Today on The Book Files is a non fiction book that was sent to me by Reader’s Cosmos : Dream Big by Dr. Mukesh Jindal and Anuraj VS from TV 18 Broadcast Ltd. This book is the ultimate guide to financial investment that is designed to help everyone, layman and specialist, to take the right direction to investment opportunities through the right course of knowledge and tactics.
The lack of money, is the root of all evil. -Mark Twain
Dr. Mukesh Jindal is a renowned adviser who takes you through the basics of financial investment by walking you through the risky yet obscure topics such as mutual funds, insurance, legacy planning etc. While a commerce background individual is more likely to know such basics, it is very evident from the lack of investment portfolios, the hesitancy of others to ask and know about such topics. People who don’t know usually depend on the company’s own advisors to teach them and guide them. While it is a great thing, the lack of complete knowledge and strategy means either half informed decisions or bad strategies until they learn through experience. This book aims to show everyone that financial investment is not an obscure or a dangerous route to grow rich through the exact same thing that is responsible for bad planning: understanding it.
Financial education is a lost concept in our country where only people who either are from that stream or are passionate about it pursue and are endowed with. The frightening aura of dangerous and risky, especially money is a phenomenon that does a lot to keep potential investors away. This is why, Dr. Jindal believes that if an individual is given the right tools and techniques then he can easily apply them to work smart and get richer. The simple goal of the book is to help people realise that it isn’t always the harder, tenous road to increasing your wealth and it can be done the smarter, easier way through clear financial investment.
Mutual Funds : the investment instrument which pools money to buy and invest in securities. This is done either through SIP or Systematic Investment Planning or Lump Sum. SIP means investing small amounts of money over a long period of time which gives you control over how much one wants to put in and risk. Lump Sum investment on the other hand is a one off investment with little to no changes during the period of the portfolio.
The book goes into great detail about the different types of mutual funds, their benefits and yields for the reader to know and decide which one would suit him best. Not only does he make sure the language is simple and unpretentious, the concepts are explained through examples and diagrams to further aid in the understanding. What I absolutely loved about this one is that while it makes sure you get all the concepts and fundamentals right and your wealth increases in real time, legacy planning is done to ensure that your wealth is safe even after you have left the world.
It explains the importance of writing a will and ensuring that your family’s future is safe from contingencies even after your death. While it is a topic not everyone is comfortable in choosing and debating, it is one of the most required tools of today’s world.
Legacy planning: it’s a financial planning that helps a person bequeath his assets and wealth to the rightful heir(s).
In an conservative country like ours, division and allocation of assets is seen as a derogatory action, done only when absolutely necessary lest it cut down family ties. It shows the importance of a voluntary will and the shortfalls of not doing it. It also explains the concept of a Private Trust and the reasons of choosing it over a will. All in all, it is a book that is not only important but also, indispensable if you are looking to gain knowledge about financial planning during and after your lifetime.
While I am already someone well aware of the topics covered and have invested my time to learn about financial planning early on, this book will remain my go to guide if I am ever in the need of some help with the same. I love the way something that obscure has been tackled, explained and simplified so that our youth, with their immense passion, potential and reason can finally take a smarter route towards wealth and riches instead of looking down upon the same. Needless to say, it is a 5 star read. I would recommend it to anyone and everyone, because even if you are not going to invest anytime soon, it would be a great tool to help you as well as other around you.
Until next time!