HomeGENERALHow To Become Rich Without Hard Work | Financial Advice By Finnovationz.com

How To Become Rich Without Hard Work | Financial Advice By Finnovationz.com

Recently, we sat down for an exclusive interview with the Founder of FinnovationZ, Mr Prasad Lendwe. FinnovationZ is an Indian YouTube channel relating to finance and investment, with over 6 lakh subscribers. FinnovationZ is a great stepping stone for people who have an avid interest in the field of finance and investment and wish to learn more about this topic. Our guest, Prasad, is a young man with some motivating stories to tell. So read on to find out some great financial advice which we were lucky to learn from him.

What were you doing before starting the FinnovationZ YouTube channel?

I have always had an interest in finance from a young age. As a young Engineering student, I was simultaneously working on a startup idea and looking at the stock market status. Since I did not have a mentor to guide me through this field, I found it difficult to learn the jargons and different facets of the field. So as a way to help out other people, who might be similarly stuck in my situation, I made and uploaded a video on YouTube about “the basics of the stock market” in January 2014. At the end of that video, I gave my contact number so that people could contact me regarding their queries on this topic.

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Initially, there were not any responses, but after a few months, I started receiving calls from people asking for different topics to be covered and explained. Our next video on FinnovationZ went up about a year and a half later in 2015. Gradually, we started making videos based on the requests we received from people. Thus the growth of FinnovationZ can be attributed to its followers, who made an effort to let us know what they wanted to see and learn about. This was the start of the FinnovationZ journey for us.

How did you develop an interest in Finance, even though you were a BTech student?

After my 10th standard, I was unsure of what I wanted to pursue. The only viable option at that time seemed like doing Engineering. So instead of opting for my higher secondary education, I went for a Diploma in Engineering.

Once I began my course I felt like I was not getting a grasp of the subject since I was not enjoying what I was studying. This led to two backlogs in my first year itself. Hence, not having an interest in the Engineering field led to me not performing well in it. One of my roommates, a 3rd year engineering student, had a friend who would get Economic Times delivered every Sunday. And he would carry the newspaper when he came to meet us. Being an avid reader since childhood, I got a hold of the newspaper one day and start reading it. Initially, the content felt difficult to understand, but gradually I started enjoying articles on business and finance. Eventually, even I began having the Economic Times delivered to my place. I felt like this was something that I truly enjoyed reading.

In the meantime, I completed my Diploma and went to Pune for my Engineering. I had two failed startups during my Engineering course. So a took a step back and analyzed the situation. This was the time where I realized that I need to work towards something which I am passionate about. The previous two startup ideas were about EdTech and FashionTech. I found some great mentors on the way who helped me realize my mistakes with the previous startups. thus, I started learning from my errors and rectifying them.

This is when I realized that in India people are not pro-investing because firstly, they don’t have much idea about it and secondly, they prefer keeping the money in a safe at home. This helps neither the individual and the economy, as the money lies dormant and does not multiply. To solve this issue, we started a company called Fikashi Financial Technologies. Here, Fi stands for Finance, Ka stands for Karna and Shi stands for Shivaji.

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Stock Market

Are you now a full-time YouTuber?

Actually, my services are not limited to YouTube. Apart from YouTube, I do many other things through FinnovationZ which help me reach out to other people who also have an interest in finance and want to learn more about it. Since I have had an interest in mutual funds and other investment options, doing the analysis of the stock market is now my hobby. So whenever I am free, I prefer analysing businesses, checking balance sheets, and these bring me joy. So I like making videos on YouTube on these topics to help out other people as well.

After your Engineering, did you also face the dilemma of job vs business?

No, this question has never arisen in my mind. Since childhood, I have been selling products door to door, helping out in my small family business. Even my grandfather helped me in learning the tips and tricks of this trade. And I thoroughly enjoyed doing these things too. So when I began my first startup, I had no clue about things such as funding, angel investors, etc. Thus, I had a few failures but I also learnt my lessons from those failures.

Hence, if I had the passion for pursuing a salaried job then I would have already tried my hand in it. Rather, I am passionate about other things, which include revolutionizing finance in the country. So my goals in my life have been pretty clear and sorted always.

What are your operations other than YouTube?

We compare stock brokerage firms on our website, FinnovationZ.com. Since the first question which beginners have for investment is where to open their Demat account. Demat account opening has a lot of concerns regarding the firm. Hence, we compare those firms to help people out. Secondly, we make equity research reports for stock brokerage firms. We have a tie-up with many stock brokerage firms and create reports on company analysis for them. We have recently also begun making some beginner courses for people wanting to join the finance stream.

Our last and most interesting question for you is, how to become rich?

If you check the list of world’s richest people, you will find the top 3 to be – Mr Jeff Bezos, Mr Bill Gates and Mr Warren Buffett. The common thing between these three is that they are rich not because of their active income but because of their passive income. For instance, Jeff Bezos is not entirely dependent on his monthly salary as the CEO of Amazon. He has a 17% stake of Amazon’s shares, which he has held since he began the company. This is his passive income source. If he sold some or all of his Amazon shares, then he might not have been on this list.

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Jeff Bezos

Similarly, Mr Warren Buffett holds the shares of many big companies such as Apple and Coca Cola. These shares serve as an investment which brings him passive income. Thus, he is not only dependent on his monthly salary source. So the game is all about passive income which you receive from your investments. Since active income is limited by your time or work, passive income is the way to become rich. As Mr Warren Buffett puts it, “If you don’t find a way to make money while you sleep, you will work until you die”.

Can investing transform the life of a comman man?

Yes, it is completely possible. Before Jeff Bezos and Warren Buffett got to their current financial status, they were all common people. Mr Carlos Slim, the world’s fifth richest person, was a common man who began investing when he was 12 years old. Mr Buffett began investing at the age of 11 years. starting early played a key role in their current financial standing.

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Warren Buffett

Additionally, to make correct investments it is important to have financial awareness. The stock market is not a gamble. An analysis is a big part of an investment. Invest in things you have knowledge about. Just chucking your money into the stock market will not yield results. It is not a quick money game. You need to analyse and understand before investing your money. You need to check if the business you are investing in has growing capabilities and if you’re buying its shares at the correct price.

Check out the interview with FinnovationZ below:

Learn some more financial tips through our following blogs:
Franchise Business | Low Investment High-Profit Business Idea
Income Sources | Financial Advice To Earn More Money
EasyPlan – Investment Solutions
Meesho App – Earn Money Online Without Any Investment

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Heena Siddique
Heena Siddique
Bibliophile. Turophile. Foodie. Tea enthusiast. Shopaholic. Sitcom addict. Movie buff.

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