- Paperback: 284 pages
- Publisher: Wisdom Tree (25 March 2019)
- Language: English
- ISBN-10: 8183285309
- ISBN-13: 978-8183285308
- Product Dimensions: 20.3 x 25.4 x 4.7 cm
- Average Customer Review: 11 customer reviews
- Amazon Bestsellers Rank: #24,343 in Books (See Top 100 in Books)
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Master Your Money, Master Your Life Paperback – 25 Mar 2019
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About the Author
Abhishek Kumar has earned a Master of Financial Engineering from University of California, Los Angeles, an MBA from Indian Institute of Management Kozhikode and a B. Tech in Electronics Engineering from Indian Institute of Technology (BHU) Varanasi. Having devoted a considerable part of his working life to understand, integrate and deepen the concepts surrounding personal finance and investments, he has focused on presenting practical and easily implementable solutions to his readers which are based on timeless wisdom of wealth creation and accumulation. He is also a critic of the conventional ways of managing money which he says have been designed not to help the investors but the financial institutions and the intermediaries which reap benefits by exploiting the ignorance of people. His first book the Richest Engineer was published in 2016.
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Abhishek Kumar doesn't look at money in isolation but in integration with family and social life and the influence it has on it. The higher we move up the ladder, the higher we find ourself surrounded by stress that originates due to or lack of money. So, why not take a step back? And if moving ahead is the desire- we may as well be strategic about it. He busts several money myths - my favourite being that some people have the idea : We should take a loan as it provides a tax benefit to us. He almost mocks the people with this mentality as he puts for his argument : " It is equivalent to saying we should fall sick so that our sick leave doesn't go wasted"
The book is not only full of logic and reasoning regarding the ideals of handling finances, but also provides numerous solutions- in the form of 5 ideas which guide you towards a fulfilling life where you enjoy your money without wasting it all and leaving nothing for your retirement. They prepare you to meet both desires and emergencies, and since the very core of the book is the 5 fund(a)s I wouldn't share it - However, you should definitely grab the book here.
If you want to be successful you need to master the tool called money, and this book will help you do that Today!
Reading a non-fiction book becomes great when authors try to keep language and narration simple and I must applaud Abhishek for managing to explain such complex terms and topics in as easy language as possible that reading this book has not only been informative but also entertaining and exciting. There are so many advertisements, financial advisors, family agents, family friends who have filled our minds with multiple concepts on how money can be multiplied and saved. Author had a difficult task of going against them and putting up his belief and make sure the reader agrees with it. I must say I agreed on most of things that Author explained in the book though there are few things on which I did disagree too.
Author has divided the book into different segments to take the things ahead gradually so that readers can grasp the same with the pace of the book. Author starts by explaining the concept of Goal-making which we generally find in Management books and with-it author tries to convince us to be serious for mastering our money and monitor it by creating a serious goal for the same. And then the author goes on explaining us how we are made to believe that our life has been simplified with loans that we can take even for our small purchases but derives the conclusion on how we are actually losing money with each loan. Post that, author goes on a long spree to dilute our passion for owning as many credit cards as possible. In fact, author suggests us to not have credit card at all. Well, here I disagreed as author tries giving suggestions that seems to be too over-protective. Anyway, the myths that author busts regularly up till this chapter is really an eye-opener.
The good thing till this chapter in this book is that in the 1st half, author has told us what not to do and what to completely avoid so that we spend less on things which are not necessary. But the problem here is that still, author has not begun speaking on what needs to be done to save and multiply money. Post this, author starts providing us concepts such as Five Funds Funda where he tells us how to distribute our money to assure we are able to secure all kind of requirements in our life which needs money to be fulfilled. Another unique thing that author has described in one of the chapters which is highly important is how you can effectively regulate and build your money if you and your spouse do it together rather than doing it individually. This is what many advisors miss to include while planning our money.
In the last quarter of the book, author concentrates upon the factors such as real estates, mutual funds, ULIP, Insurance etc. and shares his To-Do list and Not-To-Do list. Here also author has tried his best to keep the jargons away and explain as basic terms as possible so that people who know nothing about it can also enjoy the lessons given.
This book is actually a must-read book as the kind of myths that author has dismissed is really commendable and makes us understand a lot of things. I liked the Five Funds Funda concept and I am surely going to follow it as much as possible. The way author has tried explaining the concepts with the help of charts, fictional conversations and examples is effective and impacting. I am glad that author has not thrown much of calculations, percentages and numbers while explaining the same as it becomes highly irritating for the reader to understand the same and get stuck in a concept or on a page.
Now, talking about the drawbacks of the book, as I have already mentioned above, reader will have to wait for the complete 1st half of the book to actually know where the money needs to be kept. Secondly, as I said above for the chapter on Credit-cards, author has completely invalidated it whereas author should have also told us about how it can be used for benefits in control. Similarly, I believe there are many types of Pension Plans and Insurance Plans which author has not detailed the way I was expecting. If we should go towards LIC or other Insurance Companies and their differentiation and comparison isn’t provided. Similarly, author could have suggested some Mobile Apps which could help us in planning our money, buying stocks, investing in mutual funds etc. Similarly, I was expecting strategies from author on how to plan investment which can help us with Income tax. How to manage money even with having children and how to save for their education, marriage and future is not included.
But, overall, considering even these drawbacks, the book is still worthy enough to go through and follow the basic tips that author has suggested. I give this book 4 stars out of 5. Recommended for those who have just started earning and doesn’t know where to keep their money so that they can save it better.
The author of this book seems to fit the second category (check his educational qualifications) though I am not sure what is his prime profession.
So, I picked the book thinking that I would get some real advice and I got what I was looking for. The book is not technical but covers the nuances of almost every aspects of personal finance; be it banking, investments or insurance. What’s more important is that it pertains to Indian investors as it talks about the working of Indian institutions and financial market.
Now, I am not going to reveal much of the content of this book as I think it should be best consumed by reading the book itself; what I would like to present here is that it’s a thorough read and covers almost everything that an individual investor would need to know. The main USP of the book is that it busts the popular myths propagated by the financial institutions and entities and shows how we can take actions which will help us avoid those myths. Further, it provides practical action plan which anyone can take to claim their financial prosperity.
Go for it. It will not only give you a new direction to steer your life but will also make you more knowledgeable and enlightened as far as money is concerned.