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Everyone reads books, everyone works hard. Then why do only 1% of the people rule the world ? Because they have the secret code of success which I am going to decode for you today. The infallible mantras of Charlie Merger, who built a billion dollar empire, which made Warren Buffett the world's biggest investor.
Friends, Mangar used to say, just tell me where I am going to die. So I will never go there. Today, know about the five deadly habits told by him, if you do not give up today itself, then the dream of success will remain just a dream. Watch our special inside story. . According to Charlie Merger, there are five habits that you can break to achieve success in investing and life.
Friends, first of all give up the habit of becoming rich instantly and hurrying. In today's time everyone wants to become rich overnight. But Mars is strongly against this shortcut. He has a very famous saying. The money is not in buying or selling shares but in waiting. Those who always keep running after instant profits.
They never take advantage of the magical power of compounding. Real wealth creation takes time. Therefore, if you want to earn long term profits then give up the habit of haste and be patient. It is very important to keep it. The next point is to stay away from fear, greed and herd mentality. Mangal believes that in the world of investment, your nature matters more than your mind i.e.
intelligence. When everyone in the market is buying shares out of greed or selling out of fear, then you should control your emotions. You are not right or wrong just because the crowd is with you or against you. Your decision should be based on your own research and solid arguments and not on emotional herd mentality.
Friends, the next point is never stop learning. According to Charlie Munger, development is a daily process. He said that you should spend each day trying to go to bed a little wiser in the evening than you went to bed in the morning. [nasal sound] The day a person stops learning new things, the quality of their decisions starts deteriorating.
Successful people make studying and learning a lifelong habit, not a phase of a certain age. The next point is to not let ego dominate you. Friends, ego prevents a person from seeing the truth. But he often says he wants to know what he doesn't know. It is much more useful to be very intelligent than to be very intelligent.
Recognizing your limitations and accepting that you ca n't be an expert on everything. The biggest strength is that when you remove lies, pride and overconfidence from within yourself and evaluate yourself honestly, only then your real progress begins. Friends, the next point is to leave mental laziness and take time to think.
In today's busy life, people have forgotten to think deeply. But the biggest secret of Warren Buffett's success was that he used to spend a major part of his day just sitting quietly, thinking and reading. When you analyze your past decisions with a calm mind, you come to know about your strengths and weaknesses.
The habit of taking hasty decisions without thinking and planning should be given up immediately. These are all the points. If you adopt it, you will be benefited. How did you like these points ? Please give your opinion in the comment section. That's all for this video for now. For all such updates, keep watching The Economic Times Hindi.
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