पैसा बनाने के 8 नियम | 8 Rules to Make Money From | Psychology of Money Hindi Summary

Summary

In this insightful video, the host distills 8 key concepts from 'The Psychology of Money' by Morgan Housel. The ideas range from recognizing the limitations of personal experience in financial decision-making to understanding the complexities of luck and risk. The video emphasizes the importance of setting financial goals, the power of compound interest, the challenge of maintaining wealth, and the value of time over material possessions. It also advises against the allure of luxury for status, advocating for informed financial choices and the pursuit of time-rich lives.

Takeaways

• 😀 Everyone's financial experience is limited and unique, so don't assume you know everything about the world of money.
• 🔍 Be aware of 'Survivorship Bias'; don't base financial decisions solely on success or failure stories, as there are often unseen factors at play.
• 💡 Recognize that nothing is as good or as bad as it seems; the world is complex and outcomes are often out of our control.
• 💰 Define what 'enough' money means to you to avoid the trap of greed and endless pursuit of wealth.
• 🚫 Avoid comparing yourself to others in terms of wealth; focus on your own financial journey and goals.
• 🌱 Understand the power of compounding; small, consistent investments over time can lead to significant wealth accumulation.
• 💸 The challenge is not just in getting rich, but in staying rich, which requires wise spending and investment decisions.
• 📈 The 'Law of Large Numbers' suggests that increasing the number of attempts or actions can improve the chances of success.
• ⏰ Prioritize becoming 'time rich'; the ultimate benefit of earning money is the freedom and control it gives over your time.
• 🚗 Luxury items are often more about status than value; they can be liabilities rather than assets, so consider their true cost before purchasing.

Q & A

What is the first big idea from 'The Psychology of Money'?

The first big idea is 'You don't know everything.' It emphasizes that people form opinions based on their limited experiences, which can be a tiny fraction of the world's entire knowledge. Therefore, it's important to seek out other perspectives and experiences before making financial decisions.

Why does the author suggest not relying solely on personal experiences for financial decisions?

The author suggests not relying solely on personal experiences because our experiences are extremely limited and may not represent the larger reality. It's important to learn from others' experiences and seek additional information to make well-rounded decisions.

What is 'Survivorship Bias' and how does it relate to financial decisions?

Survivorship Bias refers to focusing only on successful outcomes without considering the failures. In financial decisions, it means not basing decisions solely on success stories or failures, as these may be influenced by external factors.

What does Morgan Housel say about setting financial goals?

Morgan Housel suggests setting fixed financial goals and stopping the 'moving goal post' mentality. Once you achieve a financial goal, it's important to relax and enjoy the results instead of constantly chasing more money.

Why is it important to understand the power of compounding?

Understanding the power of compounding is crucial because it shows how consistent, small efforts over a long period can yield extraordinary results. It emphasizes starting investments early to maximize returns over time.

What is the difference between getting rich and staying rich?

Getting rich involves making money, often through investments or business ventures. Staying rich, however, is more challenging and involves wise spending, avoiding unnecessary debt, and making informed financial decisions to preserve wealth.

How can the Law of Large Numbers be applied to entrepreneurship and investing?

The Law of Large Numbers suggests that repeating an experiment multiple times increases the chances of success. In entrepreneurship and investing, this means taking consistent, large-scale actions and diversifying investments to increase the likelihood of achieving positive outcomes.

What does being 'time rich' mean and why is it important?

Being 'time rich' means having control over your time, which is considered the greatest dividend of money. It's important because having control over your time leads to greater happiness and freedom to pursue personal interests without being tied to a job or strict schedule.

What is the author's perspective on luxury items?

The author views luxury items as eye-catching but ultimately pointless for impressing others. Luxury items are often liabilities that take money out of your pocket. True value comes from increasing your personal worth rather than owning expensive items.

How does the author suggest differentiating between needs and wants?

The author suggests distinguishing needs from wants by considering whether an item is necessary for living or working. Needs are essential, while wants are often driven by temporary desires. Before purchasing, scale the item between need and want to save money.

Outlines

00:00

🤔 The Illusion of Omniscience in Financial Perceptions

The first paragraph emphasizes the limitation of personal experience in shaping our understanding of financial matters. It suggests that our financial beliefs are often narrow, based on limited exposure, and can lead to misconceptions. The speaker introduces the idea that diverse perspectives exist due to the vast number of people with unique experiences. The book 'The Psychology of Money' by Morgan Housel is cited to illustrate how our financial experiences are minuscule compared to the world's financial history, yet they heavily influence our worldview. The paragraph encourages seeking knowledge from various sources and making financial decisions based on a broader understanding rather than personal emotions or limited experiences.

