Why I'm learning these 8 high value money making skills in 2024 | Akshat Shrivastava

hi everyone so happy New Year is about to come and people are making resolution I'll read like 150 books I'll make like five cres I'll make 10 CR we do this every year and nothing actually changes in our life so on this video what I'm going to do is that I'm going to speak about certain high value skills that you can actually learn talk about step one that you can take Step One is the most critical aspect because step one then your life actually changes that is a skill that you end up building one quick example there would be that for for example many of us make the resolution that you know what I'm going to pick up like 100 books and I'm going to complete 100 books or I'm going to register for 50 courses and I'm going to complete 50 courses how many of it are you able to read or complete the answer would be very very few so tell me honestly about it about your resolutions in the comment section so on that note in this video I'm going to speak about high impact high value skills for 2024 some of these skills I am personally learning and I will show you the road map at least step one that you can take in order to fix those skills for you that would allow you to make more money because money making is nothing but an integration of the skills and knowledge that you have also by learning these skills you can improve your outcomes in terms of the money that you'll make but it is equally important to safeguard your risk especially given all the volatility for example these days you would have seen that the inflation in the economy is somewhere between 5 to 7% when it comes to medical inflation it's close to 14% so therefore it becomes very important for us to have insurance at a young age because premium are going up like crazy right so let me introduce you to today's sponsors which is ditto it is an excellent Insurance buying platform I have purchased my insurance from ditto and they are a wonderful platform you can speak with the team of experts there you can schedule your free phone call it's very important to understand how to buy insurance these days simply because of the fact there are so many complications in terms of buying it let me ask you a simple question for example if you are considering ke you are buying a term insurance and then you're figuring out should I buy it till the age 60 or till the age 80 now people would typically buy it till 80 years but by that time your kids would have become much older they might not need that support but you will unnecessarily pay a lot of premiums between the age 60 to 80 so knowing these basic points are very critical so on that note do speak with an insurance expert you can do that why ditto absolutely free of cost so do check the links in the description and comment box and over to the main video the first key skill that you need to learn in order to make money is core Communications now in but you know the practicality is not there now why do you require good core communication skills it's very simple that whether you are starting a business whether you are working in a job whether you want to manage a team whether you want to give instructions to anyone or just generally be on YouTube speaking with others you need to have solid communication skills now communication skills are made up of three parts one is speaking reading and writing now the interesting bit that most people do not tell you is that all these three things are linked for example I am a professionally train writer right I really enjoy writing writing is like my first love so to say videos happened for me great well and good but for me ability to structure my thoughts write it really well it allowed me to think structurally if you can speak in structures whenever you are reading stuff then automatically your brain become more structured so to say so all these things are interconnected that is the central point that I'm trying to establish this is part one of the story part two of the story is that see if you enhance your communication skills not only only is it ubias right it is applicable has wide applicability what it allows you to do is that it allows you to duplicate your work duplicate in the sense is that for example I make videos on YouTube right so that's one source of income Stream So to say now I can write books if I'm an effective writer now that becomes another source of income I can do podcast that becomes another source of income I can coach people if I'm an effective Communicator so to cut the long story short irrespective of what you want to do your first moneymaking skills is going to be effective communication so then comes the question that hey how do we develop and inculcate this skill what is literally step one okay so there is a very good book called as the McKenzie way and it teaches you how to write so if you pick the writing thread so to say first then automatically you will become more structured with time it's a little bit of boring book but yeah right I mean learn read that book the second key thing that I will recommend to you is called as findan technique now findan techniques in simple terms means something like this here you can see that basically you pick up a complex topic you absorb it whatever you can and then you try to teach it either to you or to others if there is Clarity it means that you have understood that concept if not go and reread it so that is how you will become an overall much more effective Communicator the second key skill that you need to develop is called as analytical skills now School College everywhere they keep on speaking that analysis skills analysis skills but what is the meaning of analysis skills and how do you go about cultivating it now this is an answer that I had to figure out after working in management consulting and going through a lot of things right so let me simplify that entire concept for you analytical thinking in very simple word means that when you read anything for example if you're reading this book this is a 200 Page book right and you go through this 200 Pages book and you have just summarized everything how do you put it in Frameworks and how do you think mathematically about this book and apply it to your own life that is what analysis means analysis in Hindi it's means that you're reading this there are multiple viewpoints that you might be able to discover out of this book so How Deeply do you think about it are you putting some mathematical Frameworks to it thinking about things deeply that is what analysis means it's a very critical component very critical skills people will just simply read through this book right I mean what is the point of just reading English words you have to think about things right so let me give you an example from this book called a 0 to1 just to illustrate this point further for example in this book there is a concept that has been explained about 0 to one business and 1 to n right 