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'If all you do in life is work really hard, you're never going to get wealthy'

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prasad1

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In school, we learn that hard work will get us ahead in life. Work hard, earn more, get rich.

But, "that's only half the story," says Ric Edelman, founder and executive chairman of Edelman Financial Services, one of the nation's leading financial advising firms, and author of the new book "The Truth About Your Future: The Money Guide You Need Now, Later, and Much Later."

In fact, Edelman told Business Insider in a recent Facebook Live interview, "If all you do in life is work really hard, you're never going to get wealthy. Because it's not enough that you work hard to make money to set some of it aside."

Edelman says in order to ensure future wealth, you must "equally" work smart.

Specifically, by investing.

It's an age-old concept. Take the game of Monopoly, for example. If you're simply rolling the dice and passing GO to collect your paycheck, only to stockpile that cash, you're going to get crushed by your opponents who are strategizing to buy up properties that will get the most returns.

That's not so far from reality. Ultimately, the greatest financial reward comes from working smart, Edelman said. That is, taking advantage of compound interest by investing so that your money earns money on itself.

"You will never achieve financial success if you put your money into a bank account, or a CD, or a T-bill, or a muni bond, or an annuity product," he says. These types of accounts often offer interest rates below 1%.

Instead, you should be looking at the stock market, Edelman said, which has had a historical average return rate of 10% since the 1920s. "It's really easy to do and you can do this and generate high single-digits, 6, 7, 8, 9% — and that's all it takes to enjoy the benefits of compound growth over many decades. "

Investing doesn't mean you have to risk it all. "You can do this without taking a huge amount of risk, you can do this without a lot of effort, you can do this without a lot of time," he said. "All you need to do is build a diversified mix of investments, using low-cost exchange-traded funds (ETFs) or mutual funds, and build a diversified portfolio on a global basis," he said, adding that real estate is another great place to invest.

The bottom line: Continually working harder won't be enough in the long run. But figuring out how to maximize the money you do have will make you rich.
https://finance.yahoo.com/news/top-financial-adviser-life-really-184300494.html
 
In India best returns were once property...Now with real estate in doldrums, people are exploring other options..Shares are also risky, Gold is risky too...Then where do we invest...Or is it that wherever you invest now, you will reap rich dividends in next 2 years?? The latter may be true!!
 
Interesting.

If only tamil brahmins would believe in making money grow taking minor risks.

Most are becoming poor only sitting on their money and playing extra safe.

They have become ideal case for receiving handouts in old age
 
The way money is pouring into share market is taking it to unrealistic levels.

Foreign money is coming in a big way and domestic investors are lapping up all stocks indiscriminatingly.

Rupee has hardened to high level of 65 plus to a dollar making all IT fellows weep.

Gold has also jumped up like hell.

Here luckily I think TB women have been wise collecting some on every occassion in the family.

Real estate is cheaper now.

After black money hunts no one seems to speculate on real estate.

Affordable housing is still not affordable.

Correction is bound to take place.

Small builders with no staying power will put down their shutters.

A few brave may risk still.

Even the rents are going down mostly.
 
Interesting.

If only tamil brahmins would believe in making money grow taking minor risks.

Most are becoming poor only sitting on their money and playing extra safe.

They have become ideal case for receiving handouts in old age

There are few who may believe that a paise saved is a paise earned.

And those few may be lured by AK's recent announcement of liberal handouts like waiving off Property Tax if voted to govern MCD and other promised low tariffs for water and electricity to tenants as well.

They are ideal arm seekers and may always have an eye on handouts.....and reading their pulse..AK knows the knack to trigger their mind in his favour.

But come here to brag like royal Nawaab of ......... LOL
 
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Wealth is narrowly defined in most people's mind as making money. If so, then one needs a different way of looking at the problem of creating wealth.

There is a book by the title 'Rich Dad and Poor Dad' (by Robert Kiosaki) that examines how rich people view life's priorities and how they amass more money from their power position. In fact there is a whole series of book by the same author to teach how working hard alone does not lead to enormous wealth.

Risk taking is essential and one must be 'lucky' too.

Having said this, if one were to define wealth as not just money but many other attributes and character traits, approach to creating wealth is very different.
 
Having said this, if one were to define wealth as not just money but many other attributes and character traits, approach to creating wealth is very different.

tks Ji,

This I agree.

I am a fan of Robin Sharma and more particularly his book
'The MONK Who Sold His FERRARI'. :-)
 
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Wealth is narrowly defined in most people's mind as making money. If so, then one needs a different way of looking at the problem of creating wealth.

There is a book by the title 'Rich Dad and Poor Dad' (by Robert Kiosaki) that examines how rich people view life's priorities and how they amass more money from their power position. In fact there is a whole series of book by the same author to teach how working hard alone does not lead to enormous wealth.

