Are you a complete beginner when it comes to finances? Do you want to learn how to manage your finances properly? Are you looking for the right guidance on investing or saving? For all the queries you have and for all the guidance you need, we have a perfect book suggestion for you. That is ‘Financial Affairs of The Common Man’ by Anil Lamba.
About the Book:
This book is a perfect teacher for those who are beginners in finance. Many of us have not been taught money at school, so when it comes to investments and savings we often feel confused and sometimes we don’t even know the investment options available. So to learn it all from the basics, this book will help you a great deal.
Who should read this book?
In our point of view, everyone who is new to personal finance should read this book. Also, if you are past the age, and you are regretting about not managing your finances properly, you should read it so that you can teach your children. Also, those who are looking for either a safe investment or an investment with high returns should read this book.
Why you should read this book?
● This book will give you an overview of various saving and investment options.
● You will learn about LIC plans, retirement saving plans, mutual funds, SIPs, REITs, and also about taxes and loans.
● The book is easy to understand even for beginners.
● You will learn to manage your personal finances very well.
● You will learn the importance of preparing a personal balance sheet and how to prepare it.
Some of the learnings from the book:
● The proverb says ‘Early Bird Catches the Worm’ applies to finance as well. Whatever stage you may be in, start saving and investing now. The younger you are you will get the better returns.
● Insurance should not be considered an investment.
● Have your own house, no matter what everyone says. It is always good to have a real estate property at least through REITs.
● Keep inflation in mind while planning for your savings, investment as well a retirement. It is a fact that we cannot change, but accept it so that we can save according to that.
● Compounding is a powerful tool if you learn to use it properly.
● The retirement plans available and how you can invest them properly.
About the Author:
Anil Lamba is a financial literacy activist and an international corporate trainer. He has also written another bestselling book called Romancing the Balance Sheet. He has a large client base across the world exceeding 2000. He is now working on a mission called, ‘Financial Literacy for All’ to provide free financially to all Indians free of cost.
This book is a simple yet powerful guide for everyone. It talks about everything one needs to know about such as inflation, investment options, cryptocurrencies, insurance, stock markets, etc. However, one should remember that this book is only for providing an overall idea of savings and investments. One should think well and consult a professional if needed before making any decisions.