Act with a sense of Urgency!
I am often guilty of not acting with urgency. So this is not a judgment but a call to action.
We often have people who speak to us about their investment. But after a few calls, things slow down.
I understand people have busy lives - jobs, children, etc. So while investments are important, often there are other things that are more urgent.
I implore you to act with a sense of urgency. And ask your friends and loved ones to act with urgency. Now more than ever before.
The world is going to change sooner than you imagine. I am not trying to be dramatic. And hopefully I am not crying wolf.
Look back at the 90s - no mobile phones, no internet. These were a rich man’s toy.
Look at where we are now. The world has changed. Can you function without a mobile or an internet connection? Blinkit, Swiggy, Uber, PayTM, WhatsApp videocalling the whole family across the world!
Now look at what AI is capable of today. It may seem like a rich man’s toy now. But where will it be in 5 to 10 years?
The world is changing faster than you think.
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Most of us look at our income stream and feel comfortable. And we ignore our assets as being important but not urgent.
But many jobs (income streams) will disappear soon - killed by AI. Hopefully we will replace them with other jobs. But at the very least there will be a time of severe displacement.
This is why it is critical you attend to your assets with urgency. And by assets I mean everything from houses to mutual funds to bank deposits to your businesses. Build them, grow them, fix them if they need to be fixed.?
Get rid of your liabilities particularly if there is an EMI running. You don’t want to be caught with an EMI when your income stream is hit.?
Don't take on expenses thinking "spend and God will send". And don’t take on debt - credit card debt - to go on a holiday or to buy an iPhone.
Say for a moment, this is nonsense and I am hyperventilating over nothing. Will you be worse off if you worked on your portfolio and your assets today?
Please act with urgency.
Sending you the promised document today :)
Very well articulated Amit! There is a strong bias for action as we are likely to live longer and many people will have shorter job tenures compared to our parents’ generation and without the pension, medical and other benefits that generation had.