The Richest Engineer by Abhishek KumarMy rating: 3 of 5 stars
Hooter: A 101 on personal financial planning from an Indian context
Using a conversation between two friends, Abhishek tries to bring about the concepts of personal financial planning. I think this is a good starter kit for anyone with zero background - a college student entering the workforce and so on. It does drive home some important messages for those who have missed out on the basics of financial literacy through concepts like
1) Pay yourself first - we tend to pay everything else (bills, tax etc) and have nothing to save for ourself.
2) Income is not wealth / net worth.
3) A rupee saved is 1.5 rupees earned (considering income tax)
4) Multiple streams of income and concept of assets and liabilities.
5) How taxation works across different types of income and how active income is taxed the most.
What I found jarring was the tone deaf nature of poor people versus rich people being the difference of application. I guess it's more of financially literate and fiscally prudent versus actually poor is what he would have wanted to highlight.
View all my reviews
No comments:
Post a Comment