Ep # 17: How to build a millionaire mindset.

Hello! and welcome back to yet another episode of my podcast. In today's episode, let's talk about how to build a millionaire mindset. The process, the purpose, the mistakes and a lot more will be covered in this podcast. So, let's dive in to find out.
 
 It's time to have a word with me, Rajive Dhavan. 
 
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Transcript

Hello, and welcome to yet another episode of my podcast. I hope you guys have had a great new year and that the first few days of this new year have been good as well. Today, let's talk about how to become a millionaire. It's a dream that we all have. We all think about it, and there's nothing wrong with this.

So let me present a framework that will take you closer to your goal or dream of becoming a millionaire. So without any further ado, it's time to have a word with me. Rajive Dhavan. See you on the other side of the intro music.

The framework that I'm going to present in this podcast is a lot more to do with your mindset and not an investment tip because to achieve anything in life and specific goals, which are. It's the mindset that matters the most. The definition of a million rupees or a million dollars differs because in India when you are earning 10 Lakh Rupees, you will be called a millionaire.

However, in the US, if you earn a million dollars, you will be called a millionaire. So if we calculate the million dollars in the Indian currency, that'll be somewhere around seven, and a half to eight grow rupees depending on the currency before we move ahead. Let me tell you that I'm not trying to sell a vague concept here, which, you know, will not give you any understanding of how you can move ahead, nor am I trying to give you a guaranteed path that'll help you become rich or a millionaire overnight.

The idea, as always, is to share some perspectives that probably would be uncommon in some cases, and these perspectives will help you understand how you can take the right path towards becoming a millionaire. So let's dive deep. Social media is a very complicated tool, and it is more like a double-edged sword, and that's because it has its drawbacks as well.

All of us think that we are consuming content on social media, but the reality and the matter of the fact is that social media is consuming us as human beings. So it becomes extremely important that we become selective about the kind of content that we consume. There's a lot of content also about how you can become rich quickly, and you know, there are schemes that people are talking about.

So much stuff that's happening. You can also make a million dollars if that's your dream. So there is a ton of content that's doing the rounds, but you got to be selective first. The second thing is that we need to look for inspiration around us. We are always looking at the ones who've made it big in life.

We are always looking at the most successful people in the world, but we, unfortunately, do not look at those who have just been around us all this while, and they have made some great progress in their careers, and that is something that can inspire us. We don't need to always look at the Bill Gates.  of the world.

While you can learn a lot from them, it's also good to have your role models or people who are closer to you, and that will give you a better probability of understanding things. You'll relate more to them. The next point is to make small, consistent progress in whatever you enjoy. Some of us are not lucky to find our passion early in life, so we should explore a lot more in our twenties.

But this exploration should be responsible. Being rebellious and reckless will do more harm than good. And once you find your passion, continue building it step by step. Most of these people that we look around who have done great and who've become millionaires or even billionaires they've all been extremely passionate about something, and they've also been working tirelessly towards that mission of theirs.

So that small, consistent progress is what will give you great results. Before we move ahead, I also want to mention. That making money is not evil. Having a goal to become rich is not evil either. But we should not forget that there's a world beyond money too. If we are overly fixated to the idea of becoming a millionaire, we might lose our peace, which in turn would impact our work and pull us down.

So we are kind of cutting down the possibility of becoming a millionaire. The next point here is to take a calculated risk. And don't get too excited by some crazy rare stories that you hear on various websites that this person took one crazy. And look at him. He's hit the jackpot. And don't begin to get into the illusion that you could be that person someday.

For every story of a person who's done something crazy, taken extreme risks and hit the jackpot, there are a million stories that don't reach you of those who failed miserably for life, doing something as crazy while risks cannot be calculated. And that's why they call risks. You can still keep one thing in mind, and that thing is to ask yourself if this risk fails, will you be alive or in a condition to take another one?

If the answer is yes, give it your all. If the answer is no, you'll need to be extremely cautious. One of the other things that I've noticed around me, and you know we also see this on the internet, is where people get into unnecessary schemes or get into some difficult money situations, and mostly that's because they're in a rush.

They want to make money as quickly as. They also want to become successful overnight. But the idea of overnight success is just a myth. As we grow, we need to cautiously and consistently cement our position, recharge ourselves, and then make the next move; a war that comprises hundreds of battles rushing into a battle will probably make you lucky once or twice when you might win a battle, but you will lose the war for sure.

One of my favourite age-old sayings is, "what you focus on grows", and it's a very powerful saying, so to focus on money, but don't get so overly fixated. You can't directly make money anyway. You'll need a skill that'll help you make money. So focus on growing that skill instead. The next point is life is short to not make mistakes, and I totally agree with this.

But what most of us do not understand is that life is too short to make all the mistakes by ourselves and not learn from others' mistakes. You can follow the best blueprints, but mistakes are inevitable. You will go wrong, and that's all right. You'll need to reflect and learn from it and move ahead. But if somebody has been in a similar situation in the past and they've made that mistake, and you choose to still ignore it and move ahead, that can be a recipe for disaster more often than not.

The next thing is, I've read this in books also, and I personally also am a strong believer of the word. I think that we can not have a direct reaction to every action that we take. There is something known as luck and the unknown part that works to our advantage. There are some good accidents that happen.

Unfortunately, when we begin to go right when things begin to fall in place for us, we tend to think that this is all happening because of us and only us. But do not consider the luck factor in our journey. But the power of luck is not just about making things happen for us, it's a lot more the power of luck, and it's one factor that will always remind us that not everything is in our hands, and that's not necessarily a bad thing.

Next, let's remember that money is not directly proportionate to happiness. If that were the case, some of the happiest people in the world would not be the underprivileged ones. So, do not tie your happiness directly to money. Let me give you a little trivia here as well. In India, if you're earning around 10 Lakhs per annum, while this number would vary from survey to survey and website to website, you can broadly understand the message behind this, and the message is that if you're earning more than 10 lakh rupees or even 10 lack rupees per Ann, in India, you are already in the top 1% highest earning individuals in the country.

Finally, I'd like to mention that. Let's throw some good stuff out there in the. Stuff that you did not have any agenda towards. You did a good deed just because you felt good about it, and that's all there is. A little good deed that you throw out will always compound and come back to you in some form or the other.

Now, while this could sound philosophical, it does hold true, so try it. And I wish you the very best in your journey of becoming a millionaire, but more importantly, I wish you the very best in your journey of happiness. With this, we come to the end of this episode. I know I always make a request for you to subscribe to this channel to share this podcast and rate the episode as well.

And I know by now you know the drill. So with that interesting plugin, let me remind you that I am sure you will positively impact someone. Until next time. Thank you.