Money Work

The Guide To Financial Literacy If you are clueless at the end of every month about where your hard-earned money has gone and if you are ready to achieve financial success-this book is for you!Instead of focusing on 'How big should your income be?', Money Works gives excellent tips on how to save intelligently, how you can achieve your life goals with careful financial planning, how to manage your debts and insurance, how to make your hard-earned money grow through investments and finally, how to live a happy and contented life!Abhijeet Kolapkar, who has been in the field of finance for many years, has tried to simplify and present financial terms in a simple and interesting way. Through this book, readers will understand the basics of personal finance as well as the central role of money in their life.

Impressions What an amazing book! absolutely loved it, its the perfect beginners introduction to finance book I've come across. Almost all the essential topics were covered through bullet points, images, graphs and what not, making it one of the easiest non fiction books I've read in a long time. I only wish it covered a little about how taxes worked, but I'm guessing thats a little too basic and maybe thats why it wasn't covered. Actionable Takeaways 1) Maintain a daily expense diary to record your spending. After a month of doing so, set limits to your budget and try not to cross. Save the balance amount 2) Start by initially creating an emergency fund (with your savings) which should be at least 6 months of your expenditure or can vary depending on how long you think it might take you to find a source of income in a tough market 3) Sit down every month end and do the following - expected income and expenses for the next month + budgeting - Revisit monthly financial goals (mid term and long term financial goals to be revisited at scheduled times) - Note actual expenses and income for the previous month and compare it with the expected amount - Discuss with partner regarding any expenses/plans - Financial journalling 4) Maintain a record of: - income slips - tax slips - insurance policy dates and premium dates - bank/loan/credit card/high end purchases receipts/records - investment and property purchase details - financial plans/objectives/resolutions 5) Accept your partners financial nature. Don't hide expenses from each other and instead discuss over why it was important. Help each other in making healthy financial decisions 6) The rate of interest on a good debt must be fixed and must not be rising. Your monthly instalments should be in tune with your monthly budget 7) Know the difference and how to identify "multi bagger stocks" and "value destroyer stocks" Favourite quotes "The best weight you'll ever lose is the weight of other people's opinion of you" "Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticise, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give." "If you dont need money for college, a home or retirement then save for self confidence. The state of your savings does have a lot to do with how tall you walk" "I am not who you think I am, I am not who I think I am, I am who I think you think I am" Important page nos. 199, 226, 284, 296