Risk taking is essential and one must be 'lucky' too.

Having said this, if one were to define wealth as not just money but many other attributes and character traits, approach to creating wealth is very different.

Agreed..wealth is much more than money
 
Interesting.

If only tamil brahmins would believe in making money grow taking minor risks.

Most are becoming poor only sitting on their money and playing extra safe.

They have become ideal case for receiving handouts in old age

Its not easy to be a risk taker.
One has to get the whole picture.

Mostly people measure success with money and only money.

Having a steady secure income and living without excessive desires is still the safest bet.

I prefer to run my life that way..its safer..more peace of mind and we can focus on finer things in life too.

Risk taking needs a mindset and from my personal experience risk takers can be unethical too most of the time.

Not worth the risk to be a risk taker.
 
Men take risks .

Women save ,invest in gold and play safe.

That makes the ideal combination as a family.

One hunts and the other preserves.lol
 
Working smart will bring in much much more wealth than working hard but deriving satisfaction from the money earned, depends on how one uses the money i.e., satisfaction ultimately depends on the objective for working. So the formula is not just working smart but also using money wisely.
 
Wise use others money and live well.lol

Thats why brahmins work for baniyas and live tension free on the small salary he pays.

Bania makes big money taking risks and has sleepless nights thinking of how to multiply it further
 
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Men take risks .

Women save ,invest in gold and play safe.

That makes the ideal combination as a family.

One hunts and the other preserves.lol

Risk takers are boyfriend or lover material but for husband material women prefer a non risk taker.

Non risk taker means steady life.

Risk taker either he strikes big time or might even become a bankrupt.
 
Wise use others money and live well.lol

Thats why brahmins work for baniyas and live tension free on the small salary he pays.

Bania makes big money taking risks and has sleepless nights thinking of how to multiply it further

How much can anyone take when they die?
 
Thats why brahmins work for baniyas and live tension free on the small salary he pays.

Bania makes big money taking risks and has sleepless nights thinking of how to multiply it further


These baniyas may earn lot of money squeezing their clients but that is NOT all that matters in one’s journey of their life with more peace and happiness all along.

They don’t seem to enjoy respectability and admiration which are simply earned by other businessmen.

They are far from lovable by others.

We also live along with such tribes who tend to take undue advantage of the weaker section and exploit the poor.

Earning money is different and earning good reputation is different.

And who will cry..... when such people die....??


 
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Its not easy to be a risk taker.
One has to get the whole picture.

Mostly people measure success with money and only money.

Having a steady secure income and living without excessive desires is still the safest bet.

I prefer to run my life that way..its safer..more peace of mind and we can focus on finer things in life too.

Risk taking needs a mindset and from my personal experience risk takers can be unethical too most of the time.



Not worth the risk to be a risk taker.


Having steady (high) income may be enough, but not enough people earn high income. An average income earner will not have enough retirement income.
You must take risk and invest. Take a long term investment, they may have short term risk.

[FONT=&quot]Below is the chart showing how much your money would have grown had you invested Rs. 1 Lakh each in Sensex and Fixed Deposits in January 1991 and rolled it every year till December 2011.[/FONT]
[FONT=&quot][/FONT]
[FONT=&quot]As you can see there are only two years (2001 & 2002) where your returns from fixed deposits beat returns from Sensex. This was time of Dot com bubble burst and Sensex had continuously given negative returns in last two years.
http://apnaplan.com/stocks-vs-fixed-deposit-which-is-better/#[/FONT]
 
Risk takers are boyfriend or lover material but for husband material women prefer a non risk taker.

Non risk taker means steady life.



Risk taker either he strikes big time or might even become a bankrupt.


Again look at the risk takers wife, and non-risk takers wife.


How money plays into sex, dating and marriage is an often-studied topic. A report by Dr. Catherine Hakim released in January showed that women are choosing richer husbands, or “marrying up” more today than they did in the 1940s. And a controversial 2009 study found that while several factors affected a woman’s reported enjoyment of sex, the most influential was her partner’s income.
Dr. Helen Fisher, a biological anthropologist at Rutgers University who has studied romantic love extensively, said studies have widely shown that women like men with resources: They have since the beginning of time because they need someone to help take care of their young.
“The bottom line is when you take a look around the world, women — if they can win over the Porsche guy — they’d rather have the Porsche guy,” Fisher said.
 
But beyond being personally or professionally beneficial, taking risks may be a necessary step in actively pursuing success. When asked how she became the first female CEO of a television network in a Huffington Post interview, Kay Koplovitz responded:
You really have to put one foot in front of the other and start on your journey. You have to be comfortable that you don’t know exactly how you are going to get to the results that you want to see. There is going to be experimentation along the way. And you have to be comfortable that you can think your way through and actually execute your way through to the desired outcome. I expected to be successful. I wanted to be successful.
http://www.huffingtonpost.com/2013/...y-risk-taking-leads-to-success_n_3749425.html
 
Having steady (high) income may be enough, but not enough people earn high income. An average income earner will not have enough retirement income.
You must take risk and invest. Take a long term investment, they may have short term risk.