05:01

🌐 The Complex Reality of Financial Outcomes and the Role of Luck

This paragraph discusses the unpredictability of financial outcomes and the importance of recognizing the role of luck and risk in financial decisions. It highlights the complexity of the world and the lack of control over results, using the example of entrepreneurs whose plans can be thwarted by unforeseen events, such as the Covid-19 pandemic. The author, Morgan Housel, stresses the concept that outcomes are not always as good or bad as they initially seem, warning against making decisions based solely on success stories or failures, a phenomenon known as Survivorship Bias. The paragraph also encourages continuous learning from both successes and failures to avoid hasty or ill-informed decisions.

10:01

💰 Defining 'Enough' and the Pursuit of Multiple Income Streams

The third paragraph explores the concept of contentment with one's financial status and the dangers of greed, which can lead to poor decision-making. It advises against relying solely on a job, given economic uncertainties, and promotes the idea of having multiple income streams. The author suggests setting a clear financial goal and being content once it's achieved, rather than constantly moving the goal post. The paragraph also emphasizes the importance of not comparing oneself to others, as this can lead to envy and unhappiness, and instead encourages focusing on one's own journey and achievements.

15:07

🌱 The Power of Compounding and Long-Term Investment

This paragraph delves into the power of compounding, a fundamental concept in investing where the earnings from investments are reinvested to generate returns over time. It uses the example of Warren Buffett's wealth accumulation to illustrate the significance of starting to invest early and consistently. The paragraph also references the book 'Atomic Habits' by James Clear to stress the impact of small, consistent efforts over a long period. It encourages the audience to invest wisely and to understand that the key to wealth is not just the return on investment but also the duration of the investment.

💸 The Challenge of Wealth Preservation

The fifth paragraph addresses the distinction between acquiring wealth and maintaining it. It acknowledges the ease of becoming rich in the digital age through various investment avenues but emphasizes that the real challenge lies in staying rich. The paragraph warns of the temptations of consumerism and the ease of spending money, advising that wealth preservation is about making wise financial decisions and not falling into the trap of materialism. It also stresses the importance of continuous financial education and cautious decision-making.

📊 The Law of Large Numbers and Diversification

The sixth paragraph introduces the Law of Large Numbers, a statistical principle that predicts outcomes based on repeated experiments, and applies it to financial endeavors and investments. It suggests that taking more risks and making more attempts increases the likelihood of success. The paragraph also discusses the benefits of having a diversified investment portfolio, which reduces dependency on any single investment and increases the chances of overall portfolio success, provided the companies perform well.

⏰ The Value of Time and Financial Independence

This paragraph discusses the ultimate benefit of wealth as the control it provides over one's time. It argues that financial independence allows for freedom and flexibility in life, enabling individuals to make choices that align with their desires and needs, rather than being tied to a job or situation out of necessity. The author suggests that having an emergency fund is the first step towards financial independence, allowing one to survive without immediate income and providing a safety net for taking risks or making life changes.

🏎️ The Illusion of Luxury and True Wealth

The final paragraph challenges the perception of luxury items as status symbols and their impact on one's financial health. It suggests that luxury items are often liabilities that consume resources rather than assets that generate value. The author advises against pretending to be rich by purchasing luxury items beyond one's means and instead recommends investing active income and using passive income for such purchases. The paragraph concludes by emphasizing the importance of personal value and the pursuit of financial decisions that contribute to long-term wealth and happiness.

🚶‍♂️ The True Measure of Success Beyond Material Possessions

The concluding paragraph reinforces the message that personal value and success are not defined by material possessions like luxury cars. It encourages the audience to focus on increasing their own worth and to remember that true luxury is in the freedom and choices that financial stability provides. The paragraph also mentions the 'Yebook' app, which offers book summaries, including 'The Psychology of Money,' and invites viewers to subscribe and engage with the content for continued learning and growth.

Keywords

💡Experience

Experience refers to the knowledge or skill acquired by a person through involvement in or exposure to events. In the context of the video, it is highlighted that people often form opinions based on their limited experiences, which may not represent the full spectrum of possibilities. The script emphasizes the importance of recognizing that one's experience is just a tiny fraction of the world's diverse realities, as illustrated by the example of people forming beliefs about investment opportunities based on personal or familial history.

