Let's Talk Money: You've Worked Hard for It, Now Make It Work for You

by Monika Halan, Nandan Nilekani (Foreword)

We work hard to earn our money. But regardless of how much we earn, the money worry never goes away. Bills, rent, EMIs, medical costs, vacations, kids' education and, somewhere at the back of the head, the niggling thought about being under-prepared for our own retirement. Wouldn't it be wonderful if our money worked for us just as we work hard for it? What if we had a proven system to identify dud investment schemes? What if could just plug seamlessly into a simple, jargon-free plan to get more value out of our money, and have a super good life today? India's most trusted name in personal finance, Monika Halan offers you a feet-on-the-ground system to build financial security. Not a get-rich-quick guide, this book helps you build a smart system to live your dream life, rather than stay worried about the 'right' investment or 'perfect' insurance. Unlike many personal finance books, Let's Talk Money is written specifically for you, keeping the Indian context in mind.

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

233 pages, Kindle Edition

First published July 5, 2018

About the author

Monika Halan is consulting editor and part of the leadership team at Mint. A certified financial planner, she has served as editor of Outlook Money and worked in some of India's top media organizations, including the Indian Express, the Economic Times and Business Today. She has run four successful TV series around personal finance advice, on NDTV, Zee and Bloomberg India, and is a regular speaker on financial literacy, regulation and consumer issues in retail finance. As part of her public policy service, she is a member of SEBI's Mutual Fund Advisory Committee.

Reviews

[peachygirl · Rating 5 out of 5]

A treasure trove of information!

[Sumirti · Rating 4 out of 5]

If you're looking for a simple, easy source to know about all the available investment options in India, and a little guidance to throw perspectives on them, Let's Talk Money is the best book one can go for.

The book is entirely jargon free, and gives enough tips and guidance to help one to ask the right questions and make some of the important investment decisions. The book's coverage on Insurances - Life Insurance and medical insurance - is a boon, and the author covers a fair amount of details and nuances one should check before subscribing to a policy. The author has a great chapter on 'Mutual
Funds' and 'Index Funds' which is zero complex to approach and a wonderful read for beginners.

Monika Halan does not ask their readers to write down every single expense done every day (which often acts counter initiative and the idea of saving money turns a bore eventually) or does she promises to guide the reader to choose investments which promises exorbitant returns. This is one of those books which one has to read to structure their saving plans (monthly or annual), to tick the most important points while investing (Eg.Term Life Insurance better than others or check whether there's a cap on the room rental by the medicial insurance policy etc),and to make oneself financial literate (which in my view is more important than anything) for a long term quest.

I would recommend this book more to women readers than men because the book is written from a women's perspective (very unlikely for a book on personal finance), and a great book for freelancers/entrepreneurs for whom income is fluctuating and has no coverage of any security.

Highly Recommended!

[Manas Saloi · Rating 5 out of 5]

Must read for everyone. If anyone talks personal finance to me going forward I will just send them this book's link

Anyone who sees this review please get the book asap!

[Chaitanya Sethi · Rating 4 out of 5]

I picked up this book because I'd seen two friends recommend it highly. I tread around advice books, and advice on money particularly, very cautiously, for the simple reason that I don't trust others to be honest with financial tips and tricks. But this book is an exception.

At 208 pages, it's short but covers how you can plan your finances. Covering topics across a wide range - insurance policies, fixed income products, equity products, emergency funds, life insurance, mutual funds, retirement corpus and more, it does a decent job of breaking down the jargon. I did feel that it could've explained some concepts like the sub-categories of debt products and stock portfolio selection better. I'd learnt about them in my Masters so I was able to follow her but for those who have no background in finance, it could pose an issue.

Regardless, the frameworks that it provides for categorizing one's cash flow and for going about planning for the future by creating different buckets with different purposes, ensuring diversification of sources, thumb-rules for saving & investing, and figuring out the corpus you want when you retire etc. are all pretty helpful and for someone reading this with limited knowledge of finance, it can go a long way in sorting out planning issues.

That's not to say that you can hail it as a planning Bible and swear by it. You must do your own calculations and hire financial planners, if need be. But this is a good introduction into the complicated world of money management.

[Barun Patra · Rating 5 out of 5]

Immensely relevant for someone starting out on a journey to read about Personal Finance. Easy to understand, covers a wide range of topics with interesting examples. Feels like a one on one discussion with Monika where she answers all my beginner questions.

