What is stopping you from getting rich?
Finance
27th April 2018

Maybe your giving habits are..

I was recently chatting up with a friend. The conversation turned towards money and investing and filing tax returns.

He casually mentioned that he would rather run errands for others than file reports for claiming tax refunds. He subtly hinted that he put other’s needs above his and was not someone who ran behind money all the time…!

Well, that was below the belt. But I let it be.

I have had the privilege of watching up close, how different people make money decisions.

And I have some theories on what makes some people rich and keeps some people poor? Why are some people very lucky investors and others unlucky with their investments?

And that has to do nothing with talent, hard work or even connections. Yes, they are all important no doubt. But they do not necessarily get you to be rich.

My theory is about the ‘giving’ and the ‘putting other’s interests above theirs’.

It is that the rich ‘’give” differently from the poor.

They give themselves first

When my son was born, like all hassled new mom’s I would fret about the baby’s feeds. I would be tired and sleep deprived and worried. My mom said something then that I follow to date. She said, “Feed yourself first. You will be able to feed the child better”

If you want to give to others, you have to give yourself first. The rich understand this well. I have always seen my rich friends ensuring that they get what they have to get. Other things wait. And they don’t feel guilty about this at all.

Be it negotiating with their employers, setting aside time for work outs and hobbies, conditional sanctioning of holidays for their teams, completing paperwork for claims, taxes, investments etc. Work that pertains to them personally is given preference over most others.

They ask for help

If there is a problem, the way a person responds is a great lead indicator to whether they would end up rich or poor.

My rich friends ask for help all the time. I have been surprised at how much they ask for clarifications on suggestions made. They have no shame asking for money for their ventures. They drop their ego and keenly listen to ideas and solutions from their reporting teams.

They hire coaches, they read self-help books, they attend productivity workshops and they build an eco-system to help them with all kind of problems they face. They reject almost no help offered.

I also see people who wouldn’t even ask for directions if they get lost…!

Does putting themselves first and seeking help all the time make the rich selfish? No.

 

They give generously

The rich are not big believers of charity. Let me clarify.

I was recently privy to a very special interview of Padmabhushan Dr. Devi Shetty of Narayana Hrudayalaya who is called the Henry Ford of cardiac surgery. A man with a compassionate heart and a business mind.

The poor get access to world class medical facilities in his hospital for as little as Rs.10/.  He owns a hospital which has performed over 1 lac cardiac surgeries, has an annual turnover of 1500 crores, an impressive profit margin and is growing at over 30% YoY.

“Charity is not scalable. If you want to do good, do it as a business with a sound model”, he says.

When the rich give, they give with respect and dignity. And only in return for work done well.

To the driver who turns up at ungodly hours to take them on business trips, to the team leader who works on Sundays to prepare for a presentation, to the support system that willingly helps them, they are very generous with money, recognition, praise, business opportunities. They simply come up with astoundingly innovative ways to give.

And I also see those who give to unknown NGOs to feel good about themselves, but scrimp to tip the cab driver who plies them safely during heavy rains.

 

Summarizing,

The rich give themselves first while others feel good about putting their interests last
The rich ask for help without shame, while others feel shy to ask for  help
The rich give generously but in return for good value, while others give as charity

So, what kind of “giver” are you? Share your thoughts in the comments here.

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Comments
Aditya Shinde
15 September 2017
All is ok, but why all taxes are imposed on common man without any economic discrimination, why should poor & rich person in same get slab,do u think common man show his electricity bills, praperty tax, water tax & etc, as input tax? Actually it is favour to govt administration & business simplifications, this is not a favour to common man.now the basic nessacity commodities like packed food items taxes are raised. Is it good to public?
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