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If you want to Mint Your Money, it’s never too late to start, and it’s never too soon.
A global economic slump, a shocking pandemic and a teetering job market underline, more powerfully than ever, the need to smartly manage your finances. In this personal finance guide, seasoned value investor Pranjal Kamra discusses focused and practical ways of not just managing but growing your money.
Whether you’ve just started working or are already retired, whether you’re raking in money or barely getting by, you can (and need to) secure your financial future. With a firm focus on empowering the individual—which has earned him over two million YouTube subscribers—Pranjal demystifies investment, debt, tax and insurance, showing you how to make it all work for you.
Intelligent and intelligible, Mint Your Money is specifically tailored to Indian needs and the Indian finance environment, so you can successfully grow your hard-earned money.
From the Publisher
From a finance consultant to being a Youtuber and an author, you have worn so many hats, how do you keep it going?
I think it all boils down to having a great team. A financial consultant, Youtuber, author; being all these things at once seems like quite a task if you say them all at once; but honestly, the support of a great team working together makes it all a piece of cake! Plus, managing the office work everyday moulds into regular routine work just like brushing teeth! The viewers of my Youtube channel often complain about me not posting the videos regularly, but honestly, I can only make content when I feel strongly about something. Creating content is not something that I can do like regular office work; it requires a great thought process behind it. When it comes to writing, well, it’s just my way of unwinding after work. It gets my creative juices flowing! So, for me, when you wish to really create something, you just do it! And then, managing all such things at once doesn’t seem like a heavy task anymore.
Mint your Money is your second book and definitely a book that everyone should pick up to learn personal financial planning, tell us more about it.
We have two types of investors, the first one is the LIC & Fixed Deposit type, who only want to make safe investments and avoid any type of risks whatsoever and other one the risk takers, who are not afraid to take risks and want higher returns. While there is nothing wrong in being either of the two types, the right personal financial planning is actually about balancing the both.
Mint your Money is about finding the right balance between risks and returns, understanding the risks and optimizing asset allocation involved in any investment. The readers will get an understanding of how to measure and balance the two and then plan a perfect financial plan for themselves.
When you retire, around 40% of your net worth actually depends on your financial planning.
Unfortunately, most of us often end up ignoring this 40% and spend our lives focusing on making the
other 60%. I hope the readers understand the importance of financial planning and a way to secure financial future for themselves.
Share with your readers, what are the 4 easy & basics steps to start saving and/or growing money.
Growing money and finding a savings plan that works for you is very subjective. But the first
and the most important step towards achieving it is “Paying yourself first”. The moment you get your salary credited or receive monthly income, keep aside an amount to do SIP or recurring deposit, this should be done AS A THUMB RULE.
Another very basic aspect of financial literacy is knowing how to make your money work for you & this can be done by making additional income through your bank accounts. Many people don’t know that it is possible to earn interest even on your current/savings account instead of just FDs. Many banks offer an “Auto-Sweep” option in your CA or SA, through which a fixed amount from the accounts can be shifted to a fixed deposit. The difference will be that this money, unlike in FDs, would be available for spending and withdrawal. This way you can spend this amount and earn additional interest on your savings and current accounts as long as that amount stays deposited.
Tell us about your most favorite investment ideas that you follow personally.
One thing I want everyone to follows is not mix insurance and investment. Most people fail to understand the real purpose of insurance and buy plans which offer returns with insurance cover, which can be a costly mistake. The real purpose of insurance should be to compensate for the lack of savings. However, if you buy an insurance plan that also offers you returns, you actually reduce the amount from your family’s insurance cover so always remember that the amount of insurance should be huge and purpose should be only financial security. In India, a lot of people buy gold as an investment as jewellery or in the digital form.
Another, thing I want my readers to know is that buying gold as an investment is not ideal, investing in it can bring a lot of extra costs. Physical gold carries charges of liquidity, formation, etc and digital gold carries heavy commission charges. According to me, the best form of gold investment is ‘Sovereign Gold Bonds’ offered by the GoI.
Publisher:Westland Business (15 February 2021)
Language:English
Paperback:204 pages
ISBN-10:8194879035
ISBN-13:978-8194879039
Item Weight:170 g
Dimensions:12.9 x 1.3 x 19.8 cm
Country of Origin:India
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