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Let's Talk Money
Highlights
Let's Talk Money: Book Review
An elixir for the average middle-class Indian household!! I believe Let’s Talk Money by Monika Halan is a book desperately needed for the current scenario in India. Why do I think so? India is a booming economy, and with it comes the opportunities to create vast wealth for its people. But this does not mean that the Indians will be able to generate wealth, not those super rich people, but the common ones like you and me.
This phenomenon is due to the lack of financial literacy in our education system, where people have only learned to earn but haven’t got the faintest idea of where to put their funds to accumulate more. You would definitely have met people who don’t know where to put their capital. Moreover, the mentality passed on to generations of keeping your cash “safe” in fixed deposits has been another notion holding back people from increasing their wealth.
Let’s Talk Money; aims at combatting this false notion along with which it helps you create a structure, or as Monika would say, a “Money Box,” to remain prepared for most unexpected situations. It tackles the fear of not wanting to invest in opportunities that can generate good returns over long years. This book contains guidelines for better protection against your future, such as insurance, life cover, and other crucial elements. I was so astonished by her approach and suggestions on medical insurance that I went online to check the details of my health coverage and whether it matched her guidelines or not.
Unfortunately, it didn’t. 🙁
Although I had some prior knowledge about some of the instruments and suggestions mentioned in Let’s Talk Money, there was so much I didn’t know. Moreover, apart from learning about these instruments, there are many sections in this book that I feel will be very helpful to the audience. It includes setting appropriate financial goals and coming up with reasonable financial numbers in such easy language that every person can understand.
The content I found in Let’s Talk Money is perfect for people having no prior knowledge about any of these things but want to take a step toward a better future. I feel that the author has done a blessing by not writing too much about any particular topic, maybe because first-timers can get consumed by them and not understand the whole picture, or some may even get so confused by too much information. If anywhere in this review you felt that even one line reflects your situation, please read this book and pave your way for a healthy future.
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Let's Talk Money: Book Summary in 3 sentences
- It is important to prepare yourself for future uncertainty without going broke.
- You must put your money to work for a better future.
- Strive to be financially independent and do not harm your retirement fund for any reason.
Who Should Read It?
People who are earning and have very less financial knowledge is an ideal reader but those who already are saving and investing should also read it to polish there finances and put in some missing pieces if there are any.
Let's Talk Money: Top 3 Quotes
- What you need to remember is that understanding investing is a one-time fixed cost in terms of your time.
- Each financial product you buy must solve a problem you have.
- Time in the market matters because it smoothens out the volatility of the market.
I’ve compiled notes on some of the key topics in the book which can give you a better overview of the content you’re going to find in Let’s Talk Money.
Let's Talk Money Notes
1. Don’t Stash That Cash! 💵
- Have three separate account for
- Salary
- Investment
- Monthly Spendings
- Do not keep your money in the bank or in FD(except a little emergency) as it just sits there and doesn’t do much.
- Understand your expense and control any unwanted leaks.
2. Emergencies Need A Fund 🆘
- Have a fund for emergencies and keep it where you can easily access it.
- Fixed deposit ( Sweep In) are a good option, but do not invest too much just for the sake of emergency. Take a reasonable number.
- Liquid fund is also a good option as it allows you to touch your money whenever you want.
- Do not use this money for any other purpose. If there is no emergency, well it is good. Isn’t it. But do not touch this money.
3. Building Your Protection 🛡️
- Another important lesson Let’s Talk Money offers is to not touch the investments at the time of unwanted expense is a great blessing.
- To do this have a medical cover, which will prevent you from spending your hard earned money on an untimely event.
4. Putting It All Together 🧩
- Understand your financial needs and choose the products accordingly.
- Each product you have must serve you a purpose.
- Have separate fund for each of your requirement, do not use one fund for the other.
- Have a balanced approach. Not too greedy not too pessimist. It is better to go for moderate returns with better chances of success than high returns with low chances of success.
5. Redo the box 🗃️
- It is important to check your financial box once in a while.
- Remove the products that are no longer serving you the purpose or better products are in the market.
- Stay associated to your goals and take informed decisions.
6. What kills a money box? 🛍️
- Learn to manage your money efficiently by controlling your greed and forming the habit to save and invest.
- Avoid using money that you do not own to do impulsive buying.
- Avoid investing your money in things that you do not understand.
Suggested Readings
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