0 to one business localized businesses so to say right these are small businesses start dollar right and that business you have just started to build up right so it's a small scale business right for example I'm building my chain of airbnbs in Goa so it's at initial nent stages airbnbs I'm converting those into units so that's a 0 to1 business for me right now now let's say that I have to take it from 1 to n right now what would that mean is that now I'm expanding out of Goa I'm expanding internationally oo I'll not build something like oo my airbnbs would be much more comfortable and all that in case you want to check out I'll put the links in the description box but I hope that you got the perspective of 0 to1 and 1 to n means now see knowledge right now how do you contextualize it so now you need to go into the specifics of things to one type one to n now which type of business would suit better for me and why now in my case I would look at my personality look at where I stand in life right now how much money can I invest in terms of starting a business whether I have Team Management do I want to take VC funding or not so these are all important criterias or points that I will try to fit and analyze whether starting 0 to one would make more sense to me or 1 to end so I hope that you got the concept of what analytical skills are now let me very quickly talk about the first step of cult activating this analytical skill the best thing that you can do is that you pick up an interest area and do analysis on that for example technology shock you want to learn about new technology or you like reading business books like these so you can pick up the story there right read this more concretely Google expand your knowledge base in that then you will be able to see things from different perspective and analytical skills so on that note you can take step two also which is that you can write specific analytical based exams or prepare for exams that help you become more analytically aware for example in India you can take an exam like cat that can help you become more analytically aware so the next money making skill that I would recommend you to pick is called as problem solving Now problem solving first so there is nothing new here but you need to think about it from the fact that the amount of money that you will make directly corresponds to the number of problem or the complexity of the problems that you will solve in your life if you develop highly Niche skills for example artificial intelligence that's a niche skill not many people know about it so if you develop that that's a high money making skill so to say similarly if you pick something in finance that's a high money making skill so to say so problem solving one aspect that we understand is the skill part now but see what exactly is problem solving it is the ability to generate insights on the solution now that is a much better definition of what problem solving means now how do you cultivate insights or how do you become more insightful well it is by absorbing more complex information now if you study the World sitting in 2024 right now what is happening is that people are consuming oversimplified stuff we'll go and buy those only or you know what just tell us like know this very basic book we'll just do that or we'll just scroll through Instagram what are you doing you're dumbing down your brain unless you start consuming more complicated stuff be it like long form content or reading dense books it is extremely unlikely that you will be able to analyze complex information and develop insights of in short you will be able to develop those problem solving skills the next skill that I will recommend you is that you need to learn investing formally now I keep on recommending that now you'll say of course you're a finance YouTuber you will talk about investing this that see guys think about it from a macroeconomics point of view you yourself do the analysis you yourself will see one very clear Trend that the debt on the world is rising like anything we are sitting on the highest debt levels ever in the human history so to say take a look at what has happened in Venezuela take a look at at what has happened in Argentina Argentina 100 100% inflation why because the debt is so high debt impacts something called as inflation or prices of Commodities Goods that you buy or daily things that you consume so how do you protect yourself from inflation well by learning investing now I'm not pushing you that you should do Stock Investing or Bond investing or real estate investing or gold investing but the important point is that learn the basics of investing at least understand that it is critical for you to manage your own health and manage your own wealth just because you have access to a doctor does not mean similarly don't treat your wealth the same way you are spending I don't know 80 90% of your working life just making money at least spend like 10% of your life in terms of learning how to manage that money it's very very critical so on that note what is the step one that I would suggest you in terms of investing or learning about investing it's very simple that you must start learning a investing not trading so understand the difference between the two that investing means right you buy good assets you buy it at a good price and you stay put for a little while your goal is not your goal is buying good solid assets which have good business value so learn about investing in case you are interested I do run courses I do offer a member Community you guys can check the details in the description and comment box and if you're a serious investor I would really recommend you to join it the feedback has been excellent so far and I'm truly pushing hard to make hatch the number one investment community in India right now and we are gaining good number of members so hopefully we'll be able to build a very rich ecosystem that would allow you to learn from each other now see you can learn all the skills in the world but it will not help you translate those skills into money if you a cannot take risk and if you're not comfortable dealing with uncertainty guarantees tell us like two stocks that will 100% give returns there is no such thing as 100% there has never been such a thing as 100% there is always a level of of risk that you will have to take now most people are scared to take risks for two reasons the first key reason is that they keep on looking for 100% data and unless we get like 100% information on this entire topic then only we are going to take action see guys we live in the real world there is a lot of gaps in terms of the information that is there so at best for buying anything or investing in stock whatever you're putting your money starting a business making a career move you will not get more than like 70 80% of information even if you do a PhD on it so you will have to make concrete practical decisions based on limited data information otherwise