financially ", as i think it depends on a lot of factors and such a blanket statement hides the complexity.

[namaskarprasad]

Excellent video with wonderful presentation 💯🔥

[mayanksood]

Akshat, recently I also bought an AC and was offered EMI payment option with a net discount price. I couldn't understand the logic, I wanted to pay in full but because of the discount I ended up taking EMI option. You very well explained the logic. Thanks. I enjoy watching your videos. Especially this one. Take away point for me was to not have a transactional mindset. I applaud you for your work and want to learn more from you.

[nandakishore]

The real way to get rich is not by investing but earning hefty through business and job but investment help in wealth preservation and increment - this is my view

[ASHUTOSHKUMAR-dpjl]

Hello @Akshat Shrivastava, I noticed a small correction (9:00) that needs to be made regarding loans. When a borrower takes out a loan, the money they receive is not printed money. Only the Reserve Bank of India (RBI) can print money, and it does so when the government issues G-Sec or T-Bills. Instead, the money that borrowers receive comes from the deposits made by account holders in their bank accounts. Banks offer low interest rates, typically around 3-4% for savings accounts and 5-6% for fixed deposits, while charging higher interest rates of 7 to 15% on loans. In a developing country like India, the government must borrow a lot of money to invest in infrastructure and reduce its fiscal deficit. This can lead to inflation and a decrease in the purchasing power of money over time.

[anilayyangar]

Thank you... one BIG leaning from this video is MINDSET is the key!!!
Cheers

[smileyguy]

Thanks for the update.
Same thing happened to me also.
I was booking International air ticket from Make my trip and they offered me flat Rs 1200 discount, if I buy on EMI through a particular credit Card. I bought through EMI and ended up paying lot of amount including processing charges and taxes etc.
Great Video Sir. ❤️

[SridharKesaraju]

The moral of the video is - Learning is an Earning, that keeps you Winning! :)