Financial knowledge has been the subject of mass negligence across the world. People don’t know the appropriate insurance scheme. They don’t even bother to know the things which can prevent them from claiming their insurance covers. Surprisingly, they trust unquestionably on some TV shows dedicated to stock trading. But such people work day and night to make large sums of money so that they can also be rich someday.Yet these people never gets enough money to free from working restlessly for money. In this process, they think smartly and invest in stocks, bonds and bank safe deposits. Some also buy gold plates for storing in their bank lockers. But ironically none of such persons ever get financial nirvana when their money work for them while they can easily enjoy drink in a posh bar of the city. Naille Ferguson has quoted a study, done in 2007, in his book The Ascent of Money. The study says that a substantial proportion of the general public in the English-speaking world is ignorant of finance. Four in ten American credit card users don’t pay their dues on time they use most often, despite the punitive high interest rates charged by credit card companies. Nearly 29% have admitted their unfamiliarity with the interest rate on the dues of their credit cards. Moreover, a typical group of high school seniors scored 52% in response to a set of questions. And only 14% understood that the stocks are tend to generate higher return over eighteen years than an American government bond. This is the scenario of financial awareness in the world’s most economically developed corner of the world. The problem of uninformed decisions make people spend their money multiple times.
So the problem is unawareness and the Mad Money Journey offers hard-earned knowledge in the simplest possible form. The author has simplified difficult commandments of money. He has woven these commandments in these stories. Interestingly, the readers will get the chance to meet people from different cities and different countries. On reading this book, it will be easy to spot the asset related difference in farm land and residential land and difference between insurance and investment. The astonishing thing is this that we actually know all these commandments but we don’t follow them while managing our finances. The protagonist John Pinto, an orthopedic surgeon of these stories, lives in the posh colony of Mumbai. But John tries to make more and more money to timely payment of debts. The frustration of making less money than required kept on growing and made him to commit suicide. But his child hood friend Vijay Das rescued him and informed about the commandments of money. In order to provide the genuine knowledge, Vijay Das sends him on a life changing journey. In this process, he goes across the world to meet with his financial mentors. In real, this book differentiates the insurance from investment and makes you aware with different sorts of insurance products. Moreover, it talks about the speculative assets and running income asset. So when you will done with reading of this book. You will be able to take more informed decisions.
If we talk about the language and stories of the book then all the stories seem real. You can easily trust on them and learn the commandments of money from them. The good thing about the book is its nicely packaged knowledge. The summary of each commandment has given at the end of the chapter.
Experience as an Avid Reader: In my experience, I have never ever read this sort of book, telling stories of travel and hospitality yet giving useful financial knowledge. I liked that the author has picked real life events to talk about difficult financial norms. For example, a father has three daughters and he gave maximum love and all his money to the first child. In return, the girl left her father without any money for love. The writer has shared this story for perfect and balanced allocation of assets. I loved this story. I mean what can be the better way to talk about allocation of love, life, time and eventually money.
50 Words Verdict: Mad Money Journey is perfect read if you would like to assess your financial awareness about investment and other financial products. It’s also good if you want to enhance your financial awareness without reading those thick books on finance. So you can surely go for this book.