Money Works: The Guide to Financial Literacy

by Abhijeet Kolapkar

If you are clueless at the end of every month about where your hard-earned money has gone and if you are ready to achieve financial success-this book is for you!Instead of focusing on 'How big should your income be?', Money Works gives excellent tips on how to save intelligently, how you can achieve your life goals with careful financial planning, how to manage your debts and insurance, how to make your hard-earned money grow through investments and finally, how to live a happy and contented life!Abhijeet Kolapkar, who has been in the field of finance for many years, has tried to simplify and present financial terms in a simple and interesting way. Through this book, readers will understand the basics of personal finance as well as the central role of money in their life.

Genres: Finance, Nonfiction, Money, Self Help, Business, Personal Finance

563 pages, Kindle Edition

Published August 7, 2023

Reviews

[Jahnavi · Rating 5 out of 5]

Impressions
What an amazing book! absolutely loved it, its the perfect beginners introduction to finance book I've come across. Almost all the essential topics were covered through bullet points, images, graphs and what not, making it one of the easiest non fiction books I've read in a long time. I only wish it covered a little about how taxes worked, but I'm guessing thats a little too basic and maybe thats why it wasn't covered.

Actionable Takeaways
1) Maintain a daily expense diary to record your spending. After a month of doing so, set limits to your budget and try not to cross. Save the balance amount

2) Start by initially creating an emergency fund (with your savings) which should be at least 6 months of your expenditure or can vary depending on how long you think it might take you to find a source of income in a tough market

3) Sit down every month end and do the following
- expected income and expenses for the next month + budgeting
- Revisit monthly financial goals (mid term and long term financial goals to be revisited at scheduled times)
- Note actual expenses and income for the previous month and compare it with the expected amount
- Discuss with partner regarding any expenses/plans
- Financial journalling

4) Maintain a record of:
- income slips
- tax slips
- insurance policy dates and premium dates
- bank/loan/credit card/high end purchases receipts/records
- investment and property purchase details
- financial plans/objectives/resolutions

5) Accept your partners financial nature. Don't hide expenses from each other and instead discuss over why it was important. Help each other in making healthy financial decisions

6) The rate of interest on a good debt must be fixed and must not be rising. Your monthly instalments should be in tune with your monthly budget

7) Know the difference and how to identify "multi bagger stocks" and "value destroyer stocks"

Favourite quotes
"The best weight you'll ever lose is the weight of other people's opinion of you"

"Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticise, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give."

"If you dont need money for college, a home or retirement then save for self confidence. The state of your savings does have a lot to do with how tall you walk"

"I am not who you think I am, I am not who I think I am, I am who I think you think I am"

Important page nos.
199, 226, 284, 296

[Amruta Deshpande · Rating 4 out of 5]

"Money Works" by Abhijeet Kolapkar is a well-crafted guide that simplifies personal finance, making it accessible to readers from all backgrounds. The book focuses on essential financial concepts like saving, investing, managing debt, and achieving financial independence. As a chartered accountant with decades of experience, Kolapkar uses his expertise to provide practical insights that can benefit both beginners and those looking to refine their financial strategies.

Key Takeaways
* Easy-to-Understand Language – The book avoids complex jargon, making financial literacy approachable.
* Real-Life Examples – It includes relatable case studies and practical applications.
* Comprehensive Coverage – Covers everything from budgeting and taxation to investment strategies.
* Actionable Advice – Step-by-step guidance to improve financial habits.

What I Liked
* Practical and Engaging – The book presents financial concepts in a way that keeps the reader engaged.
* Balanced Approach – It caters to both salaried individuals and business owners.
* Emphasis on Long-Term Planning – Encourages building wealth steadily instead of chasing quick gains.

What Could Be Improved
➖ Some sections could be more detailed for advanced readers.
➖ A few more illustrations or visual aids would have made complex concepts easier to grasp.

[Jash Shah · Rating 3 out of 5]

Having read this after other personal finance book, mostly western ones, the book did not offer much to me in terms of new knowledge. I appreciated the dialogue about the Indian tax system and so on as that was new. I think it is a decent book for someone who has just started their journey; however I do not think that this should be the first book in the topic. In certain parts of the book, I thought that the author was biased towards one way over the other. It was a very different experience for me and it was somewhat interesting to see how much difference there was in western views of financial literacy vs those presented here.

[Anthony Gutierrez · Rating 5 out of 5]

Para mi, El mejor libro qué he podido leer sobre Cómo administrar tu gasto e invertirlo, Para mí me enseñas más que padre rico y padre pobre, Muchísimo más pero que te puedes imaginar, Te enseña desde crear un presupuesto, Cómo ahorrar, Cómo identificar gastos, Cómo invertir lo ahorrado, Evitar estafas, Y entender cómo funciona, Mi 2 libros favorito sería "Psicología del Dinero" y "Money Works", aunque también podría recomendar "Factor Latte". Sigo leyendo y aprendiendo varios libros. Pero por los momentos me encantó esos 3.

[Siddhartha Jain · Rating 3 out of 5]

Ok read. Basic financial literacy revised. Good for beginners and a basic intro to money management.

[Tushar · Rating 5 out of 5]

Its mostly basic, yet majorly things around us works on basic concepts. A shopkeeper will use simple addition, subtraction instead of differentiation to calculate amount for your groceries.

[Dani Cruz · Rating 4 out of 5]

It's a nice book, easy to understand and a kind of guide or financial advise for a better personal finance management.

[Jyotishi]

Nice

[Kiira · Rating 3 out of 5]

book said issac newton lost money because of fomo 😭

[Varun Ranjan · Rating 4 out of 5]

Absolutely eye opener and covers basics very well.

[Kirtan Gosalia · Rating 5 out of 5]

Impeccable..

[Prince · Rating 4 out of 5]

Great Book! but I think the Author should have considered that there are readers beyond India. As he consistently used India currency for all of his examples and demonstrations.

[Sai Vishnu Teja Vempali · Rating 5 out of 5]

good for beginners in their first 2 years of financial journey. Focused for indian audience only.

[Manickavalli · Rating 4 out of 5]

Tired of wondering where your money goes (besides your Netflix subscription 😜)?

Want to multiply your hard-earned cash (without multiplying your work hours 😛)?

This book is for you!

- Newbies who just started earning (congrats on joining adulthood 🙌)
- People puzzled by disappearing paychecks
- Future millionaires seeking smart finance hacks
- Young retirees-to-be (yes, planning starts now! 😎)
- Finance newbies eager to level up

Learn how to make your money work for you, not just your boss!

Read this book, and thank me later (or not, I'll just take your future investment returns 🤑)
Tata, Bubyeee! (aka Your Future Financial Guru 😉)"