💡Opinion

An opinion is a belief or judgment that is not necessarily based on fact or knowledge. The video script discusses how individuals with limited experiences may develop strong opinions about financial matters, which can be misleading. It suggests that a broader understanding, which includes learning from various sources, is crucial for making informed financial decisions rather than relying solely on one's own or others' opinions.

💡Survivorship Bias

Survivorship Bias is the tendency to focus on the survivors or successful examples while overlooking those who have failed. The video mentions this concept to caution against making financial decisions based solely on success stories, as they may not account for the many failures that are less visible. It encourages a more balanced view that considers both successes and failures.

💡Compounding

Compounding refers to the process by which an asset's earnings are reinvested to generate additional earnings over time. The video script explains the power of compounding as a key to wealth creation, emphasizing that the length of time an investment is held can be more important than the rate of return, as illustrated by Warren Buffett's wealth accumulation.

💡Risk

Risk is the possibility of an event occurring that will have a negative effect on the desired outcome. The video script discusses the inherent unpredictability and uncontrollability of outcomes in financial decisions, highlighting the importance of acknowledging and factoring in risk and luck when making financial choices.

💡Financial Goals

Financial goals are specific, measurable objectives related to an individual's finances, such as saving a certain amount or achieving a particular net worth. The video encourages setting fixed financial goals and not constantly moving the goal post, which can lead to greed and dissatisfaction. It suggests that achieving these goals can contribute to mental well-being and happiness.

💡Diversification

Diversification is a risk management strategy that involves spreading investments across various financial instruments, industries, or other categories to mitigate risk. The video script explains how the Law of Large Numbers supports the concept of diversification in investments, as having a larger portfolio can increase the chances of success by not relying on a single stock or asset.

💡Time Rich

Being 'time rich' refers to having control over one's time and the freedom to choose how to spend it. The video script posits that the ultimate benefit of earning money is the autonomy it provides over one's time, which is linked to happiness and life satisfaction. It encourages creating an emergency fund to achieve this state of time freedom.

💡Luxury

Luxury refers to items or experiences that are not essential but are sought after for their high quality, comfort, or status symbol. The video script warns against the pursuit of luxury items purely for the sake of impressing others, as they are ultimately liabilities that consume resources. It advises using passive income for such purchases and maintaining a distinction between needs and wants.

💡Active Income

Active income is the money earned through active employment or work, as opposed to passive income, which is earned with little to no effort. The video script advises using active income for investments to generate more wealth, rather than spending it on luxury items, which can deplete resources without adding value.

💡Passive Income

Passive income is income earned with little to no effort, such as rental income, dividends, or earnings from investments. The video script suggests that luxury items should be funded by passive income, which can help maintain and grow wealth without depleting the principal amount of active income.

Highlights

The first big idea emphasizes the importance of recognizing that our individual experiences are limited and can lead to a false sense of knowing everything.

The concept that everyone's perspective is valid in their own world, and what seems right to one person may seem crazy to another.

The idea that our financial beliefs are often based on a minuscule fraction of the world's financial experiences.

The advice to not let personal or family history with financial losses shape one's entire financial worldview.

The notion that different generations may be attracted to different investment vehicles based on their formative experiences.

The second big idea that outcomes in life and finance are not always as they appear due to the complexity of the world and uncontrollable factors.

The warning against making financial decisions based solely on success stories or failure anecdotes due to survivalship bias.

The third big idea which questions how much money is truly enough and the importance of setting a financial goal to avoid greed.

The suggestion to not compare oneself to others in terms of financial status to maintain mental peace and satisfaction.

The fourth big idea about the power of compounding and how it can turn small, consistent efforts into significant wealth over time.

The comparison between Warren Buffett and Jim Simons to illustrate the impact of starting to invest early and the power of compounding.

The fifth big idea that getting rich is different from staying rich, and the challenges of maintaining wealth amidst temptations and easy spending.

The advice on spending wisely and the importance of distinguishing between needs and wants to save money effectively.

The sixth big idea about the law of large numbers and its application in increasing the chances of success through repeated efforts.

The concept of being time rich as the ultimate benefit of earning money, providing freedom and control over one's schedule.

The final big idea that luxury items are normal and do not impress others as much as we think, and the importance of not pretending to be rich.

The recommendation to buy luxury items from passive income and to invest active income to grow wealth, as well as tax-saving strategies.

