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I was quite disappointed when I put the book down after reading it. Dont get me wrong, its nice book if "You are just beginning investing and want to know the very basics". Since its Manish and after getting so much value from his blogs, I was really disappointed at the depth of this book.
I mean, I do not expect detailed information but even basic depth is missing in this. His blog has more information and material than this book and I think its overpriced.
What I liked:
1. Easy approach to the subject
2. fluid language
3. Nothing much technical
4. Templates that he provided by sending an email to him
5. The charts, like the insurance you nee
What was wrong/missing:
1. No in-depth information on anything!!!!
2. Some basic advice on products people should be looking at like Accident Rider in insurance plans etc
3. No information on how to evaluate various investment avenues like MF, Stock etc
Who should buy:
You are absolutely new and want an overview to financial planning
Who should not buy:
1. You are fan and regular reader of his blogs
2. You already read good magazines like Outlook Money, MOney Life etc
3. You already know basics, and are looking for how to evaluate a product. For example, you have term insurance should you another insurance with critical illness rider or lets say you want some basic pointers on how to track MF
4. You read blogs or part of forums
I think Manish should clearly mention what top expect from his book so that his fans can make an informed decision. If it was any other author, I wouyld have given a 3 star, since its Manish (someone whom I respect), I am giving 1 star.
I would suggest skipping this book and getting Subra's book on 40 rs a day
Thanks to Manish for the book making it precise and wealth of information. As the name suggests it wakes up the "Investor" in you. Treat the book as work book in the first reading itself, reading it as novel won't help, even though it may ignite some thought.
In India many of us are pro savers, compared to other parts of world. The book helps us in organizing the savings in a professional and calculated way. The book talks in terms of achievable (SMART) goals. It clears some of old myths.
It would be even more helpful, if it would have been included some basics about various saving schemes, low-medium-high risk sectors, stocks, MF, etc... as an added material.
Gift the book to the person who started his career. Last but not least, the author emphasizes "Peace of mind and contentment" also as wealth.
In this book, Manish uses a simple language to explain personal financial management concepts to the common man. Using simple examples and narratives, he explains complex financial concepts and try to create awareness among public about the importance of personal financial management. In India we would have been thought a lot of things that are not useful in life , but we are not educated enough about personal finance management and we end up doing a lot of mistakes. A must read for people who are starting their career fresh out of college. If I would have read it 6-7 years back when I started working I would have avoided so many mistakes that I committed in investing. Way to go Manish.
At the end of most chapters he has a quick review section he calls ??????Flashback Learning?????? and more importantly he outlines a 2 hour action plan. The 2 hour action plan is what the book is all about. Quit reading, talking and discussing, instead take some action in regards to your personal finances.
Some of the best bits of information from the book:
- page 90 ?????? ??????You can never get excellent returns with safety in the SHORT TERM; that can only happen in the long term??????
- page 128 ?????? he shows a flowchart that I think everyone should make because it visually shows where YOUR money is going
- page 136 ?????? A simple checklist of what your sample portfolio should look like, it??????s all about simplicity
Overall the book is great for beginners and I would highly recommend it.
Why didn't someone tell me these simple principles of saving and investment before? The best part of the book is that it is written by someone who calls himself a Student of Wealth rather than a Guru. And after reading the book I believe its lot better to learn from a Student, than a Guru.
One needs some courage to go through this book. It first shakes you up from your slumber (financial laziness), then squeezes off you, your mislearnings about saving and investment, usually a result of preaching by many learned financial experts (read-agents), and then sometimes it punches you on your nose making you realize you silly mistakes.
First I couldn't read it beyond a few pages with each page making me realize about the opportunities to create wealth I missed, how I allowed my common sense be be buried under greed,herd mentality, or simple laziness. However, with quivering hands I flipped through the pages, knowing fully well that I must not escape reading it to the end.
As you go through the book, you realize that the writer is here to give you an unbiased advice.
Do not expect this book to be something magical which will make you rich, it just gives some plain good advise on savings and investments, strengthens your own common sense and encourages you to take our own decisions in the right way and encourages you to ACT. Its not easy to create wealth, but reading and acting on this book sure is one of the ways.
What an excellent book....This is my shortest expression on completion of reading the book.
Well. Giving a briefing on the experience of reading the book.
--Acknowledge and Preface - Too Good
--Way/Style of presentation - Appealing and too good again.
Shows the capability and potential of the author to convey the right meaning of everything explained in the book to a variety of audience. I am quite sure, this book could influence any one's financial decision making processes and visualize the right approach towards a great financial planning leading to achievement of not only basic necessities but long term dreams and aspirations.
--Importance of early investment - Well demonstrated again
Strategy, Effectiveness and the drastic difference of saving even small amounts during the initial periods - very very well demonstrated rather illustrated.
--Life Insurance - Commendable again
The do's and do not's in this section is very well demonstrated. This section again well explained and would help greatly from an awareness perspective. I do not think there is a better way of illustration.
