Personal finance and young India!
Recently finished reading “The complete Idiot’s guide to personal finance in your 20’s and 30’s”. I must say that though I had no intention of finishing that book, I could not help but read on and on this highly practical book by Sarah Fisher and Susan Shelly. Before recommending this book to my contemporary young Indians, who are working/will be soon working or in their professional/graduate courses, I will like to emphasize a few points below.
Though written against the American context in particular, its suggestions and guidelines can be applied in any country. Especially, the topics on Investing, Credit card abuse and buying ones house were so universally appealing that I though they were written with the present Indian economic and social context in mind. Though one can skip the IRA, 401K and other US specific topics, the book should be like a bible to many young persons striving to make a mark in the world by starting off their professional careers. Managing ones money is something that is not taught to us anywhere during our grown up years. And many a times, we end up being Paisa wise, Rupee foolish!
The essence of the book is that like other Complete Idiot’s series, it is not a self help book, but a pragmatic guide to making one aware. It focuses on the repeated dictum that financial freedom can be achieved through prudence and self discipline.
One particular learning that I want to mention here is regarding the highly spending young crowd, swiping their credit and debit cards mindlessly across the malls, departmental stores and supermarkets across the country. I could not help but relate the phenomena witnessed in the Generation X of the US to the Present day consumerism and extravagant profligacy in the young and working class Indians. (Includes me too!!).
It goes like this. Young people spend due to a couple of reasons. Some of them ranging from Boost in the self image one gets from buying a new pair of the Nikes and Blackberry’s. It can be the deep longing of satisfying ones desire to have more, in order to offset the deprivation one felt during the growing up years. (Something the lower middle and middle class young people will fully relate with). I must say, and always have said, that understanding one’s psychology will aid in the personal development. More on this later.
To sum up, in books own words, (my favourite lines), “There is no shortage of companies willing to take advantage of a person’s lack of financial knowledge. Bank Card Companies and retail stores make it very easy for the young and financially uneducated people to start raking up debt at a very early age. There is a glut of information on the persona finance, but it is deliberately made confusing with all the Jargon and terms.”
In case someone is unable to obtain this book, I have an eBook version with me too. Will be more than glad to help financially challenged youth (like me). Just mail me at er.raman@gmail.com
Though written against the American context in particular, its suggestions and guidelines can be applied in any country. Especially, the topics on Investing, Credit card abuse and buying ones house were so universally appealing that I though they were written with the present Indian economic and social context in mind. Though one can skip the IRA, 401K and other US specific topics, the book should be like a bible to many young persons striving to make a mark in the world by starting off their professional careers. Managing ones money is something that is not taught to us anywhere during our grown up years. And many a times, we end up being Paisa wise, Rupee foolish!
The essence of the book is that like other Complete Idiot’s series, it is not a self help book, but a pragmatic guide to making one aware. It focuses on the repeated dictum that financial freedom can be achieved through prudence and self discipline.
One particular learning that I want to mention here is regarding the highly spending young crowd, swiping their credit and debit cards mindlessly across the malls, departmental stores and supermarkets across the country. I could not help but relate the phenomena witnessed in the Generation X of the US to the Present day consumerism and extravagant profligacy in the young and working class Indians. (Includes me too!!).
It goes like this. Young people spend due to a couple of reasons. Some of them ranging from Boost in the self image one gets from buying a new pair of the Nikes and Blackberry’s. It can be the deep longing of satisfying ones desire to have more, in order to offset the deprivation one felt during the growing up years. (Something the lower middle and middle class young people will fully relate with). I must say, and always have said, that understanding one’s psychology will aid in the personal development. More on this later.
To sum up, in books own words, (my favourite lines), “There is no shortage of companies willing to take advantage of a person’s lack of financial knowledge. Bank Card Companies and retail stores make it very easy for the young and financially uneducated people to start raking up debt at a very early age. There is a glut of information on the persona finance, but it is deliberately made confusing with all the Jargon and terms.”
In case someone is unable to obtain this book, I have an eBook version with me too. Will be more than glad to help financially challenged youth (like me). Just mail me at er.raman@gmail.com
posted by Raman Sallaria @ 9:21 pm
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