you'll go mad from that angle so this is one fact of life the second fact of life is that people are scared to take risk because they do not have a game plan or an action plan now let me explain it through my own example so I sitting in Gua right now I've shifted here when I shifted I started buying a lot of properties here so people said you are an outsider how are you buying properties illegally property this that to and all that stuff see again you have to deal with uncertainty I went about in a systematic manner in terms of mitigating my risk for example I spoke with a lot of people saw a lot of properties understood the perspective of buying properties of Outsiders when they came and shifted to go and purchase properties from there spoke with lawyers build my contacts W so I did a lot of groundw work before making my first purchase so that is the prep that I did in order to mitigate the uncertainities that were there now fullprof guarantee whatever I'm going to buy here I'm going to 100% make profits on it no it is not like that but I learned how to deal with uncertainty so that I could take action and I was only able to take action because I had a game plan in mind and I could execute those steps so that said let's move on so the next point is that you must cultivate the ability to study and understand macro Trends or macro points unfortunately we live in such a complicated world and so many things are changing be it in the form of career be it in the form of investing World be it in the form of how the global structures are changing you need to understand macroeconomics or just generally macro Trends and everything this education macro Trend right I mean these days people are considering homeschooling their kids I'm homeschooling my kid so many people question holing right I mean can't you do like something else see guys the world changes therefore cultivating where you need to direct your efforts how do you decide that that is by understanding macro Trend so again coming back to that homeschooling example why is it that I'm homeschooling my kid okay because I truly feel that the quality of teachers have gone down massively since the time I used to be in school right these days you know teachers or well trained teachers are teaching it nothing of that sort previously teaching used to be a noble profession people used to spend a lot of time effort in terms of teaching their students but nothing of that sort is happening right that's a second the curriculum that is there in schools it has become too formal in a way political yeah so that does not encourage critical thinkings lot of missing skills are there right for example Finance right business building practicality so much infrastructure pressure is there so much pressure on kid is there so lot of problems are there so you need to study macro Trends on top of that lot of positive changes have happened similarly in career space there is a macro Trend similarly in investing space there is a macro Trend so now comes the question that how do you cultivate your ability to analyze these macro Trends see first and foremost I will highly recommend you that you learn macroeconomics it really helps right you start seeing the world in Broad buckets so to say on top of that the step two I will recommend in terms of macro Trend that start having opinions and start thinking on spectrums right for example Man Made in India initiative I right then think about it that how is it going to benefit India right and what are the negatives of it don't just weigh on one side of the things once you start analyzing all these broad broad things that analytical skill will get honed that ability to study macro Trends will get HED and you will become a much more knowledgeable risk taker so to say so the next skill that will allow you to make a lot of money is your ability to learn things fast now this is very interesting because I can tell you a personal story here so when I was younger right when I was in must be like class 6 7th 8th I was really bad at learning I used to retain stuff really well once I learned it but in terms of learning and that was very very frustrating also then I eventually realized that with time I got better in terms of learning now why did that happen now that's a question that I kept on trying to investigate year on year ear on year and probably 25 26 I started to realize this better why was I able to transform that well the reason was that I was able to structure things really well after I became a Management Consultant so in management consulting they tell you how to structure things now what is the meaning of structured thinking so let me present a very simple case study so let us say that if you you have to answer the question that why do you think that India's Cricket is doing so well right now that's a question that's a complicated question so to say Lo people will just go on a rant and then they will speak paragraph after paragraph now you can basically categorize right at least in your brain you can categorize into Finance factors and non- finance factors so that is one layer of structuring right so Finance for example IPL right so that brings in a lot of money now what are other Financial perks so perks are given those are Financial perks for uh the players that they make a lot of money engaged you bring in like from a players point of view bring like International Players so Factor listing on the finance and non-finance side now I'm not writing down the complete framework I'm just trying to tell you what is the meaning of structures so if you structure things really well then you can learn things really really fast right and which in turn improves your ability to comprehend now reading comprehension section on cat exam GMAT exam toil all this stuff you are given a big paragraph you have to read it really fast and answer questions people who do well on RC so for example I did exceptionally well on my GMAT 99th percentile and all that stuff so I was able to do well on this section why because I was good here right so this is where the story starts this is a skill that you need to pick the next point is that one of the key skills that people need to cultivate to make money is their ability not to get distracted there is so much flow of information there is so much so many things that are floating around you are constantly getting distracted from your phone so had now this is just not my opinion in fact if you look at the scientific studies that have been done somewhere in 2012 I think the attention span of humans was roughly 12 seconds something like that now it is close to like 7 and a half 8 seconds aspas so our attention span has fallen below goldfish right which is a really worrisome sign this is a negative sign for the Next Generation so if you have younger brother sister kids try to teach them not to get distracted that itself would allow you to do well now what is the number one skill or actionable point that I see here is