Escaping the Middle Class Trap: The 3 Paths of Money | Ankur Warikoo Hindi
Published: 2025-04-19
Status:
Available
|
Analyzed
Published: 2025-04-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Significant asset building can take up to 20 years to master, even if visible results appear in 5 years.
"You can build all this in 5 years but I have died for 20 years for this. Only then I have learnt something which I have been able to do in these 5 years."
Pending
Financial intelligence is defined as the practical application of financial knowledge in one's life.
"financial intelligence is how you apply all these things to your life."
Correct
Sound financial decisions stem from a foundation of financial knowledge and literacy.
"Where you take financial decisions based on your knowledge, your literacy."
Correct
The shift to a wealth mindset can be instantaneous, distinct from the time it takes to accumulate wealth.
"The mindset of wealth can come overnight."
Pending
A new book on career planning is published, described as simple, relatable, and practical.
"my fourth book on career planning is written in a very simple, very relatable, very practical way."
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Individuals should aim to invest 10-20% of their income in income-generating assets such as stocks, mutual funds, gold, rental properties, websites, side businesses, books, music licensing, or graphic design artwork.
"I have invested 10-20% in buying assets. Those could be stocks. They could be mutual funds. That could be gold. It could also be a house, but one that can be rented out. It could be a car that you take up on Ola. It could be a property that you will rent out. It could be a website that will make you money. That could be a side business that you would do dropshipping from. It could be a book that you sell. They can create music that you license. They can be graphic designs that you publicly list as artwork."
Correct
Financial literacy includes understanding concepts like compounding, SIPs, rate of return, and XIRR.
"financial literacy means do you know what compounding is? Do you know what SIP is? You know what rate of return is. You know what XIRR is."
Pending
Wealth is built by consistently investing income in assets that generate further income, leading to a cycle of growth.
"The path to wealth is that no matter how much your income is, it is not necessary that it is lakhs or crores, if you spend a little then there will be expenses but you will spend on assets instead of liabilities and these assets will give you income instead of expenses and with that income you will buy more assets and with that income you will generate more income and with that income you will buy more assets and with that income you will generate more income."
Correct
A book is available to help individuals in their early twenties navigate career confusion and find direction.
"I wish someone had given me this book when I was 24 years old and completely confused about what to do about my career. What direction should I take in my life? I have written this book for that same 24 year old Ankur. It is written for you."
Correct
Automating asset allocation, similar to SIPs, ensures consistent investment without requiring monthly decisions and makes the funds inaccessible for impulsive spending.
"automate this thing so that you don't have to choose every month whether you should do it this month or not. Like SIP, it will be withdrawn on the same date every month. You cannot touch that money."
Correct
The speaker has accumulated a corpus of approximately 21 crore rupees through regular investments tracked over the past four years.
"I've made a lot of videos where you'd know I've tracked my investments every single year for the last four years. Today I have reached a corpus of around Rs 21 crore."
Pending
The speaker has not taken any new loans for the past two to three years, indicating a developed cycle of income and assets.
"And for the last two-three years we have not taken anything on loan because there was no need to take it because that circle of income and assets has now developed."
Pending
To improve financial management, one must start by meticulously tracking daily expenditures.
"First of all, the beginning. You can't fix anything unless you measure it. So from today you have to start noting down your daily expenditure."
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Utilizing daily bank statements is recommended for tracking expenses, categorizing each transaction to understand spending patterns.
"And the best way to do that is your bank statement. Because most of the money will go from your bank. I am assuming that you will use this cash very little. So download the bank statement every day. Write down next to each line item the category in which you incurred this expense."
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After tracking expenses, individuals should classify their spending and possessions as assets, liabilities, or direct expenses.
"Then the second thing is to ask yourself which of these things are liabilities. What are the things that are assets? What are the things that are expenses?"
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Investments in studies, knowledge, and upskilling are considered assets as they contribute to generating value and income.
"All these things are assets. Because they generate value. Generates income."
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A minimum of 10% of income should be consistently allocated towards building assets.
"And then the third simple thing is to allocate a set percentage of your income, starting with 10%, towards asset building."
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Various avenues for asset building include stock market investing, digital gold, side hustles, small businesses, and self-investment.
"You can start with simple stock market investing. But you can also buy digital gold. You can invest in side hustles or side income. You can invest in a small business with minimal investments. You can invest in yourself."
Correct
Shifting from an employee mindset focused on salary to an investor mindset focused on wealth growth is crucial.
"Stop thinking like your number one employee. Think like an investor."
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Building wealth and assets is a long-term process, not an overnight achievement, requiring consistent effort and patience over years.
"Play the long term game. No one becomes rich overnight. No one's assets are created overnight. All these things that you are seeing are books, social media, Webveda. You can build all this in 5 years but I have died for 20 years for this. Only then I have learnt something which I have been able to do in these 5 years. It has taken time."
Correct
It is important to avoid associating with individuals who promote immediate gratification and financial irresponsibility.
"Don't surround yourself with people who have the same mindset of wealth. Not for those people who always keep saying that it doesn't matter, let's buy that bike. Doesn't matter. Let's go party. Doesn't matter."
Correct
Surrounding oneself with a network that provides support, motivation, and intellectual stimulation is key to personal and financial growth.
"Reach a level, create a group, be part of a network that elevates you. Pushes you. Challenges you with ideas."
Unrated
Financial literacy includes understanding fundamental concepts like compounding, SIPs, rates of return, and XIRR.
"Financial literacy means do you know what compounding is? Do you know what SIP is? You know what rate of return is. You know what XIRR is."
Pending
Financial intelligence is demonstrated by the practical application of financial knowledge, such as selecting and managing mutual funds effectively.
"But financial intelligence is how you apply all these things to your life. That you really know how to select two mutual funds. You really know hy a mutual fund isn't working and how to why a mutual fund isn't working and how to change it."
Unrated
Key aspects of financial intelligence involve making informed decisions about major purchases like housing and vehicles, considering options like renting, buying, or financing.
"You really know whether you should rent a house or buy your own right now. Do you really know whether you should buy a second hand car, rent it, take it on loan or not buy it at all?"
Correct
Adopting the paths of poverty or middle-class financial habits leads to significant delays and obstacles in achieving a wealthy mindset.
"The one who starts walking on the path of poverty or middle classness, faces many obstacles before reaching the mindset of wealth and reaches there very late."
Pending
The speaker's fourth book, focused on career planning, is designed to be practical and relatable, addressing the confusion often experienced by young adults.
"My fourth book on career planning is written in a very simple, very relatable, very practical way. I wish someone had given me this book when I was 24 years old and completely confused about what to do about my career."
Correct