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Transform yourself from Kitchen Mindset to Asset Building mindset and finally from Asset building Mindset to Investment Mindset.
This is how you grow your wealth.
The next most important thing in this video is understanding the 3 loops of an entrepreneur's life.
90% of the world's population is busy in the first loop. People are born, Graduate, Get into the workforce, Earn, Retire and Die. Fewer of them get a chance to enter the 2nd loop, which is called "Investment". They save some money, borrow some money and invest. They make mistakes and lose investments like 90% of businesses and debt. Now, they enter 3rd loop of life called "Repayments". They will keep repaying to Mamoun and Chachou or all the lenders for their remaining life.
Where exactly is the mistake?
Common mistakes made by our young Pakistani entrepreneurs are borrowing money from relatives without a contract of Profit/Loss/Risk/Equity sharing. They only have verbal agreements. If we make a profit, we share. No one talks about loss/risk. All assumptions. Once there is a loss which is likely for 90% of cases, you end up with all the debt because you never talked about loss/risk with Mamoun.
Who wants to talk about loss with Mamoun?
The second mistake people make is jumping into business without a mentor. Why do you want to take the risk of your investment? Are you willing to take the risk of your huge investment? Just because you want to save a fee to pay the mentor? This was the single biggest mistake I made myself, and I lost $1M on stupid ventures and non-stop experiments all my life before I finally succeeded.
So either you learn from Experience or learn from Experienced.
So it's extremely important to understand that if you get a chance to come out of the first loop of earning, you invest wisely because you only create wealth by investment. Without investment, we cannot grow and create wealth. And if you fail in this second investment stage, then repay wisely. Don't rush into repayments; otherwise, you will lose many years of your life again before you get a second opportunity to invest again. So always set aside a portion that you will spend on repayments. And a portion for Investments must always be higher. This is the only way to speedy wealth creation and then repayments.