that if you just figure out a way to limit your phone usage I think that adds a lot in terms of not getting distracted so for example I am moving away from smartphones entirely so whatever content I watch I watch it on my laptop I do not do it on my phone that simple switch has allowed me to save a lot of my time and that is something that I would encourage to my kids so in order to make money one thing that you need to Focus very critically on is to gain a range of experience now just to illustrate my own story so for example when I worked in politics I was a speech writer and say my writing got improved then when I worked into management consulting my structuring got improved now because I was a Management Consultant I analyze businesses W so my investing skills got improved I am on YouTube where I'm communicating all day so to say so that by understanding business management consulting EXP experience writing experience bunch of other different things running my own startups experience all this allows me now to analyze businesses much better right so what do I have I have a range of experiences right so this is an important point of course experience experience yes but there are layers to different experiences for example when you go and gain International experience be it in the form of studying or working abroad the type of experience that you will get will be very very different now this is something that I witnessed when I was studying at ncad that interacting with people from different nationalities so to say right second is that you gain intensive experiences by working on something or running something for example I built startups I ran that a to so on that that was an intensive experience this is very different from the type of experience I had here on top of that there are experiential learning opportunities these are like know lowlevel touch base Point type of experience now there did you gain a new experience yes was it very intense the short answer is no all these three have very different things and how they contribute to your overall learning you must apply this concept of concentric Circle Theory it means that for example there would be times when you will have very intense experiences right immersive for example a I'm going to learn like coding and I'm going to write like for 30-day challenge I'll pick it up I'll do it for 30 days or I'll exercise for 30day that is a type of an intensive experience or I will run a startup that's an intensive experience so you must try to get experiences which fall here right because if you gain these type of experiences which are very high value so to say high Target they will subsume these type of slightly lower ticket kind of experiences so that's the critical point that you must understand high level experience that's a what ends up happening is that people get overwhelmed so concentric Circle first you will learn something around here right then you will make a jump here then you will make a jump here if you try to jump directly from here to here it becomes like an issue right and sometimes you will get overwhelmed right so on that note try to think about this concentric circle from both these points that I've spoken about and let's move on to the next Point yeah the next important point in terms of your wealth building Journey this year would be your ability to build distribution now what is the meaning of distribution distribution means that if you're starting a business right and if you have to get the word out for that business let's assume that you started a coffee shop and marketing right so what would you do probably you'll go and hire influencers you'll give a newspaper ad you'll run a radio ad or whatever it is or you'll stick Flyers whatnot right so getting the word out is distribution now we live in very interesting times that platforms like LinkedIn YouTube Twitter these are all free distribution platform it's not as if that you have to pay LinkedIn money in order to generate content or pay YouTube money in order to generate content so to say so having that distrib ution is critical if you are trying to build a business or if you're trying to build a personal brand so therefore at least getting an understanding of how to begin in this category is critical is it simple to build distribution no it's extremely difficult now it is getting costlier to build distribution few years down the line it will be extremely expensive to own a distribution or build a distribution so to say if you're starting out so problems but if you feel I see value in terms of building distribution what is it that I should do then step one according to me should be that you start talking about things that you enjoy talking about so let's say that you are a cricket Enthusiast and you have certain level of insights in that then you can start speaking about it on LinkedIn you can start speaking about it on YouTube and see how the journey transpires don't take it from a money-making perspective the money IND distribution might take years but figure out what you enjoy doing and start talking a little bit more about that so all the skills that I've spoken about today they all come together and would allow you to do something which is called as business building in order to run a bu business you need to have different variety of skills analytical ability problem solving dealing with uncertainty investing how do manage your company's money how to put it for growth so all these skills come together and they give you something called as business skill entrepreneurship now what is entrepreneurship well entrepreneurship is a collection of all these different set of skills that I've spoken about in this video so far now definitely building a business is really powerful if you know how to scale a business there is nothing like that definitely but it's also very difficult to do because the amount of uncertainty that you'll have to deal with it's just unreal it's very very unlikely that you'll just get up one day quit your job and start a business some people are able to do it but most of us are not so if you have watched this video till this point I'm hopeful that some of the skills that I've spoken about they would allow you to become a better entrepreneur you can start practicing these skills and that can create a massive impact in your life so I hope that you enjoyed this video and I'll see you soon

Channel: Akshat Shrivastava

Views: 335,808

Keywords: akshat shrivastava, akshat shrivastava stock market, which stocks to pick, how to invest, investing for beginners, akshat shrivastava stock market course, how to invest in stock market, picking good stocks, stock market investing, fundamental analysis, beginner stock market, wisdom hatch, akshat shrivastava wisdom hatch, stock analysis, high monetising skills, skills to learn in 2024, Airbnb management, upskilling, career opportunities

Id: XKacSra5H6U

Length: 24min 57sec (1497 seconds)

Published: Sat Dec 30 2023