'Life mein kabhi bhi maangne ka nahin': How Rakesh Jhunjhunwala's advice helped his ex-employee buy a Juhu, Mumbai, house years later

Ace investor Rakesh Jhunjhunwala, fondly remembered as the Big Bull of the Indian stock market, passed away ftoday, August 14. Often called the Warren Buffett of India, Jhunjhunwala began his Dalal Street journey in 1985, when the BSE Sensex stood at just 150 points. Starting with Rs 5,000, he eventually created a multi-billion-dollar portfolio. On his 4th death anniversary, Prashant Desai, former Head of Research at RARE Enterprises, Jhunjhunwala’s private asset management firm, recalled a powerful lesson from the legendary investor. In an emotional note on social media, Desai revealed how Jhunjhunwala’s million-dollar advice helped him buy a house in Mumbai.

How Rakesh Jhunjhunwala’s advice changed Prashant Desai’s life

In his caption, Prashant Desai, an Indian corporate leader, financial expert, author, and health influencer, shared a deeply personal anecdote. According to Desai, Jhunjhunwala told him that there was no such thing as a free lunch in life. The advice was said to have transformed Desai’s perspective permanently.

Having lost his father at the age of 7, Desai recalled that financial hardship had been experienced throughout his childhood. A personal resolve to never remain poor was consequently developed, and the pursuit of wealth became closely tied to his identity. A career in the financial markets was chosen in 1995 with the ambition of building substantial wealth. After a move from Kolkata to Mumbai, employment was first taken up with Kishore Biyani. Three years later, Desai joined Jhunjhunwala as Head of Research at RARE Enterprises.


At the time, a sizeable bonus from Jhunjhunwala was quietly hoped for, as it was believed that such a payout could make a Mumbai home affordable. However, that expectation was challenged during an evening party when Jhunjhunwala asked Desai when a house in Mumbai would be purchased. The response was given jokingly, with the suggestion that the purchase would happen when a large bonus was received.

Rather than entertaining the expectation, Jhunjhunwala was said to have asked Desai to sit down and explain that a sufficiently large bonus would never be provided to fund a house. Instead, Desai was encouraged to rely on his own abilities, take calculated risks and create the wealth needed to achieve his goal. The principle of no risk, no reward was presented as a straightforward reality of building wealth.

How Prashant Desai finally bought his Juhu home

Another lesson was also passed on that evening and was remembered by Desai for years. He was advised never to make a habit of asking others for what he wanted in life. The philosophy was reinforced through a traditional teaching that equated begging with a loss of dignity and encouraged self-reliance instead.

The message was reportedly illustrated through Jhunjhunwala’s gestures. His open palms were presented as an example of what should never be adopted, while his closed fists symbolised the determination and initiative that should always be embraced. Desai eventually purchased a house in Juhu in 2006, fulfilling the goal he had once hoped a bonus would help achieve. Jhunjhunwala attended the housewarming ceremony and was described as being genuinely delighted by the achievement. He even joined Desai in dancing during the celebration.

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A post shared by Prashant Desai (@itsprashantdesai)

The photograph shared by Desai was from that housewarming ceremony. Looking back, Desai said the investor had essentially taught him how to fish rather than simply giving him a fish. His tribute ended with gratitude for Jhunjhunwala, along with an emotional acknowledgement that he was deeply missed and that India had lost him far too soon.

All about Prashant Desai

As per LinkedIn, Desai pursued a Bachelor of Commerce (BCom) in Accounts from St. Xavier's College, Kolkata. He achieved an All-India 4th rank via the Institute of Cost Accountants of India. Desai also holds certifications in Nutrition Science and Exercise Physiology from the Stanford Centre for Health Education and Stanford School of Medicine. At present, he serves as the senior director of Everstone Group, a premier international private equity and real estate investment firm, headquartered in Singapore.