Do epic shit by Ankur Warikoo

 

Do Epic Shit by Ankur Warikoo

Narrated by Ankur Warikoo himself.

I had gifted one of his books, Beyond the Syllabus, to my 10-year-old nephew. He loved it and has read it multiple times. I also liked the way he had presented the concept of money in that book.

Do Epic Shit was an easy read (listen). The concepts are simple, maybe even obvious, but most of us miss the too-obvious. The mind shift is subtle but probably impactful.

I have watched a lot of Ankur Warikoo's videos on his YouTube channel. So, understandably, I had already heard most of what he mentioned in the book.

I wouldn't say it's the best book, probably because I didn't find any wow factor in every chapter. But I don't think I wasted my time reading it either.

I really liked the chapter on Money the most. Summary is as below.

Mistakes I made / mistakes we make

• Taking loans without doing the math.
• Investing heavily in startups or other risky assets without understanding the risk.
• Becoming rich on paper but having very little liquidity during a crisis.
• Assuming future income or equity will compensate for an underpaid salary.
• Over-indexing on the future and not bringing down the cost of living.
• Investing when markets are high and selling in panic when they fall.
• Selling investments just when they have started compounding.
• Knowing how to make money but not knowing how to preserve it.
• Not valuing our time.
• Taking too many loans.
• Trying to time the market.
• Investing because everyone else is doing it.
• Starting to invest too late.
• Comparing our decisions with someone else's outcome instead of understanding the decisions that created that outcome.

What to remember about money

• Study taxes and do the math properly.
• Inflation is real. Money loses value with time.
• Compounding takes time. Be patient.
• Liquidity is critical.
• Wait for the right opportunities instead of investing extra cash blindly.
• Live within your limits and let your investments pay you later.
• Take loans carefully, especially for assets that don't appreciate.
• Don't diversify blindly.
• Double down on what is working for you.
• Money gives freedom. Treat it wisely.
• Study money as early as possible.

Some of the “lies” about money

• Money is the cause of all evil.
• Rich people become rich only through illegal or unethical means.
• Saving money alone is enough.
• Jewellery is an investment.
• Buying a house is the ultimate financial goal.
• Everything expensive is an asset.
• Loans and credit cards are signs of financial confidence.
• A job and salary alone will make you rich.
• There is only one path to becoming wealthy: education → job → assets.
• Once you become rich, you should simply give money away. Sometimes giving people an opportunity to earn is more valuable than simply giving them money.

The chapter also recommends three books on money: Rich Dad Poor Dad, The Psychology of Money and The Intelligent Investor.

My rating: 4/5 ⭐⭐⭐⭐