I recently returned from the first phase of my True Wealth Workshops held in Ludhiana, Jaipur, Indore, Vadodara, and Surat, covering around 3,800 KM over six days.
The next phase starts on 21st November, where I will cover Nagpur, Raipur, Bhubaneswar, Ranchi, Patna, and Lucknow. Click here to know more and register.
I wish to thank the following people for helping me out in several ways during this journey –
Haresh Nagpal (for offering his office as venue and spending his precious time helping me out in other ways) and Sanjeev Bhatia (for just being there for me, including taking me out for the most delicious Punjabi food I’ve ever eaten)
Jaipur – Jitendra Khandal (for bringing me home-cooked food and helping with other arrangements) and Rajveer Singh (for identifying the venue)
Indore – Abhijeet Dongre (for hosting me at his home and helping me with the venue and other arrangements)
Vadodara – Samir Shah (for offering his office as venue) and Reni George (for hosting me at his home, preparing a great breakfast for me, and partnering me in my morning walk at the beautiful Sayaji Baug)
Surat – Premal Thakkar (for hosting me at his home and co-conducting the Vadodara and Surat Workshops with me) and Pratik Patwari (for identifying the venue)
Here are the amazing tribe members I met in these five cities…
The overall experience was great, and here are a few things I learnt (or re-learnt) in this journey.
The most important revelation for me was that
learning has no age, and requires no qualification
. So while I met a 16-year old student in Indore who already has a passion for long-term investing, I also met a few ardent learners who’ve retired from work but have not lost the zeal to learn, or even start learning.
The second key lesson was that a vast majority of people playing the stock market don’t know what they are doing. So I had to answer a lot of questions regarding the dangers of –
- Stock trading despite the constant excitement of indulging in it;
- Borrowing money to trade/invest (you may not just lose your savings, but also your reputation);
- Blindly cloning successful investors;
- Diworseifying (a lot of people I met owned 20+ mutual funds and 40+ stocks in their portfolios); and
- Trusting the advice of ‘smart’ people who appear in business media.
One person called me before one of my workshops and said, “Sir, you should start your workshop only after 3.30 PM.” I asked, “Why?” He replied, “Because the markets are open till 3.30.”
I thought to myself, “So you want to learn about long term investing and worry that you would miss the excitement of a day’s trading? Wow!”
So, effectively, if you think that my teachings in sensible investing will make a lot of people sensible investors thus leading to loss of available value in the markets, rest assured. Most people will never become sensible investors, because it’s not exciting, it’s utterly boring, requires hard work, and works only in the long run. 🙂
Anyways, the third lesson was that a large majority of people invest in the stock market for “making money” instead of “building wealth”. This is a thinking which, I believe, needs a great overhaul because unless you think in terms of long term wealth creation, you won’t invest for the long term. So that was one important lesson I left the attendees with at all places.
The fourth lesson is that while most people would willingly pay (and a lot of money) for deception (stock tips, promise of quick returns, etc.) not many want to pay for education. 🙂
Now, it would be wrong on my part to lay any blame on people for not paying much for the workshop because that is what I have priced it (Rs 0 to Rs 2000), but it’s disappointing to know that people who have lost a lot of money trading stocks, commodities, etc. and ask the most number of questions during the workshop, end up paying either nothing or not enough money to pay even the cost of running the event.
In fact, one person mentioned in his feedback form that he would think for a month about the value of the workshop and then decide how much to pay! I just wish he applies the same process while valuing stocks. 🙂
Then, someone asked me why I expect any fee from people given that “everything is available for free on the Internet.” Without doubt, I had no answer for this question. 🙂
Overall, despite the lower than expected attendance across all cities, and that a lot of people walked in casually after the start time, it was immensely motivating for me to know that there are many who would want to learn how to invest sensibly in the stock market.
So, there’s a lot to do on my front, and there are miles to cover in this journey to help more and more people make sensible decisions in their investing lives.
Even if my teachings benefit just one person in his/her financial life, I would consider my work done.
Till then, let’s meet if you are in any of the following cities on the stated dates and want to join my upcoming True Wealth workshops –
- Nagpur – 22nd Nov. 2014, Saturday | 9 AM to 1 PM
- Raipur – 23rd Nov. 2014, Sunday | 9 AM to 1 PM
- Bhubaneswar – 24th Nov. 2014, Monday | 2 PM to 6 PM
- Ranchi – 26th Nov. 2014, Wednesday | 2 PM to 6 PM
- Patna – 27th Nov. 2014, Thursday | 9 AM to 1 PM
- Lucknow – 30th Nov. 2014, Sunday | 9 AM to 1 PM
Click here to register for any of these upcoming workshops.
My journey of the next 5,500 KM – of spreading the ideas on sensible investing – starts soon.