Some of you may have read a story from Panchatantra in your childhood about the four poor men seeking treasure. If not, you can read at the following link. Moral of the story is “Greed only brings misery”.
However, if you read the story till the end, it will be evident that to become wealthy some greed is needed. Though, excessive greed can be dangerous. The key is to identify the right amount of greed and get out in time
Disc: This is my learning from the story, others might draw different conclusions.
I think an inherent drive to be rich is what is required to be rich.
That’s the reason why a major portion of rich people we see today came out from rather humble backgrounds. I don’t think ‘greed’ is really the correct term in this context.
I think you should be greedy for knowledge and developing a rational thinking.
you should practice being humble.
In short practice Patience and Discipline.
This will make you rich personality than rich personally.
See also: The Richest Man in Babylon https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/1505339111
I don’t think it’s greed which makes you rich but yes there needs to be an inherent desire to have more than what you currently have. It’s a thin line to walk, play with fire but not be burnt by it.
@dheegarg there are two important words in your heading : “Greed” and “Rich”. Each of us will have our own definition of greed and Rich. Also , the objective of equity investment may not be same for all of us. For some of us, the objective might be getting rich with own definition of rich, for some of us objective might be financial freedom. Being financially free n being rich is different . So, I think , the answer to does one needs greedy to be rich could be answered if we have clarity on following
- Individual investment objective
- Individual definition of greed and Rich
Once there is a clarity on these, then , comes question how easy or difficult it is from risk reward ratio. For example , let us say there are two individuals , both having definition of rich as 10 crore RS in 10 years . However, one pumping in 1 lakh a month and another pumping in 2 lakh a month. The same question may have two different answers now based on individual finsncial position , risk reward scenario and risk factored expectation .
Sometimes, to answer a question , we need to ask ourselves few more questions and we all can have our own right or wrong answers being same or different answers . Every journey is unique
Money is how they keep score.
I think it has to do with determination and perseverance to come out of the situation and create a better future. At inception nobody knows what success they will achieve but the determination and perseverance is so strong that they keep moving from one orbit to another irrespective of headwinds they face.
This is not in context of investing but in general.
And to add a bit more nobody can teach to become mentally strong or instill determination or perseverance - it comes from within facing life’s challenges
I m sorry if I have misunderstood the topic and if above is out of context
I guess, once you cross certain threshold in terms of wealth, money is just a number.
Maybe, one needs a clear definition of term Rich and plan to reach there. Once you achieve your goal and become rich, what matters most is staying rich. I think, prudence and rational thinking are more important than being greedy. Boredom and activity for the sake of activity are the biggest impediment in the process of long term wealth creation and being greedy can only drive one to be impatient, which will translate to more activity, which in turn will prove counter productive, so one should not be greedy if they want to stay rich.
I read somewhere difference between being rich and wealthy. Being rich is state of mind and nothing to do with money. Wealthy is material aspect relative to the society one belongs to or aspires to be part of.
Yes you need be greedy but not directly at the cost of another person’s misery.