- 2 days ago
We go deeper into the truth behind generational wealth, income vs real wealth, and the mindset that keeps people stuck. This isn’t just about money, it’s about how you think, who you surround yourself with, and how you play the cards you’re dealt.
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LifestyleTranscript
00:00for other communities survival and then stability and then build scales okay but for indian community
00:06survival survival and survival for the third generation then i started noticing that some
00:12of my friends from other communities when things get tough they have backup so they have family
00:17businesses savings property generational wealth a safety net
00:28this is where real talk about money happens
00:32what's up guys my name is emir welcome back to the second season of the money goal
00:36today i have here with me utaya
00:53utaya is apparently a well-known figure in the indian community he is a producer radio host
00:58trainer actor yeah did i miss anything
01:01all right so utaya i'm going to answer one question from our audience today so let me just read it
01:08and
01:08then we'll start from there cool all right so someone sent in a confession i'm an upcoming indian
01:14entrepreneur and building a business sounds exciting until you realize how much capital it
01:19actually takes so every idea needs money every expansion needs cash flow and every mistake
01:24costs something yep then i started noticing that some of my friends from other communities
01:30when things get tough they have backup so they have family businesses savings property generational wealth
01:36a safety net and i realized most people in my circle don't so not even comfortable with savings
01:42not even a real cushion to fall back on so i begin asking myself what went wrong is this just
01:47my circle
01:49i think first of all his friends are all very rich right yeah generational wealth and safety net even
01:53my friends in whatever communities don't have that but okay but let's let's talk about the numbers
01:57first right so this person here he's saying he's an indian entrepreneur so i think numbers wise indians
02:02when it comes to household income they sit right along the middle in between the chinese and the
02:06boom in putra yep right if i'm not mistaken it's about six thousand four hundred ringgit per month on a
02:11household basis about a hundred thousand hundred five thousand per annum yeah yeah yeah around that so
02:18having said that having said that you know this figure and then them sitting in the middle do you
02:22think this is an actual income or wealth problem or do you think this is just a perception that they
02:27have uh the perception you think actually uh okay first of all the the indian community uh have four
02:33faces about four generations right so the first uh uh generation builds as survival yeah and then for
02:41other communities survival and then stability and then build scales okay but for indian community
02:48survival survival and survival for the third generation and then yeah and then the fourth
02:53generation league started to grow up right and then started to venture into business and then
02:58started to build their wealth yeah so the figure may differ yeah but uh an actual figure it may about
03:0610 000 12 000 yeah and uh t20 the reaching t2 20 yeah yeah yeah so you think there's an
03:13internal gap
03:14even within this community right so some of them are doing better off already some of them are still
03:18struggling behind yeah any community these are the scales exactly i agree so um most of the people
03:23success and then uh in a limelight yeah we feel that hey these this community already succeed so much
03:31and then they are doing so well but in actual figure yeah there are different big gap among them and
03:39then
03:39they are still struggling yeah even let's say in one of the biggest community which uh conquer the entire
03:46business and all this we have the perceptions that they are doing so well when we just move out
03:52out from the the big cities the metropolitan cities we can see how much their struggles and
03:58they are they have so much of struggles so yeah to just earn to to get the daily daily food
04:05and daily
04:06meals yeah so these are the reality yeah for sure yeah but one thing i always thought so maybe i'll
04:13catch
04:13some uh flag for this uh opinion right okay so i acknowledge that definitely i come from a position of
04:18privilege right first of all i'm a guy and then i'm going putra in malaysia but i always think that
04:22whenever people think of oh you know that person can do it because it's privileged that person can do
04:28it because his parents are rich i always feel that once you fall into this mindset then you stop trying
04:33because you feel like ah i'm already you know in an unfortunate situation i don't even want to try
04:37anymore okay like this guy is saying right all my friends uh they have generational safety net they
04:42have generational wealth so for me it's very difficult but i feel like once you get into that
04:46mindset it's very difficult for you to you know try and succeed for yourself right so again i acknowledge
04:52that i have privileges but of course then we can still look at other people singaporeans wow even
04:56more privileged right their education is better they have even more money right so i feel like of course
05:01on a macro level we want there to be policy changes we want there to for example everyone gets a
05:07better head start in life but at the same time i think on an individual level whatever our scenario
05:12is in which is you know if you play cards you know whatever cards you get dealt you have to
05:16just
05:16play it yeah right but for us it's a it became a norm by sitting and then complaining you cannot
05:24grow
05:24exactly so the the new generation the people the 90s the people especially 90s kids and then after 90s
05:32people started to realize we need to survive yeah the survival of fittest so that's the biggest
05:38concept and then started to indoctrinate into indian community they started to excel now now we can
05:44see even a big big conglomerate and then uh big things uh initiated by the indians especially okay
05:51let's say uh the 10 billionaires in malaysia so out of 10 billionaires even uh not even one
05:57boomiputra it doesn't mean they are not succeed correct but indian there there's one indian and
06:03remain uh in a second place for a very long time yeah it shows that hey d we are doing
06:09so good and
