How do I get out of vicious circle of Failure-Attempt-Failure?
Failure-Attempt-Failure can be a vicious circle for many CA students and it becomes quite a frustrating experience to get off from the loop. The life seems to be stuck at one place despite all the hard-work. It’s like pushing an elephant.
It is important to get out of this loop to create a life of your dream and become the Chartered Accountant. Breaking away from this loop will require you to think objectively, creatively and at times, taking drastic steps to set your priorities right and make things happen for yourself.
Let’s see the root cause of being stuck in this vicious circle
Primarily, there are three root causes
- Inadequate time for the preparation
- Doing the same thing and expecting different results (improper strategy & techniques)
- Distracted & disempowering mindset
In this article – I am sharing suggestions & ideas towards resolving the issue of inadequate time for preparation.
The most precious and perishable asset of your life (especially CA’s student life) is time. Any mismanagement of time is bound to cost you heavily.
I will not cover the aspect of mobile phone and social media in detail here because I assume that you know that it is one of the biggest time killers of your study life. You should turn off all the notifications straight away and have enough wisdom to uninstall all the social media apps that take away your time for no good and justifiable reason.
Let’s look into other two major reasons where time gets mismanaged & discover solutions for the same.
- Living in Survival Zone
- Self-Pity & Casualness
Living in Survival Zone
If your family income is dependent on your income, then you may find yourself stuck in the job for the survival pressures. You don’t want to take too much of study leave or leave your job because it will impact your income.
As you don’t take study leave, you are unable to complete your portion in time. Forget about revision and solving papers. End result is poor preparation.
Now what do you do?
The Way Out:
There is clear conflict of interest. Your CA wants you to invest time in preparation whereas your job wants you to invest time in your work.
If you have savings and an earning member at home, simple answer is quit the job – put every moment in your studies and become the Chartered.
If you don’t have funds to take care of survival expenses, then you can become a “CApreneur”.
Consider for a moment that what if you are a “startup entrepreneur”. If you need to create a superb product which will require good amount of time and resources but you don’t have funds to sustain the gestation period. What do you do?
You raise FUNDS right! You raise funds to take care of cash burn until you create the product.
Yes, it’s time to be “The CApreneur”. There is no harm in taking funds to finance your cash flows for your survival needs, for your gestation period.
Many students get stuck in this cycle which has already cost them 6-8 attempts. Its clear financial loss (opportunity loss) of 30 to 40 Lacs and not to forget – the priceless amount of emotional turmoil / frustration that comes along with each failed attempt.
One of the IGNITE student got present to the loop of survival game. He arranged 1.5 Lacs that he required for survival for 5 months. Guess how much time he took to raise these funds? Just 1 hour.
He wrote names of his relatives and close friends and called them up and share his situation authentically. It worked. The second concern was handling the work of his personal files / clients. It took another 3 hours to zero down a young Chartered Accountant who was happy to take his work and share a decent referral to him.
For raising funds, at times one person will give the amount you need while most of the times you just need to crowd fund it from 8-10 relatives/ friends. Give them 7-8% interest that they shall anyway earn in FD’s. This way you are not taking any obligation from anyone.
Note that taking funds/ loan is not a bad thing. If it was bad, then entire banking system should collapse. It is our mindset that has been inflicted with disempowering beliefs of loans.
Raising funds / loan is just smoothening the cash flow needs of your life. Startup entrepreneurs take millions of dollars to fund their crazy ideas where 9 out of 10 ideas fail. You are taking funds to fund your education. If MBA’s & Engineers can raise funds, why can’t you?
Now you may think – what if I take funds and I don’t clear the exam?
Yes, this fear will come. Tell yourself, if MBA aspirants can take 10-12 Lacs loan from Bank and repay it later, can’t I take this much? Isn’t my CA degree worth it?
You know the answer.
Once you have raised funds, you got to create superb strategy and then study like a rank-holder would.
Get this thing straight. You are investing your time for creating an intellectual property called “Chartered Accountant” which shall create massive increase in your cash flows for entire life time. Discount the increased cash flows and create the Net Present Value of your degree. You will see the opportunity yourself.
At times; you don’t even need to raise funds, you can simply liquidate assets which are dormant & unproductive. You can always buy those assets later when you become Chartered Accountant. It’s so simple.
As I said at the beginning of this blog that Failure-Attempt-Failure is a costly vicious circle and breaking away from this loop will require you to think objectively, creatively and at times, taking drastic steps to set your priorities right and make things happen.
Self-Pity & Casualness
The second reason for being stuck in vicious circle is one’s own attitude.
If you are in employment or article-ship and you wait for study leave to start your studies and find yourself saying “I don’t have time to study”; then most probably you are in the state of self-pity & casualness.
The Way Out:
I have a student in IGNITE who travels from Kalyan to Kandivali for work (one-way travel time is 2 hours) and still he manages to study for 5 hours a day. The art is squeezing out the time from your each day for your studies in an impeccable manner. Consider that if your each study hours’ worth is Rs. 1 Lac how would you squeeze out your time.
I make students carve out 5-6 hours and at times 7-8 hours without compromising on their sleep. It’s all about prioritisation.
Put the following QUOTE on your study table, on your wardrobe, on your washroom mirror, on your work-desk and live the quote every day.
It does not matters what you can give to exams,
What matters is how much CA Exam needs from YOU.
If CA wants you to invest good time in your preparation to plug all your gaps, then be so. Just do it. Be like an ARMY officer for 90 days of your life.
If you will ask yourself, “how much can I study out of my current schedule?”, then your mind will give 10 reasons for not studying at the optimum capacity.
But if you ask yourself, “What CA wants from me to do?”, you will get the right answer from within.
Hard-work is not optional. If Prime Minister of our country can work so hard at 67 years, why can’t you? He is a human and so do you. All you need is massive commitment.
Its time to flush out all the “chalta hai” & “ho jayega” attitude in life.
No wasting one more day – start taking right action right now. You are the sculptor of your own life – whether you accept or not – will not change the reality.
Once you create time required for studies – then it’s time for superb preparation with phenomenal mindset and right strategies like that of a Rank-holder. For ensuring you utilise every moment like a rank-holder does – one can consider joining IGNITE and its powerful community that works as as mentoring and support structure until you become the CA.
At IGNITE, every student is empowered to complete the portion in time & equipped with advanced study techniques that makes it practical to revise the subject 3-5 times. This kind of robust structure brings single eyed focus towards preparation with superb attitude and consistency.
Wishing you all the best for your preparations.