This book is for every one and for all ages. The earlier you grab a copy and understand the things the better. A definite value buy and I'm quite sure that none of you would regret buying this excellent pick. I can assure that this would be beneficial for anyone who isn't insane. A great great gift to all those whom you really care for. This book would be an eye opener for many. (My wild guess would be nothing short of 80%). The author's excellence as a financial coach is well evident and the book speaks about that.
UNDERSTANDABLE, SIMPLE, POWERFUL...Above all works for ANYONE and not a particular cross section of people. Highly recommended for the youth who are a nation's backbone to grow in a responsible manner with great insights from a financial perspective.
( One more thing, i would like to convey is about the build quality of the book. Great. Excellent. Not the boring ones which you normally imagine or expect on hearing that this is something related to financial success, management or progression.)
:) :) :) - Do not waste your time. Grab a copy.
I learnt/got aware of quite a few things from reading the book.
1. While I knew (in the back of my mind) about the power of compounding, I never in my wildest dreams understood how much powerful it is, and I am regretting I did not start investing early in my life. Now, i'm realizing that to create a large corpus, the amount of monthly SIP investment that I need to do is lot more!
2. Your examples of the King's granary is an excellent example of the power of compounding, and it hit the point home very well.
3. I realized that I've fortunately made the right decision with regard to a large term insurance, and I've covered myself reasonably well
4. You continue to talk about "being in action" throughout the book - I've realized that in areas of life where I'm very successful are those where I've truly been "on the court, and in the action field", rather than being a spectator - it is just a matter of bringing the very same commitment to the area of money.
5. Goal setting is something that I've not done, and this is a good learning I'm taking away from the book.
This book changed my entire outlook towards money. I used to think 1 year itself long term and why would someone save for 15 years this book changed it completely. Also regarding term insurence that its not worth it as there are no returns, that notion is gone.
This book brought out clearly the importance of early investing, i wish i had read this before 8 years, that would have made me to create sufficient weath by now. Its an eye openner for my financial life. Thanks to Manish for simple presentation of the topic with diagrams. It was a please to read this as a book as well.
This also helped me to make my financial life more efficint by avoiding the time spent on things that are least important and focusing on the goals.
This book is a must for anyone who wants to improve or sort-out their financial life. I strongly recommend for people at start of their carrier. Being a beginer to finance matters found it really useful. Hats off to Manish to write such wonderful book and help people.
Here is my feedback:
1.Thw chapter on early investing and its advantages has miraculously boosted my portfolio value to 23 % in 7 months.
2. The Chapter on insurance, values and happiness reservations has taught me lot about How much I care my family? The questionnaire was really a difficult one but very necessary. That's why I feel like talking and sharing to my friend rather just passing my time with some finance book. To add ACTION , very next month I bought a term plan as well as an ULIP.
3.The Chapter on financial planning made me tension-free and more confident towards achieving my financial goals,in fact bfore reading I had none.
4. The Chapter on relationship with money helped me to be realistic with returns and now I can devise better financial plan.
5. Equity and Debt comparison was probably the best for us to break the "Early Gratification habit " with our finances , in particular. It helped me to understand different avenues of investing and planning.
6.Aseet allocation and risk assessment made me aware of my limitations as well as power to accumulate desired corpus without being rude and overzealous. You guys just changed all the previous equations with money. I feel so confident that no fear and greed surmounts on my head anymore. My Thanx to ur family for raising u so well and conditioned so that now u guys are ready to help us without really asking anythin in return......AMAZING
7.Your simplification techniques really create wonders and it made me more organized and responsible. I closed my dormant bank account and gave away additional credit card.
8..Budgeting and expanse categorization article was awesome and this made me more secured towards meeting my current requirements.
9. Last but not the least, like the icing on the cake , The ten commandments is the best way to start, the journey called financial freedom.
Dont misunderstanf this book as ultimate bibile who will change one's fincial life in a overnight but its a guide to help us to reach, plan,evaluate and action planning.
Go through it and it will create an image on how ur fin Life could be lot better.
Then for indepth learning, go through refrences, Just like we do in college..
I am about to complete reading your book "JAGO INVESTOR Change your relationship with money".
If you would have written this book 3 years back, I would have saved around Rs.3 lack, so according to my knowledge this book costs me Rs. 300499/- and not just Rs.499/-.
I agree I have committed crime-that till today there is no proper provision/planning for my children education, and retirement at the age of 37 years.
I was having provision/planning for my children education, and retirement all by LIC Policies which I have surrendered in last couple of months, because I found the purchasing power of that mony is not sufficient for my goals, and then taken term insurance plan, and opened PPF Accounts not only reading Jagoinvester blogs but also reading this book.
The day I realized, I have decided to go for your Basic Financial Planning without wasting seconds/minutes/ hours and from 17 Aug 2012 as you know I am undergoing your Basic Financial Planning. Although your fees is high, I am confident that this investment in fees will give me more returns in long term.
I don???t understand what to write at the last, I will not say thanks or thanking you, because this is starting for me/myself and I don't want half knowladge.