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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