Transcripts

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Friends, in today's video I am going to tell you 8 big ideas from 'The Psychology of Money' book.

So without any delay we will come to the point directly,

And the first big idea is, 'You don't know everything'.

We form any opinion on the basis of our experience.

On a little experience, many people start believing that they know everything about this world.

But they forget that there are 800 crore people in the world.

And every person has his own different opinion. And everyone is right in their own world.

One thing that seems absolutely right to someone, it may be crazy to someone else.

In the book 'The psychology of money' author Morgan Housel tells that,

Your experience regarding money can be 0.000001 percent of whatever has happened in the world,

But 80% of your experience can be what you think about how the world works.

That is, in simple words, we mostly keep believing the same things that are sitting in our belief.

For example, if someone's uncle had a loss in the stock market 20 years ago,

Then we tend to assume that there is only loss in the stock market.

For example, if someone's uncle is harmed in real estate,

Then we tend to assume that there is only loss in real estate.

If someone's brother's business is sunk, then we sit on the assumption that business is not to be done at all.

Let me give another example, people born in 1970 must have seen the boom of index funds,

They would find index funds to be the most attractive investment.

Whereas crypto currency can attract people born in the 90s.

So it mean to say that you should not limit yourself.

You should not take financial decisions only on the basis of your experience.

Rather you should read financial books. Must watch videos, attend seminars.

Wherever you can learn from others' experiences, wherever you can get more information,

You should try your best to get that information.

And then you should take your financial decisions on the basis of your experience and this information.

Not on the basis of your emotions.

Second big idea, Nothing is as good or as bad as it seems.

This world is so complex that even our mind cannot understand it completely.

And often the results of our actions are not in our hands.

We have no control over the results. For example, suppose there is an entrepreneur,

He made a very good product, now he feels that the timing is also right,

And consumer sentiment is also in his favor.

But some disaster comes and the whole market gets desturbed.

And the whole plan of that entrepreneur goes in vain. Like it happened during Covid in 2020.

One cannot predict such risk.

Author Morgan Housel says that 'Nothing is as good or as bad as it seems'.

That is, what is seen is not as good or bad as it is. Whenever you take financial decisions,

Whether for yourself or for others, you should keep in mind the luck and risk in it.

One should not take a decision by listening to a success story or looking into a story.

Or the idea should not be dropped even after hearing someone's failure.

Maybe those people got success or got failure due to some outside reason.

This is called Survivalship Bias. I have made a very informative video on it,

Which will change the way you think. I will give the link in i button.

I will give in description also. You must see that.

You will understand this whole topic in such a way that by looking at any one success or seeing a failure,

You shouldn't take your permanent decisions.

All you have to do is keep working to reach your goals.

Learn from mistakes. Yours and others' too. It is very important to learn from the mistakes of others.

If you only learn from your own mistakes, your life will be short.

And never let success go to your head. And failure should not be discouraged.

Third idea is, How much is enough for you.

Depending on a job in this economy as well as in higher inflations is not a good idea at all.

It's great to have a side asset. And even better you have multiple income streams.

But ask yourself how much money will be enough for you.

Because always running after money will not be right for your mental health.

This mindset will lead you to greed and greed has ruined good smart people in the past.

To avoid this trap, Author Morgan Housel suggests 2 practical ways.

No.1 stop moving the Goal Post. Set a fixed financial goal for you,

And when you achieve that, relax. Enjoy the results you get from your hard work.

You will be happy as long as you keep your expectations under control.

No.2 Never compare yourself to others.

Your life is yours, the thoughts that brought you this far are yours, opinions are yours.

The dicisions are yours. Therefore, the question of comparing oneself with others should not arise.

If you compare yourself with others, you will also get jealous, and your mental peace will also end.

4th big idea, Understand the power of compounding.

There is a process going on in this universe,

According to which the result of your one step is like a ladder to your next step.

For example, think of the flowing water which over the time changes the shape of the stones.

Author Morgan Hausel says that to make wealth also one has to follow similar patterns.

It is important to invest wisely but making big wealth depends on it, from how long have you been invested.

Warren Buffett's wealth is 84 billion dollars, out of which 18 billion dollars he has earned after 65.

Let's compare the achievements of Jim Simons and Warren Buffett.

Jim Simons is called the world's greatest investor because he has generated a return of 66% on his capitals.

On the other hand, Warren Buffett has generated a return of only 22%.

Looking at this number, it seems that Simons's wealth will be much more than Warren Buffett,

However, it is not like that. Warren Buffett is richer than Jim Simons.

