It’s not often we review books on the MProfit blog but a great one for personal finance was just released by Manish Chauhan. You might not know his name but he is the force behind JagoInvestor.com one of the most frequently visited sites for Indian personal finance information. We are very big fans of the site!
What is amazing about Manish is just several years ago he was busy writing software code for Yahoo in Bangalore. Then he started JagoInvestor.com and wrote many great articles about personal finance and turned it into a community. His ability to answer every question on the blog and reply to each and every comment is truly commendable.
I received the book a couple days ago and expected to skim a few chapters and tell Manish how awesome it was. However a strange thing happened, I ended up reading the entire book in a matter of 48 hours. I would not recommend you read the book in 48 hours instead take 2 months. Why 2 months? Because there are 7 chapters and I would advise you read one chapter every Sunday afternoon for the next 7 weeks.
At the end of most chapters he has a quick review section he calls “Flashback Learning” and more importantly he outlines a 2 hour action plan. The 2 hour action plan is what the book is all about. Quit reading, talking and discussing, instead take some action in regards to your personal finances.
Some of the best bits of information from the book:
- page 90 – “You can never get excellent returns with safety in the SHORT TERM; that can only happen in the long term”
- page 128 – he shows a flowchart that I think everyone should make because it visually shows where YOUR money is going
- page 136 – A simple checklist of what your sample portfolio should look like, it’s all about simplicity
Overall the book is great for beginners and I would highly recommend you buy a copy of Jago Investor from Flipkart.