I will try to brief some of the more important takeaways. There are three basics that we should have covered before thinking full time about investments.

-> Emergency Fund - This is the bare minimum one has to think of especially with the current testing times that we all are facing. Keep 6 months of your living expenses (12 months in the best case) in an FD or a flexi-FD or short-term debt funds. This is to ensure that live moves on smoothly in case of loss of a job/income and you have time to think about how to manage the situation. Include everything - Rent, EMI, sending money to parents, Credit Card spendings, Regular monthly expenditures, premiums and everything under the sun!

-> Health Insurance (One of the most important blocks) - If you do not have a health insurance that covers your immediate family, plan on taking one as soon as possible. You would not know which of the policies to select and even if you have one, you most likely would not know the details all so well. This is where Finshots' new platform is something I love. Go check out https://joinditto.in/

-> Term Insurance (Not an endowment or money-back policies) - You should never focus on how much amount you'd get back after the insurance matures or how all your money is waste if you stay alive until after the insurance ends. Always plan for the worse cases. Take a plan that covers your family (normal expenditure, all EMIs) for the next 20-30 years.

Once we are done covering these three basics, it's time we move on to investing for the future. And I will leave that up to you :)

[Sairam Krishnan · Rating 5 out of 5]

I wish I had this book when I was 25. Pure gold (in bonds, I guess!).

[Milan · Rating 4 out of 5]

I have been reading articles written by Monika Halan since the time she used to write for Outlook Money. Now she writes for Mint and I still read her. This is a perfect book for any one starting with their financial planning or wants to understand the financial products being sold in India. The book provides a rough map for one's financial journey. She talks about tracking expenses and incomes, investing in equity, mutual funds, provident funds, having adequate insurance of various types, having an emergency fund, etc. A couple of things where I disagree with her are some of the assumptions about investment returns and her expectations from the fickle government policies. This is a great book but I think it needs to be updated every five years or so as the financial products and regulations keep changing so often in our country.

[Priyanka · Rating 4 out of 5]

Initially I was thinking of not reviewing this book. This book belong to that category of books which I slyly read and then discard(so many self help books and so little personal growth :D) Why should I let the world know how illiterate I am in terms of financial planning even with a decade of work experience? Then I thought about that one person who might be starting out in a new job and the difference this book can make in their life. So here I am.

I am a fairly prudent person when it comes to finance. Apart from books and travel, I rarely splurge money. But it took me many years to understand one basic fact. I was always thinking Income-Expense=Savings and I couldn't have been more wrong. So when somebody suggests some investment/savings tips to you, please pay attention. Also you should never say that you don't have enough money to save. Everybody can save and it is the expenses that needs to be compromised.

I got the basics right a few years back. But it again took me sometime to understand that just saving the money will not solve any of my financial concerns. If you need to make the most of your money, you need to invest it. I really wish it is not something that you come to know only in your 30s. I have seen my friends, especially women, shying away from investment options saying that they don't understand it. So if you belong to that category, just try to find sometime and educate yourself. It is really important that you understand the current value of the money you earned and make sure that the value is not depreciated over the years because of inflation. So please go and read this book. It is explained in Indian context with easy to understand analogies. I listened to the audible version and it is extremely good.

I am getting a little bit preachy these days when it comes to money. But I will make everyone repeat after me(I just wish) Income-Savings = Expense and it is not the other way around.

[Prajna G.S. · Rating 4 out of 5]

Specially customized for the Indian environment. I strongly recommend this book for anyone aiming for FINANCIAL FREEDOM :)

[Upanshu Malhotra · Rating 5 out of 5]

An easy to understand book on tips on how to save your money, where to invest and how to manage your portfolio along with tips till the end of your life.

Being a newbie to financial market, there are terms you might get confused but Monika explained those terms quite well.

The book takes into consideration the Indian economy, thus all the tips are from Indian market’s perspective.

As mentioned a lot of times, this book won’t help you generate “quick money” (bitcoin is a big “no” from her side). Her perspective is always for the long term. Not at all good for people wanting to get “quick money”.