How ? The answer is compounding.

Where Simons started investing at the age of 50,

On the other side Warren Buffett started investing at the age of 10.

Doing small efforts consistently over a long period of time gives extraordinary results.

James has explained this very well in his book Atomic habits.

Fifth big idea, Getting rich vs Staying rich.

Starting a side asset has never been more difficult with the rise of the Internet and social media.

You can invest in stocks, invest in crypto, make profits.

With proper capital knowledge and the courage to take risks, you can become rich,

But staying rich is the difficult part.

You go to any major city, you will see attractive ads on the roads.

Rather, you will get in your phone itself, Loyalty Points Gift Coupons

Tempting things like Pre Approved Credit Card, Fast Loan.

Look, in today's time, if earning has become easy, then spending has become much easier than that.

Now it is said that the way to save your wealth is to spend it wisely.

It should never be assumed that the success that you got yesterday,

You will get it in the coming tomorrow also.

Don't have to be too satisfied. You have to take your every financial decision with the same thinking,

The same has to be taken with research as you thought while taking your first financial decision.

If you are watching this video then I can assume that you are also a common man like me.

Who is trying to take better financial decisions.

The economic set-up of the world is such in which common people like us do not have any idea what will happen with our money.

Microeconomic factors like inflation decide what will be the value of our money.

But one thing we can control is the spends.

Saving money is an art and saving money sparingly.

And don't be confused here. There is a very small difference between an economical and a skimpy one.

If I can tell the difference between these two in simple words then,

Economy means no desire to spend money unnecessarily.

And skimping means not having the desire to spend money directly.

That is why it is very important for you to differentiate between your needs and wants.

A need is that which is necessary to live life, which is necessary for your work,

And the want is that you are getting attracted to anything, I want this, man!

How cool is this thing. When you know you don't need that thing.

If you learned to differentiate between need and want,

And before buying anything, if you scale it between the need and want scales, you'll save money.

Big idea number 6, Law of large numbers.

The Law of Large Numbers predicts the results obtained by repeating an experiment multiple times.

That is, if you do an experiment again and again, then your chances of being successful will also increase.

As an entrepreneur, you can apply law of large numbers in your work also.

Think 10x big, work more hard 10x.

You get massive results in massive action.

If your goals are 10 times bigger and you can't even achieve them completely, you still win.

This is what Gran Kardo has said in his book The 10x Rules.

Law of Large Numbers also works perfectly with diversification in investment.

As you have a large portfolio, you will not be dependent on any one stock.

In this also your chances of winning will increase.

Provided that the companies are performing well in the right numbers in your portfolio.

Author said that you can be wrong half of the time, still you can make good return.

The same thing has held true with me in investing.

I have 14 stocks in my stocks portfolio out of which 7 are trading in losses,

And there are remaining 7 they have given return of 40% of my overall investment to my overall capital.

40% return is a big deal. So you don't have to be perfect to make money.

Half the time if you are wrong you even can earn good money.

Big idea number seven, Be time rich.

What do you think is the ultimate benefit of earning more money?

Is it fame, or the power to buy anything?

Author Morgan Hausel says that the greatest dividend of money is your control over your time.

Many studies have proved that people who consider themselves happy. They have freedom of time.

People can visit anywhere they want.

Anyone can do any work, they are not tied to any one thing, that 8 hours have to be given here every day.

And that's why money is important. Having money means that you will have options in life.

This means you will not have to sit in a toxic workplace forcibly.

This means that even when you are not feeling well, you will not have to force yourself to go to work.

The author says that the highest form of wealth is this ability,

That you can wake up every morning and say that today I can do whatever I want.

So first of all your goal should be to create an emergency fund.

That is, deposit so much money that even if you do not do any work for 6 months, you can survive easily.

When you have this fund ready, after that you think about your next step.

After that you think whether you have to leave the job or do something or not.

After that you take the risk. It is very important to create an emergency fund first.

Ultimately your goal should be to link your life with your earnings.

That is, a life in which you have control over your own time.

That is, your goal should be to earn money in such a way that you have control on your own time.

That is, you do not have to spend full time in your work.

You don't have to go to work everyday. Remember that just making a lot of money is not enough,

After that there should also be time to enjoy its returns.

Big idea number 8, I told this idea on my personal channel a few days back,

Luxury is normal.

You must have seen a sports car many times on your road.

You try to remember that the person who was driving that car, do you remember?

