How to get Rich? Trade Secrets of Baniyas Make you Rich

“The way to become rich is to make money, not to save it”-Kate Chopin
Peer learning is an additional means of gaining knowledge, so education is not just available in schools and colleges. Let's study the ‘Baniya community’ in India, which is well-known for its methods of making money.

Every Indian says, "Kya Baniya Wali harkate kar raha hai," to describe someone who is a “Kanjoos" or someone who doesn't spend easily. However, to thrive in our money-focused world, let's uphold their morals. Is it possible to explain their success? How do they rank among India's top ten richest citizens? Did you know that although they are only 1% of India's total population, yet they contribute 24% of the country's taxes? It's astounding; something must have been done correctly for them to have such positive outcomes. 

Origin of Baniya Community
‘Vania’, another name for ‘Baniya’, comes from the Sanskrit word ‘Vanij’, which means "a merchant." The word is frequently used to refer to people who belong to India's traditional business or mercantile castes. Baniya’s works as bankers, lenders, merchant, and store owner. According to Baniya’s, their group was founded 5000 years ago when the Vaisya community—ranked third in the Hindu varna system—was split up into 18 clans by their progenitor, Maharaja Agrasen (also known as Ugarsain) of Agroha, Haryana.

Although Baniya communities may be found in Indian cities, towns, and villages, Rajasthan, Gujarat, and Maharashtra have the densest populations in the northwest additionally, in Uttar Pradesh. The reason behind the significance of the trading ethic in the western region of the Indian subcontinent is a subject of much conjecture. According to some academics, a large portion of Rajasthan's people were compelled to pursue non-agricultural jobs to survive due to the region's severe desert climate.

Education of Baniya community
Baniya boys were sent to schools known as ‘Patshalas’ to acquire habits and commercial skills. They were taught to read and write in addition to being instructed in merchant scripts that were only known to Baniyas. They also study math, accountancy, and ciphers. Baniyas placed a high value on accuracy in mathematical computations, and they acquired a variety of techniques and strategies to enable them to do sophisticated mental arithmetic. The lads were also taught a mercantile ethos, believing that the pursuit of wealth was the ultimate goal in life and that only profitable dealings were worthy. Boys used to spend time in the family shop after school and learn about the company. Boys would attempt to launch their own businesses after completing their education.

When Baniyas transacted, they frequently possessed questionable traits that made it possible for several tiny profits to amass, which included short-weighing, adulteration of products, and regular undervaluation of debt repayments. They would utilise obscure scripts or unreadable handwriting, and they were extremely discreet about their economic dealings. Two sets of account books were frequently kept: one for family use privately, and one to show officials as necessary. To keep economic dealings hidden from non-Baniyas, business dealings were maintained inside the family, and other Baniyas would arbitrate in disputes. 

The Baniya women's education is not prioritised and has been neglected as they are stereotyped as homemakers. In modern times, many Baniya families are in support of women's education equally as men.

Secret of Baniya’s Education
Families play a very important role in Baniya communities. Children learn about stocks and the share market from their parents at a very tender age. It is rare for an Indian family's dinner table conversation to revolve only around their business's success and to compare and examine the stocks of other companies. This practice is a part of their daily life. They have made their business their religion and have exposed their children to the global market at a young age. Although there is no degree for this education, the results are implausible. For example among the richest top 10 people in India are Lakshmi Mittal (Baniya), Mukesh Ambani (Baniya), Ruia brothers (Baniya), Savitri Jindal(Baniya), Gautam Adani (Baniya), KM Birla (Baniya), Anil Ambani(Baniya), Sunil Mittal (Baniya).

How to get rich like a Baniya?
Here are some tips that we can learn from them to make money:

• They spend rationally or mindfully
• They value time and consider time to be money
• They never save money rather they increase income and invest.
• They never spend on luxury items but rather invest in businesses that can give them good returns.
• They are risk-takers and never fear investing
• They only spend on business investments, properties, and children's education

Baniya’s are unmatched
Baniyas are very much capable of selecting the right business. They exactly know or survey which investments can give them good returns. The study of customer behaviour and never compromise on the value of their products. One can certainly think like them if they are new entrepreneurs or someone who wants to establish a firm.

Business strategies of ‘Baniyas’

• They learn their customer's requirements.
• They are aware of their competitors.
• They maintain unity in terms of the pricing of the products they sell.
•  They are the best negotiators and never hesitate to negotiate prices even in higher brands and companies where they stand apart from the rest of the people. They consider it to be righteous rather than an act of shame.
• They never purchase anything without a discount.
• They think that gaining clients' trust through direct interaction is more important than focusing on making money, which is ultimately what matters.
•  The product's discounted price generates public excitement, leading to yet another brilliant marketing move.
• Word-of-mouth marketing is their tried-and-true method of staying afloat in the market. 
• They regularly alter their tactics because they are constantly monitoring the value of the market. 
• They also maintain an emergency fund in cash, Maximum white cash being the most common among Indian Baniyas.
   

“Baniye hisab kitab ke pakke hote hain”   X  Money Management 

• They never splurge on luxuries;
• They have access to all of their monthly expenses at their fingertips; 
• They reinvest their gains into multiple additional ventures.
• With their experience, they have a clear idea of how to quadruple their profits.

Baniya Ethics

• No loans for luxury 
• Credit card used for personal use is never preferred. Utilising it in their business only if it has brought them profit.
•  They never pay interest on anything, so avoid using credit cards, loans, or borrowing or lending money.
• They never keep the high amount in their savings account rather they invest it in something that can give them good returns.
• They hold a good knowledge of the tax and smartly save it keeping all the government terms and conditions in mind.

Conclusion
Exceed your income; limit your expenses. Peer learning is the way of learning practically and educating yourself to grow.  Money is the tool of leading life’s journey so expert knowledge will be really helpful. Question yourself will you still like to spend more and earn less or earn more and spend mindfully? For yourself, you are the best judge.

FAQs

1. What is peer learning?

The process of students learning from and with one another is known as peer learning. Typically, peer-to-peer learning partnerships, study groups, student-led seminars, and group work are used as instructional strategies to help with this.

2. What is money management?

Investment management is another name for money management, which is the process of keeping track of spending, banking, investing, budgeting, and determining tax obligations.

3. Who is a Baniya?

A merchant caste primarily from Gujarat and Rajasthan, Bania (also called Baniya, Banija, Banya, Vaniya, Vani, Vania, and Vanya) has sizable diaspora communities in Uttar Pradesh, Madhya Pradesh, West Bengal, Maharashtra (primarily Mumbai), and other northern regions. The community's primary employers historically have been merchants, bankers, moneylenders, and (more recently) owners of commercial businesses.

You can also read : How to get Rich? Trade Secrets of Baniyas Make you Rich