[E.T. · Rating 4 out of 5]

For the first 2-3 chapters, I felt as though I was reading a very basic "for dummies" book.
But then it struck me,that at 25, I had bought long-term LIC policies with substantial annual premium.
How at 35, I had invested in MFs without setting up my goals or understanding what each mutual fund entailed. (Do I now ?)
How yesterday, I decided to switch an investment decision in RBI savings bonds to Index Funds/ETFs.
Look who is talking !! :)
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I think many of us Indian millenials have only heard of "LIC","FD","NSC" and "PPF" etc from our parents as investment options. On top of it, the Harshad Mehta scam made investing in stocks/equity or anything related to the stock market a dirty word. This attitude persists even today. Add to that, we have always been a low-trust society.
The key learning from books like these is to get rid of the fear of investing in the stock market. And getting rid of the lure of real estate.
There are a no. of options available with different risk-reward combinations and a little thinking will go a long way.
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I read this after Coffee Can Investing:: The Low Risk Road to Stupendous Wealth and thankfully both these books have taught me quite a bit as a long-term investor (hopefully). Both books are recommended reads.

[Shruti Chakravarty · Rating 5 out of 5]

This book should be mandatory reading for anyone starting the process of building an adult life. At school, we are taught a lot of things, but managing finances is not one of them. Surviving in a capitalist system with zero know-how of how financial products work, how banking works, how taxes work, is what allows the system to fool us and lose our hard-earned money. This book is an easy and crisp introduction to how one can build financial security by employing financial products. My favorite parts of the book were when the author warns the reader of the traps, the kind of investment schemes (or "dud products" as she calls them), that we have seen so many of our relatives fall prey to. This book will make you take stock of your finances and give you the confidence to be in full control of the flow of your capital. Highly recommended!

[Santhosh Guru · Rating 4 out of 5]

I never thought about writing a will and have always assumed nominees are enough. I learnt that writing a will and naming legal heir is one of the most important personal finance decisions to be made.

I am not a newbie to personal finance. But this is a solid book introducing newbies into personal finance. The lucid writing and explaining some fundamentals in a clear way from an Indian investor perspective is the biggest strength.

(I actually wanted to give three stars as the book played really safe on equity investing and biased towards mutual funds. But gave four mainly because of the clear writing and the author’s heart is in the right place)

[Ankit Kulkarni · Rating 5 out of 5]

I would say a must read. A lot of financial mistakes what Monika has highlighted are done by the majority of people. However, this is one of the best getting started guide for starting with managing your own finance.

One thing I really miss in the book is a single summary chapter of do's and don'ts. For someone from without a finance background, there is too much information(all easy) but too much to remember. Would recommend taking notes while reading or a checklist else its easy to forget important tiny details.

[Varsha · Rating 5 out of 5]

Everyone who wants to start getting their financial life sorted should read/listen to this book. Specially for those living in India.

[Raviteja · Rating 4 out of 5]

★★★★

A good book for someone who is yet to start their financial planning and cash flow system in India.

I felt the author intended this for someone who is not aware of multiple aspects of financial planning and goes into detail about each item and its importance. Some sharp editing would have made this much crisper but still a good one in the current state.

[Chandana Kuruganty · Rating 4 out of 5]

Though most of it seemed so elementary, it got me thinking on my own finances and how I’ve wasted a good 4-5 years of not investing specifically and the associated opportunity cost! But the biggest moral remains - better late than never!

[Mohammad Safdar · Rating 5 out of 5]

This is easily the most relevant personal finance book from an Indian perspective. I was scared it’ll be either too lengthy or too jargon-filled but it was surprisingly none.

With a money box analogy, Monika Halan draws a clear-cut plan for the Indian middle class, gives enough reasons to follow it through personal anecdotes, debunks myths about insurance, investing and others - all in less than 200 pages!

And no, you do not need to be at the start of your career to make the most out of this book. She has done a benchmarking of age with the cash in your money box so even if you pick this book in your 40s or 50s, you can still make use of it.

Yes, the book does not cover every financial product out there but I honestly did not expect it. One of the reasons why we consult an expert is to reduce the paradox of choices and Ms. Halan does a good job at it. For some toxic products, she outright says no and furnishes reasons for the same. For everything else, she provides robust guidelines for you to decide if one should go for it or not. Every chapter has a summary at the end which acts as a good referral mechanism.

The book teaches you both how to save and how to invest in India.

[Pankaj Gupta · Rating 5 out of 5]

This is an amazing book. I wish I would have read this 5 years back when I started my professional career.

