Investment Rules by RK

 

Lessons to be learn from RK Damani

Every great investor and businessman has a few lessons to give to prospective investors. Here are a few lessons that you can take from RK Damani’s life:

Stake your own money to reap rewards

The switch from a stockbroker to a stock trader underlines that RK Damani believed in staking his own money to make gains. Investing your own money raises the stakes as you are careful not to lose your hard-earned savings. So, if you want the stock market to work for you, invest your money in quality stocks.

Don’t follow the herd mentality

While others did not practice swing trading, RK Damani did, which helped him grow his portfolio in earlier days. The lesson here is to avoid herd mentality. What others are doing might not always be conducive for your investments. Understand the market, develop your own investment strategy and be different from other investors.

Believe in your business

Though RK Damani made D-Mart public, he did not relinquish his stake in the company. He still owns a major part of the business as he believes in his business model. This teaches you to believe in your decisions and stick to them consistently, no matter how the condition of the market may seem like. 

Have a long-term outlook

Since the last couple of decades, RK Damani has become a firm believer in the long-term investment strategy. He maintains his portfolio and does not make considerable changes to it. You also need to have this long-term outlook if you want to earn attractive returns and grow your portfolio.

Conclusion

One does not have to be born rich to become a millionaire. The life and investment journey of Radha Kishan Damani is a leading testament to this fact. Born in a modest family, RK Damani did not have the proverbial silver spoon. Yet, with a smart investment strategy and a good business model, he charted his journey to reach the pinnacle of success. He was also never afraid of taking big decisions or switching fields. You can also take a leaf out of RK Damani’s life and make your money work for you.