When I meet a potential business client it is fairly obvious that I would talk about –

a) Wealth Prescription for Doctors

b) Goal Based Investing – You Can be Rich Too!

c) Retire Rich: Invest Rs. 40 a day

Fairly Obviously I would have done something on these lines with the corporate. I am happy that mutual funds are only about 30% of my clientele. It is fair to say that I am doing ‘Retirement’ as a topic with mutual funds, life insurance companies, banks, etc. and mutual funds are an important part of this piece.

What happens if a person sees this, is “Inspired” and wants to do it himself/ herself?

It is clear that the new person saved the effort and need to put together a piece! One such person attended 3 of my  sessions. Now I know why.

However, I am convinced that ‘stealing’ my idea actually amuses me much more than angers me. First of all, like the Honey Bee told a friend “Man can only steal my honey, he cannot make it”. So true many people copy ideas (subconsciously) and try to implement it themselves.

Let me tell you why this does not bother me:

  1. You can steal my ideas, not my implementation: I have done training for doctors all over the country. Imagine in a not very “training oriented” city (not giving any example) I would have addressed doctors of a specific specialisation 3 times.
  2. Not too many people can claim to have met/ talked to / talked with more than 5000 doctors
  3. I have met, talked to, and trained over 20,000 finance professionals including bankers, and brokers.
  4. Wealth Prescription for Doctors has sold upwards of 15000 copies – and still sells a few copies. Spoil Alert: Currently it is out of print.
  5. I am not sure whether the person who is copying or the person who is buying really cares about this.
  6. If the only thing that the client is interested is wanting a cheap product, so be it !!
  7. An idea is only an idea – it still has to be executed.

What I also feel is the whole process can’t be stolen. Let us say I get an idea. That itself is not original. Somebody else has given me that idea – in the sense that there is demand for such a thing.

Let’s take an example. About 6 years ago I started doing a specialized training for doctors.

Was this a great original idea? Well the idea germinated from a book that I wrote. I was told that “doctors will not read”. Great. 15000 copies of “Wealth Prescription for doctors” was sold.

I started telling the story to doctors of how they can get from just being rich to be really wealthy. They loved it.

So it started with one division of one pharma company. Then another. Then another. Then another….and then there were 6! Many companies and many divisions later..I can now say  that I have travelled the length and breadth of this country. Literally Chandigarh, Goa, Guwahati, Trivandrum. ALL STATE CAPITALS.

Is the idea “let’s do something with doctors” same in 2019 as it was in 2010 when I wrote the book? Obviously not. At least 3-4 slides have been added every year. Or borrowings deleted. So here is an evolved product.

The cycle is like this: Idea – thoughts – amendments – client feedback – book – doctors meeting – altered thoughts – amendments – re done – lectures – amended – lectures – amended – today’s slide set.

What can be stolen? Only the honey, not the honey making process. Exactly the contempt that the bee has for the human being..when it says “he can only steal the honey, never make it”.

So if somebody steals my idea, I can laugh. That is also because I am financially free, and don’t care about the financial implications.

Would a 32 year old Subra have reacted differently? Not sure. Maybe yes.

  1. Myself a doctor, I have refrained from talking about this till recently.

    The uncertainity regarding the retirement corpus arises from the fear of longevity, i.e, what if I outlive my money? This is the fear which pushes people to keep working till their late sixties and die a few years later, and letting their money outlive them.

    When I finished my school, I told my mom, if I am alive at 80, I will take Sanyasa (renounce the world). Upon marriage, I told my wife the same thing.

    Having an imaginary cut off helps to plan your life and finances better. It is like knowing how many overs are remaining in the game. So that you can retire at 60 and enjoy your 60s and 70s without worrying about outliving your retirement corpus.

    As we all know, in their last 15 days of their lives, many ppl end up spending more than entire live’s savings. Whether spent by insurance company or by the govt or by their children, money is money and should not be wasted just because some old guy is afraid to die.

    My two cents.

    Rgds.

  2. Let them steal it, sir…
    On Idea: All the ideas “WE” have now is also obtained from some source or other. May be Warren Buffett, Howard Marks or Peter Lynch someone like that or their books/memos. Even from Economics books.. Knowledge is always open.
    On implementation: Unless one has some unique implementation methods that he alone can uniquely execute and no one else in the world can, there will always be copying. If not from you, they will copy from some one else or other. Money making always attracts competition proportionate to size of money made. It is how successful one is, that matters.

  3. Is there an IPR (Intellectual Property Rights) law that applies to patenting of novel financial/investment ideas? If yes, then copying becomes illegal and can be sued.

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