There are 99% chances that you will just remember your excitement.

How excited were you to see that car? But who was driving that car, you will not remember it at all.

Luxury items are definately eye-catching and that is their purpose too.

Author says that no one else is as impressed as you are with your luxury item.

Author says that you think that people are getting impressed by you after seeing your luxury item.

Whereas no one would be impressed by you. In day to day life you need a car, just for what?

To go from Point A to Point B. A normal car will also take you from point A to point B.

And a Ferrari will work in the same way, the difference is that it takes a lot of money to buy a Ferrari,

And even more money to maintain it.

All status symbols are there. These are tempting but ultimately pointless.

You have to remember that luxury items actually have liabilities. Not assets.

These things take money out of your pocket, not put it.

Author say that the easiest way to be poor is to pretend to be rich.

Now it doesn't mean that you don't have to buy luxury cars at all.

Rapper Jay-Z has a great saying if you can't buy something twice,

So that means you can't afford it.

Another rule is the 30 day rule.

I don't know who made it, according to it, if your heart is tempted to buy something,

So you should wait 30 days. If you still feel the need for it after 30 days,

That, man! it will not work without it, then you should take that thing and whatever these luxury items are,

It should be taken from your own passive income.

You should invest your active income at work that means you should make more money from that money.

And you should buy these toys with the money they are making.

You should never invest your active income in these things.

And you should always buy these things from your business account so that you get depreciation on it.

This saves your tax. These things help the rich save their taxes.

You think they are pretending while they save their taxes.

So these were 8 big ideas from the book The psychology of money.

If I repeat it, number one is, you don't know everything.

Don't assume that you know everything, you only know what is sitting in your believer.

So learn from as many people as possible and their experiences and your experiences,

Keep in mind their mistake and your mistake, then take your financial decisions.

No.2 is nothing is as good or as bad as it seems.

That is, as good as it looks, as bad as it looks, it is not the same.

Don't start doing that work or drop that idea by listening to someone's success story or hearing someone's failure.

Understand Survivalship Bias. The link is in the description of that video.

No 3 is how much is enough for you. See, decide that how much is enough for you.

If you run after money without making a goal, you will run away,

Then a lot of greed will come in your mind. It is said that the mother of greed cuts the throat.

No.4 is , understand the power of compounding. Understand the power of compounding.

See, it is more important than making more return that how long you are invested.

So you should start your investing journey as soon as possible.

Even if you start a SIP with Rs 500, looking in any good mutual fund.

Number 5 was Getting Rich vs Staying Rich. It is very good point.

It's okay to be rich, you have become, but staying rich is the hardest part.

Some people do not have that much income but they buy these flashy things,

Luxury things on loan and think that they are rich.

While he pretends to be rich. And that's the easiest way to be poor.

So understand the difference between getting rich vs staying rich.

No 6 was, Law of Large Numbers. The more times you do something,

The more chances you will have to produce better results.

Like I will upload as many videos as I can upload consistently,

So I will increase my chances of any video going viral.

If I don't, how will a video play? If I keep doing this, the chances will increase to play the videos.

No. 7 was, Be Time Rich. The ultimate benefit of earning money is you have time.

Money gives you control over your time. And people who have control over time, they are more happy.

See indirectly rather directly money is giving a pleasure.

When you have control over which days you have to do what, what time you have to do,

Where to go, when you are not tied that man I just have to go 9-5 here and can't go anywhere.

Like I was tied up until a few years ago. I couldn't go anywhere.

But when the money came, I got control on my time.

I can come anywhere I want. I am happier than ever.

Aur no. 8 was, Luxury is normal.

Remember you're buying a car just to show off,

If you are thinking of buying anything to be seen, then people are not impressed with it.

People don't see you, people see your car.

You increase your value that even if you walk on foot, people see you,

If you move on a bicycle, then people see you.

Your value should be more than the value of that car, brother.

Increase your value. Rest all these things are normal.

Everyone will come. These are all tax saving stuff. You think these are gimmicks.

There are things to save tax.

The Psychology of Money, we have summarized this book chapter by chapter.

On Yebook app and this is a premium book summary.

You can take one year premium in 399, I have given the link of the app in the description.

It is currently available for Android, very soon we are going to bring it to iPhone also.

Please like the video if you like it, Subscribe if you not subscribed,

And press the bell icon if not yet pressed.

Finally, you guys are amazing. Keep reading, keep learning, keep growing.

Thank you for watching.

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