Below is the chart showing how much your money would have grown had you invested Rs. 1 Lakh each in Sensex and Fixed Deposits in January 1991 and rolled it every year till December 2011.
As you can see there are only two years (2001 & 2002) where your returns from fixed deposits beat returns from Sensex. This was time of Dot com bubble burst and Sensex had continuously given negative returns in last two years.
http://apnaplan.com/stocks-vs-fixed-deposit-which-is-better/#

In case of crisis when you are forced to unlock the investment then FD which is a safe bet and would be better..Like in above case in 2001/02, your investment in fixed deposits can be broken & you would have got a material advantage...Also one should be ready to bear the mental tension in case we invest in shares..For elderly FD is far better than shares..But for those interested in getting a kick out of dabbling in shares I have no apologies!!
 
Again look at the risk takers wife, and non-risk takers wife.


How money plays into sex, dating and marriage is an often-studied topic. A report by Dr. Catherine Hakim released in January showed that women are choosing richer husbands, or “marrying up” more today than they did in the 1940s. And a controversial 2009 study found that while several factors affected a woman’s reported enjoyment of sex, the most influential was her partner’s income.
Dr. Helen Fisher, a biological anthropologist at Rutgers University who has studied romantic love extensively, said studies have widely shown that women like men with resources: They have since the beginning of time because they need someone to help take care of their young.
“The bottom line is when you take a look around the world, women — if they can win over the Porsche guy — they’d rather have the Porsche guy,” Fisher said.

Dear Prasad ji...i dont agree that women want richer men.

If a men is intelligent and succesful...but yet not carried away by money than he is better than a Porsche car.

But if he is carried away by his money..he is the poorest man in the world.

A major turn off for me is men who flaunt their wealth and think they can get anyone to fall for them.

Usually only loser females who are not intelligent or capable fall for men who flaunt money.

True wealth is a balance of intelligence,money,beauty and values.
 
Normally in marriages one has more of first two attributes -intelligence and money and less of other two -beauty and values.


The other partner it is the reverse.

Both complement each other and a balance strikes in successful marriages.

In others there is a degree of dysfunctionality which both put up with and carry on.

In india , in older marriages many continue in marriages for want of better alternatives and fear of change in old age.

So put up with lesser evil and carry on.
 
सुरमंदिरतरुमूलनिवासः
शय्या भूतलमजिनं वासः ।
सर्वपरिग्रहभोगत्यागः
कस्य सुखं न करोति विरागः ॥ १८॥

Take your residence in a temple or below a tree, wear the
deerskin for the dress, and sleep with mother earth as your
bed. Give up all attachments and renounce all comforts. Blessed
with such vairgya, could any fail to be content ?



For people who have evolved, that might be the goal.
But for people still living with uncertain future, you need wealth. One Cancer treatment will wipe out your entire savings. A few year in a nursing home (say with [FONT=&quot]Alzheimer) you may be very poor.

You all might have rich children who will take care of you. I like to take care of myself, and then if left over my children, and charities can share my wealth.
Towards that goal, I participate in wealth (Money) creation. I invest and take the risk. I have a diversified actively managed portfolio. I even help others manage their portfolio.[/FONT]
 
In case of crisis when you are forced to unlock the investment then FD which is a safe bet and would be better..Like in above case in 2001/02, your investment in fixed deposits can be broken & you would have got a material advantage...Also one should be ready to bear the mental tension in case we invest in shares..For elderly FD is far better than shares..But for those interested in getting a kick out of dabbling in shares I have no apologies!!

Vganeji,
For a young person, you amaze me.
You keep your spending money in Bank, not to take any risk with that. That is generally enough to sustain you for 6 months (all expenses). The rest you invest in the market with a long-term goal say 5-10 years at your age. Do not mix them both, that will be a disaster.

If you do not invest for rainy day, you will be poor when you need it. If all you want to live hand to mouth as day labourer, that is different matter.
 
As human beings we can only operate with minimal and incomplete information, since we are not omniscient. With our free will experience we are put in a position to make decisions all the time - small or large - with incomplete information.

Therefore risk is always involved regardless of our choice. The mindset that one is risk averse is the biggest risk there is for whatever a person may want to accomplish.

This applies to not only in one's quest to accumulate material things, this applies to even one's quest to get other 'wealth'.
To learn new things, one must minimally be open to new ideas which is a form of risk taking since letting go old and familiar is not easy.

Life works for those who take conscious risk, within the confines of Dharma, based on best effort and available knowledge.

Doing adharmic activities to increase wealth of any kind never works in the long run.
 
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