06:10it's possible yeah yeah it's possible yeah yeah and tony fernandez yeah yeah indian origin so they
06:15initiated something and never ever before so it shows we already passed through all the discriminations
06:23so-called discrimination and then the privileges and all these things we can survive we can
06:28succeed yep i think that's a really good mindset yeah yep yep and then i guess we move on to
06:33the
06:33i guess you know as you said newer generations are starting to understand this but there is of course
06:38a distinction between you know having a high income versus being wealthy yeah i'm sure you know that you
06:44can have a very high income but still have no assets just because you know well i have ten thousand
06:48a
06:48month i'm going to spend every single dollar and then it saves you right so obviously i think in
06:53general personal finance wise having a high income doesn't mean you're rich doesn't mean you're wealthy
06:57you have to save that money right how do you see that sort of progressing within the indian community
07:02so uh they started to in invest and they started to move from the uh wages community yeah so normally
07:11uh we
07:12already trained by our parents uh for parents and then they said we need to be a professional uh
07:20professionals like a doctor lawyer engineers these are the main thing uh which uh indian community
07:27always focus yeah for each and every household they must have one doctor so that kind of motivation
07:34all the while and then it's a slowly vanished in 2000 early 2000 and then we started to move on
07:41for
07:42businesses and once the social media started to boom so we just got the right place a right platform
07:50for us to jump into it and then excellent business yeah so you can see so many entrepreneurs and they're
07:57doing so good in business yeah and they're motivating and then it's a now only we can see the brotherhood
08:04indian brotherhood yeah as what muslim brotherhood and chinese brotherhood yeah so now slowly we are moving
08:10towards the indian brotherhood and try to excel in business from m40 to t20 yeah yeah yeah yeah i think
08:19that's very good i didn't know that this was already happening right now so i think it's good to hear
08:23from
08:23you yes yeah the indian community's problem capital and then the network and then the supply chain yeah
08:30so when the chapel supply chain and then the network controlled by a bigger community so we we have a
08:36very uh hard way to to get penetrate into the this particular chain the network and all these things
08:42now slowly they start to learn the language and then they try to penetrate and easily get because of the
08:50global things right when the global platform opens we already started to jump into it and then doing
08:56a good business and then try to expand and tie things bigger than bigger okay okay yeah that's
09:02good i think it's good to hear that the indian community is growing now of course i think ideally
09:06we see it as a malaysian community okay so let's talk about moving forward for this guy specifically
09:11and his question so he's saying basically he realized that he doesn't have a safety net maybe his family
09:16his parents are not so rich so he feels it's more challenging compared to his friends what advice
09:20you have for him what do you think he should do moving forward and then in general moving forward how
09:24should the indian community think about building yeah the the platform changed and then the
09:28perception changed and the entire business network changed and now we already have so many networks
09:36associations and brotherhood communities to support you yeah the the problem with with this guy he
09:43never get into in touch with these particular groups he wants his family his parents to have the money
09:50which obviously yeah so in business they have they have opm other people's money not uh neighbors or
09:57uh what is that the relative families have money other people's money so we we have so many
10:04associations ngos and then business people try to support and then giving and to you in order to
10:10uplift yourself yeah so we need to get the right people right network right platform in order to
10:17uplift yourself yep yep yep okay okay yeah i think that's really good advice so i guess to wrap it
10:22all up for the person who sent is this confession and i guess the general indian community i guess
10:28one we both agree that we cannot be stuck in the victim mindset right we have to work with what
10:32we
10:32have and then we have to do the best that we can okay right and then we want to try
10:35and focus on
10:36building wealth right i think increasing income is a good step but we want to slowly build wealth start
10:40businesses like you were saying and specifically to this guy who's saying you know he sees his friends
10:44in other communities have a bigger safety net big opportunities i guess like you're saying now the
10:49indian community is really starting to grow he could actually start looking there as well yes and all
10:53the big big guns and big big top top guys yep are from the indian community yeah just imagine at
11:00the
11:00west port built by very familiar very familiar indian guy yeah and then uh tony fernandez astro and all
11:07these things big big things yep initiated by these people the indian origins which they don't have any
11:13a big network and they didn't come from a background yeah they didn't have a generational
11:18safety yeah they created and initiated and you know the asia story yeah started with wandering exactly
11:25yeah so see how how they initiated so yeah we must learn from that yeah they need some financial
11:33education financial literacy in order to uplift them yep we cannot complain no more no no way to
11:40complete that so let's let's start somewhere and then get in touch with these people the
11:45professionals yeah uh they are willing to help you go with the right network definitely you can
11:50achieve okay okay i guess to sum it all in just one line it is that we are telling all
11:54of you guys no
11:55matter your situation no matter how lucky or unlucky you are you still can do it right there are ways
11:59to
12:00do it right all right hope you guys enjoyed this episode of the money goal if you guys want to
12:04share your
12:04confessions head on over to thread post it and then use the hashtag money goal we won't judge you so
12:09much we promise all right thanks so much nice talking to you yeah hope you guys enjoy it see you
12:14guys in
12:14the next one
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