Market Next

THE MONEY BOOK- VIVEK LAW

THE MONEY BOOK- VIVEK LAW
August 09
05:28 2016

A recent survey by global ratings agency, S&P, revealed 3 in every 4 Indian is financially illiterate. While it shocked many, I was hardly surprised. In fact, I thought the number would be even higher! No I am not a pessimist. I have spent more than two decades in the field of financial literacy. I have travelled the length and breadth of the country doing hundreds of investor education camps. Add to that several thousand episodes on financial education across television, directly speaking to our citizens. And of course, thousands of interactions with both, corporate honchos and young people, have all revealed one thing to me: We just do not understand Money! And it is nothing to do with where we are in life. I have seen enough CEOs and promoters of companies, making bad investment decisions with their own money. Why? It is to my mind a mind set problem.

We take our kids to malls and movies, but never to a bank. What we read in newspapers and watch on television channels, are a lot of jargon that further scares us away from trying to understand the basics of money. We are therefore, unable to ask even the most basic questions when a bank or an agent comes to sell us a product. In our early years we are kept away from learning about money. It is not taught in school, though some efforts are now being made. Once we start working, we are too busy going up the corporate ladder to really care to learn about our own money. Once we have earned a decent amount, we have banks and agents chasing us and not knowing any better, we sign off on whatever is sold to us. That is our story! In the process we lose loads of money that is rightfully ours. We fail to make our money grow. We fail to become wealthy. Do you know if your money is lying in a savings account it is actually depleting every day? You may as well spend it right now!

The Money Book is my small contribution to the cause of financial literacy. The book is a compilation of what I have learnt interacting with top financial gurus over the span of my career. I have tried to write it in a manner that a teenager would understand. It is not a get-rich-quick book. But it is one which will clarify most of the questions you always had about money and did not know whom to ask.

India is at the cusp of phenomenal growth over the next two decades. We have as a country finally found our place at the high table. While there some of our citizens who have participated in past growth, I do hope almost every Indian citizen too reaps the growth that awaits us. We have more aspirations today than ever. And we need to money to fulfil these aspirations. While we cannot control how much we will earn, but we can certainly control what we can do with what we have earned. Managing money is no rocket science. It is easy to understand. And that is what The Money Book seeks to tell you!  

Image courtesy: Vivek Law(All rights reserved worldwide)

 

About Author

VIVEK LAW

VIVEK LAW

Vivek Law is Co-Founder & Editor-in-Chief, investonomix, a digital video platform to demystify money. An award winning journalist who has worked across the biggest print and television brands, in his latest avatar, the senior business journalist drives the video-first digital content platform for Indians who seeking insight and financial advice on personal wealth. In his print career spanning a decade, he has worked with The Economic Times, Business Standard, The Financial Express and India Today. He has also served as Consumer Affairs Editor at CNBC TV18 and CNBC Awaaz, and Editor, Bloomberg TV India for 4 years, before moving to the India Today Group as Editor-Business Television. Shows he has anchored across these TV brands, in English and Hindi, include Uncovered, Pardafash, Pehredar, Smart Money, Money's Best Friend, Market Guru, Big Story, Courtroom, Fightback for Your Rights and Dhan Daulat. Vivek has served on the boards of FPSB and NBSA. He is also author of The Money Book (Rupa, 2016).

Related Articles