You Can be Rich A Practical Guide to Financial Planning Book Review

You Can be Rich A Practical Guide to Financial Planning Book Review by ET Wealth is a book meant for ordinary investors. This book answers all queries on personal finance that an average investor can have. This book is especially useful for someone who is from non financial background.

BookYou Can be Rich A Practical Guide to Financial Planning

Paperback: 240 pages
Publisher: The Times Group Books; 1st edition (1 September 2014)
Language: English
ISBN-10: 9384038121
ISBN-13: 978-9384038120
Product Dimensions: 20.6 x 13.2 x 1.2 cm

There are many investment avenues for the ordinary investor. Yet die to lack of knowledge and misinformation people make bad investent choices and lose money instead of becoming rich.

In order to dispel such widespread ignorance, ET Wealth launched its maiden book, You Can Be Rich: A Practical Guide to Financial Planning Book Review, on 10 September 2014, in Bangalore. The book launch event was attended by experts like:

  • R K Dubey, chairman and managing director of Canara Bank
  • T V Mohandas Pai, chairman, Manipal Global Education, and former member, board of directors, Infosys
  • Priya Sunder, director, PeakAlpha Investments
  • Nitin Vyakaranam, co-founder and CEO, ArthaYantra
  • T Srikanth Bhagavat, managing director, Hexagon Capital Advisors

Introduction

The book is a compilation of various aspects of personal financial article published by ET Wealth over nearly four years. According to the authors there are two main reasons why a person cannot become rich:

  • ignorance of various investment opportunities
  • flawed investment

According to Shri R K Dubey: “Financial literacy in India is extremely low, which is why planning is very important for people.” Financial illiteracy is even a big issue among the educated and regular saving for compounding money and building a big corpus is required.

This book helps overcome these issues by:

  • providing information about each aspect of personal finance
  • listing various instruments of investment.

The book blurb says: “Being rich can be a matter of choice, not just luck or inheritance. What keeps many from acquiring wealth is ignorance and lack of planning. As a result, hard-earned savings are lost in wrong investment choices and sub-optimal decisions. Ignorance, in this case, is not bliss, but the surest path to indigence. You Can Be Rich is meant to help you plan your finances so that you can retire wealthy.The book will introduce you to the basics of personal finance and, more importantly, tell you the best ways of engaging with your money. It will help align your earnings with your financial goals so that you can spend a lifetime free of anxiety. It will make you un-derstand your money so that you can save and use it more  judiciously. Ultimately, it will put you on the path of prosperity and prove that you can be rich too.”

Content

Noted education and industrialist Shri T V Mohandas Pai says: “Today, people have many successful role models, fewer liabilities in terms of small nuclear families, spouse support and fewer risks. So it’s easy to become an entrepreneur, but one still needs to plan well before doing so. At the end of the day, you should live your dream and be happy. To give shape to these dreams, planning is critical and a lot of Indians are beginning to do so, said Vyakaranam, whose financial advisory firm is being approached by people from tier 2 and 3 cities to help achieve their goals. Across India, the primary goals for most investors remain educating their children and planning for retirement.”

In this context the book deals with various topics like:

  1. financial planning – for a smooth financial life and comfortable retirement
  2. equity investing
  3. mutual funds
  4. debt investing options like NPS, Superannuation, gratuity, PF, PPF
  5. taxation
  6. insurance
  7. banking
  8. tips on career enhancement
  9. specific financial situations in life
  10. ways to avoid falling victim to frauds and scams.
  11. Consumer awareness
  12. Retirement & Estate Planning

You Can be Rich A Practical Guide to Financial Planning Book Review

The book follows a step-wise approach and focuses on:

  • Step 1: Determine your networth
  • Step 2: Identify your goals
  • Step 3: Fix the Time Horizon
  • Step 4: Determine the Investment Amount
  • Step 5: Know your risk tolerance
  • Step 6: Asset Allocation Strategy
  • Step 7: Monitor your Investments
  • Step 8: Protect Your Goals

Review of You Can be Rich A Practical Guide to Financial Planning

  • Navigation from chapter to chapter is easy.
  • You can pick any topic of your choice and focus on that.
  • The text has been broken down into points and sub-points.
  • No jargon has been used and simple language used.
  • Simple diagrams have been used.
  • Many people are not aware of many tax saving and investments. Reading this book will provide practical information about financial planning to novice investors.
  • This book demonstrates how becoming rich is more about meticulous planning and disciplin rather than luck.

The book is meant to provide a good starting point in the road of financial literacy and prosperity, and is a good choice for beginner looking towards Financial Planning. The cost of the book is also very reasonable.

According to Smt Priya Sunder: “The young generation is messing up its finances. Financial planning can help them take control and this book is a step in the right direction.”

References

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I hope you found this book review of You Can be Rich A Practical Guide to Financial Planning useful. If you have something to add please leave a comment in the post. Please feel free to contact me.

Subhodeep Mukhopadhyay

I am a Management Consultant in the Education Sector. In my previous corporate career, I have worked in Banking, Private Equity and Software industry. I am an MBA in Finance/ Computer Engineer and enjoy doing equity research and financial analysis in my free time.

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