A must-read guide simplifies the five S’s of money

New book by Adhil Shetty and A.R. Hemant will be immensely helpful to everyone grappling with complexities of investment world

GN Bureau | February 13, 2023


#stock market   #personal finance   #finance   #Economy  
(GN Photo)
(GN Photo)

The Bee, The Beetle and The Money Bug: The Bankbazaar Guide to the Financial World
By Adhil Shetty with A.R. Hemant
Rupa, 272 pages, Rs 395

I was fifty when I came to hear of ‘term plan’ for the first time. By then I had purchased so many investment-oriented life policies that I had forgotten the count. Also, by then, this new knowledge was nearly useless for me. The point is, if we admit that money has an important role to play in our lives, and if we plan quite seriously how to make it and how to spend it, how come we are so casual about how to save it, how to, let’s say, nurture it. So I join many who wish they had read this book earlier, in the twenties.

We toil hard to earn the money, and after that we are so tired that we find anything related to its safe-keeping, its maintenance very taxing. We spend hour every day to accumulate it, but many of us are loathe to spend even an hour even once a year to go through the paperwork. I am sure I am not alone when it comes to procrastinating anything related to (a) doing the homework for tax returns, (b) searching for lapsed policies, (c) writing to registrars or agencies about any change in the documents, (d) doing research before saying yes to the first marketing executive selling you a life insurance or a similar financial product, and so on. We all have paid the price for this.

A bit of financial discipline, basic knowledge of investment options and some idea about the larger economic picture: that’s not difficult to have these days thanks to the proliferation of information on the internet. Maybe, it is difficult to sift through all of them, though. That is why this book, by reputed pros, is a must-read for those who need a jargon-free guide to make the well-earned money work for us. (Adhil Shetty is CEO and co-founder of BankBazaar.com, one of the most widely read columnists on personal finance, and also a co-chair of the FICCI Fintech Committee. Co-author A.R. Hemant, head of communications at BankBazaar, is a journalist by training.)
 
For the sake of presentation, it has a devised a ‘5S Pyramid’, inspired by Abraham Maslow’s famous ‘Hierarchy of Needs’. Thus, the money aspect of our life can be broken down into easy-to-grapple-with stages:

Save (savings, FDs, liquid MFs)
Secure (insurance, health, term, vehicle, property)
Savour (credit card, personal loan, BNPL)
Strengthen (home, assets, investments)
And Serenity (credit score, debt-free assets, retirement)

The reader is guided through the plethora of topics using this helpful grid. Complementing it are the worksheets at the end for self-assessment. The book concludes with a small note on ‘Systematic Kindness Plan’ – the best advice if we are sensitive to our social responsibility as well as our spiritual potential.

Comments

 

Other News

Listening to tomorrow: The imperative for youth-driven data in India

Over a decade and a half ago when I was still a student, millennials felt the burning need to break down the barriers of gatekeeping in traditional media. Young voices, brimming with ideas and opinions, were often sidelined, their perspectives deemed too marginal or unrefined for mainstream discourse. This

Israel-Palestine War: Lessons from Past Peace Efforts

Israel-Palestine War: Give Peace a Chance By Dr. Joseph K. Thomas IndiePress, 243 pages, Rs 399 T

How inner work helps subvert painful narratives

Unashamed By Neha Bhat HarperCollins, 240 pages, Rs 499   * How do I connect better with my partner? *&nbs

Heatwave spikes power demand: measures taken to ensure supply

The Northern Region has been experiencing high power demand conditions due to a prevailing heat wave since May 17. Despite these challenging conditions, the highest ever peak demand of 89 GW in the Northern Region was successfully met on June 17. This achievement was made possible by import

PM to release 17th installment of PM-KISAN at Varanasi on Tuesday

Prime minister Narendra Modi will release the 17th instalment of the PM-KISAN scheme on Tuesday at Varanasi and more than 9.26 crore farmers will receive the benefits amounting to over Rs.20,000 crore. The PM will also distribute the certificates to more than 30,000 SHGs trained as Krishi Sakhis to work as

Taming turbulence in Indian aviation

The booming Indian aviation industry, among the fastest growing sectors in the world, is projected to be valued at $40 billion by 2027. But, despite robust demand for air travel across the country, more than 50 airlines have closed down in the last decade in India and most private airlines have closed with

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter