It is said that change is the only constant. A successful individual employs tactics to exploit change to get rich, stay rich. A young man of about eighteen creates an app, sells it to a Chinese multinational, invests in a project that shall grow a variety of potatoes on Mars, uses the profits from this ‘ego good’ to finance his investment in premium quality coriander grown in Gujarat and buys exchange traded funds floated by the government of India and purchases a farm in the outskirts of Delhi to engage in peri-urban agriculture.
He then uses his constant income to purchase an urban space on the twenty second floor of a building in Mumbai which he divides in half to rent out to a restaurant and set up a recreational centre for an ageing population.
What you just read about is the dream life of a millennial in 2030. This is also the way wealth is created, retained and multiplied; by exploiting all opportunities that appear with changing times.
The pole star of the corporate world: Money
As technology changes the way we do things, it is essential to re-skill. This re-Skilling should not be merely about learning to code for big data or consulting, which are going to be base level requirements for most jobs of the future.
Re-Skilling for the ones aiming to be rich involves learning to identify opportunities, embracing failures, moving on, starting again and walking through the maze of challenges of a changing society to get rich.
Ambition has to be navigated using the pole star of the corporate world: money. Once you have reached your destination to stay profitable; navigate faster. In a changing world, it is paramount that you embrace all opportunities that come your way. If Elon Musk had continued working for PayPal, the explosive entry of SpaceX and disruptive forces of Tesla would have never happened. Intelligent navigation through the stormy waters of business involves being an adept captain:
- The vision is as important as the model.
- A talented employee is your best investment.
- Break-even should not elusive forever.
- You are the golden asset for your business.
- Listen to the market, listen to your employees (look at them like consumers of your product) and rely on data. Data is called the ‘new oil’ for a reason.
- Never ever ignore an opportunity to expand. But navigate using the pole star only!
How do entrepreneurs stay rich?
Ever noticed how some people do not work, but stay rich? One word answer to how that happens: Financial markets. They have been around since the first entrepreneur invested money in the first ship that sailed from Europe to explore the world for commodities that could be sold in the home market for a huge profit.
The fixed deposits, treasury bills, National savings schemes, IPOs, ETFs, derivatives, futures, bonds, mutual funds, pension schemes; these are a part of the financial market. The intimidating jargon is only so in appearance. It works fairly simply: recently the futures of Coriander on an Indian stock exchange regained value in the wake of demand for premium Coriander in foreign market. Coriander is a part of the commodity market. Had you purchased a future of coriander for six thousand rupees last sowing season, you would earn rupees nine thousand from it this month.
Did you know the savings interest rate that you gain when your money lies idle in the bank is a derivative of the manner in which financial markets operate?
Three things you require to stay rich:
- Hawkish eye (which is a trait acquired by experience)
- Risk appetite: Idle wealth is worthless in practice
- Awareness of the limits to your risk appetite
Once you have mastered the above mentioned mantras of ‘wealth awareness’, get on and sail on the ship to explore the treasures that lay hidden in the sea of constant change! Bon Voyage!
