I was listening to yourstory money matters interview with Kunal Shah (Founder of CRED & Freecharge). I found a lot of valuable insights and that pushes me to post this article.
In this post, I am sharing 25 key insights related to wealth, status, skills, crisis, happiness from the interview which I learn, and also to keep this as reminders for me from time to time.
Following are the 25 key-insights from Kunal Shah in the money matters interview:
1. The COVID-19 Effect:
– It realized that Most of the job and job growth happen due to non-essentials.
– For youth, COVID-19 is an opportunity to understand how to thrive in a crisis.
– The crisis is like driving a Formula 1 car…. Everything to 10x result.
– If your burn rate is low. No crisis will abrupt you. In fact, you thrive.
2. This is a really good time to know that you’re crisis-proof or not, a perfect time to upskill yourself.
3. People who hated wealthy ppl also hate to wealth; wealth never comes to them. We love to hate who is wealthy and envy their wealth, but we should envy their skills not their wealth.
4. Difference between the society who chases status and wealth. Social Status: – Status is fundamentally is a zero-sum game. – Ppl criticize because they like on social media. – If you have something unique to which can make sense to a specific audience, then the status will come to you.
– In India, we don’t like talking about money and how to manage money, we think it’s a taboo topic.
– Anything to do with shortcut hurts, ppl who get money in shortcut will disappear in shortcut.
– Don’t being emotional with money, the only correlation with ppl who are emotional with money is that they don’t understand the concept of compound interest.
– Salary and status are the output of skills that one contributes to society. If you keep improving your skills more money comes to you.
– Relationship with money & skills: if you insanely focus on improving skills that will become your life obsession, the money will keep coming to you. Chase for skills and money will chase you down.
6. The classic arrogance of avoiding building skills is that – there is nothing to learn to acquire a new skill, it’s easy.
7. It’s important to keep converting your learning into an experiment. – If you just become knowledgeable and you don’t experiment with that your knowledge will become irrelevant very very soon.
8. We want to unlock the status faster therefore the need for social media validation becomes bigger for us.
Example: we found validation on sharing cool memes or trolling someone to get likes instead of upgrading skills and suddenly we found wrong ways of validation of life.
9. Thinking of money as a medium of unlocking the choices of life, not as an identity of yourself.
10. Instead of envy the rich people, get envy of the skills they have.
11. Money can’t be a motivator; money is the outcome of chasing a big dream.
12. Don’t give yourself too much sympathy for not having money, that’s another thing about India. – The amount of sad songs in the last 30 years in the country reflects that we enjoy sympathy.
13. We have to suffer extreme crisis to achieve something big, it’s almost a necessary condition – Don’t avoid crisis instead make notes, reflects, think, read rather than reacting, crying and blaming
14. Think reflection as a skillset and develop it early in life. – There is a real us & what we think of us, self-awareness is knowing these two things.
15. People who can’t learn quickly who gets offended get quickly.
16. Don’t ask for a book recommendation, find your own path, find your own books.
17. Chasing happiness is problematic.
– if you chase happiness, it will never come. That will become a pleasure to satisfy.
– the pursuit of happiness is bad advice, instead, pursue excellence, pursue skills, pursue depth relationship, and happiness will come.
– our perception of being happy is flawed, we used to think happiness is getting something that we already have.
18. Insecurity is a weird thing because it pushes you to constantly worried about not being able to maintain the stage which you have reached or not being able to get the next stage.
19. How to become real you in everyday life: Just think of yourself of becoming than yesterday.
– Am I better than yesterday?
– why am I better than yesterday?
– Did I become a good person than yesterday?
– Did I do something new than yesterday?
– Did my quality of work better than yesterday?
– Did I get the clarity of something new than yesterday?
do this exercise for years and the compound effect will pay off.
20. All successful people are obsessed with becoming better than yesterday.
21. The problem who doesn’t keep up with learning streak is that they have judged for their curiosity. – There is a huge tendency to judge someone’s curiosity – You have to remove the filter about your curiosity – If you’re curious about something, explore it and go deep to it
22. You have to keep your curiosity to be extremely wild.
– If you keep them wild. You will keep having information & the knowledge constantly being attracted to you.
23. Don’t ever follow other rituals of doing something. Make your ritual & Follow your own ritual.
24. All our lives, we were told to save money but wealth doesn’t happen by saving money but wealth create by investing the money. Change the words, don’t say save the money instead say invest the money.
25. Wealth happens when your money makes more then you make money.