This book gives a great perspective about how should you view your personal finances. Each and every financial product that you purchase should have a goal of what problem is it solving. Monika clearly lays out how to plan around your goals and what kind of financial products works best for them.

Highly recommended for people who are in the early stage of their careers and find it difficult to manage their investments and finances.

[The Conch · Rating 5 out of 5]

Our education system does not provide financial lesson. We learn to invest after reckless spending and putting money in risky stocks or complex ULIPS or old fashioned FD, RD of the market.

This book will straight one's financial life and makes worry free. A must read for who is starting there career.

[Jyotsana Rastogi · Rating 5 out of 5]

One of the best books on personal finance in my opinion :)

[Apoorva M K · Rating 5 out of 5]

Short read but dense. Helped me get up to speed with most of the concepts around personal finance. Importantly, the framework provided is grounded, suited for the Indian household and not fussy.

[S.Ach · Rating 3 out of 5]

I wish I had read this book 15 years back.

All those who are in your early 20s in India and starting your first job, do read this book. It could change your life.

[Raghavendra · Rating 5 out of 5]

The best personal finance management book out there for an Indian

The type of book you wish you had picked up earlier! Not many financial books are written keeping the Indian context of families or the typical Indian mindset. This book does a fantastic job of dispelling some myths we Indians have financially,gives a clear roadmap on how to manage our money.

I almost facepalmed during the insurance chapter when the obvious fact hit me, insurance is not equal to investment. Some great myths about insurance are wonderfully busted in this book.

Regardless of your age, if you are an Indian and don't have a concrete roadmap on money management this is the book you should read.

The author Monika Halan does a fantastic job of explaining complex stuff in simple words. Loved the writing and subtle humour at places:)

Also, I hope the author writes a separate book on mutual funds. Would buy that!

[Rohan Satija · Rating 4 out of 5]

A definite read for anyone in their 20's!

Personal Finance is something that Indians really need to master in order to emerge as THE global force of the 21st century and this book certainly helps.

Finance MBAs/ CFAs can give it a miss.

[Harsha Varma · Rating 4 out of 5]

Short, succinct and simple to implement.

Pointers:
1. Create a cash flow system by using three bank accounts to keep track of income, expenses and investments.
2. Have an emergency fund for 3-12 months (depending on stability).
3. Get medical health insurance (price, benefits and claim settlement history). Has good points for the uninitiated.
4. Get term insurance when you have dependents or the possibility of having dependents (but early enough, say 30, to lock in a good price). Buy online to remove commissions, with an 8-10x cover on annual take-home income or 15-20x on annual expenses.
5. Invest in debt instruments for short term needs (<3 years), hybrid funds for medium-term (3-7 years) and equity for long term/ retirement (>7 years).

[Sindhura · Rating 5 out of 5]

I have seriously started to consider doing something with my money in the year 2017-2018. I wish I had read this book when it came out. But at least, I read it now. Some of the things in this book I figured out the hard way and some of them are still eye-opening. Simply and efficiently, Monika Halan talks about money - information and advice gathered from her education, work, and personal experiences. She talks about setting financial goals and gives you some directions on how to achieve them, and that is more than what anyone has ever told me, and so is powerful and essential.

[Sudheer Ranjan · Rating 5 out of 5]

The first best time to read this book is before you earn your first salary. The second best time is before you're forced to invest/buy a dud policy.

An easy and interesting read that drives your way in making the right financial choices. This isn't a quick rich book but one that helps you decode the math behind the policy and prevents you from losing your hard earned money. After reading this book, if you've a typical Indian love for gold, chances are that you will reconsider your decision to invest in gold or real estate. And this is obviously my big takeaway from the Let's Talk Money.

[Rahul · Rating 5 out of 5]

4.5 Star
I wish I could have at least one of my parents like Monika Halan. Probably then from such wise financial lessons from them, I at my present age 22 would have been financially sound, growing and not unemployed, almost broke like now. This is a wonderful book, that every 16 yo/high school Indian kid must read and try to apply as his/her life progress. Thank you, Monika Mam, for writing this book. This book could be read as a first step towards good financial health and growth.

[Gunjan · Rating 4 out of 5]

When I was Google searching the books on finance and its management this is the kind of book I wanted to be shown in my search results. And I know it won’t be shown in your search result too. But if you’re an Indian and are looking for a good source to start with enlightening your finance knowledge then this is the book you need.