Mint your money by Pranjal karma Book review and Summary
Podcast
About Book -
If you want to Mint Your Money, it’s never too late to start, and it’s never too soon.
A global economic slump, a shocking pandemic and a teetering job market underline, more powerfully than ever, the need to smartly manage your finances. In this personal finance guide, seasoned value investor Pranjal Kamra discusses focused and practical ways of not just managing but growing your money.
Whether you’ve just started working or are already retired, whether you’re raking in money or barely getting by, you can (and need to) secure your financial future. With a firm focus on empowering the individual — which has earned him over two million YouTube subscribers — Pranjal demystifies investment, debt, tax, and insurance, showing you how to make it all work for you.
Intelligent and intelligible, Mint Your Money is specifically tailored to Indian needs and the Indian finance environment, so you can successfully grow your hard-earned money.
About the Author
Pranjal Kamra is a seasoned value investor and a YouTuber with over two million subscribers on his channel. His YouTube channel is the biggest in the financial education domain and aims at empowering investors and disseminating financial awareness. He is the author of an Amazon bestseller, Investonomy: The Stock Market Guide That Makes You Rich, and founder and CEO of Finology Ventures Pvt. Ltd.
Pranjal is an alumnus of the National Institute of Securities Market and holds a degree in law from HNLU. His sharp acumen and skills in investing have helped him earn a name for himself at the age of just twenty-seven.
For more information on him and Finology, visit www.finology.in.
Book summary -
Todays blog is all about understanding money deeper level and key takeaways from this book mint your money by pranjal karma is a Youtuber, investor, author.
I have divided this video into 4 packets majorly
wealth creation
debt
Investment
Taxation
Insurance
Let's firstt understand what is the net worth
net worth = assets — liabilities
make sure money works for you and you are not working for money
To achieve this, you need to take care of the five drivers of Personal Capital.
Savings
Debt
Investment
Taxes
Insurance
The better you manage these five components, the more handsome your Personal Capital will be.
wealth creation
Saving — Saving is a 1st step towards minting your money
Saving = Income — expense
There are two ways to increase your saving increase your income and decrease your expense.
don’t think to save as personal capital,
saving is part of the monthly income that you choose not to spend
there is a loop for wealth creation
Budgeting -
This is very simple still, I don’t know why people don’t focus on it. it's very easy
the basic mental module for budgeting is 50 30 20 needs wats saving
for me, 60% saving plus investing 20% need 20% expense
always keep your valuables in % so when the salary will increase then % value will increase.
I believe this is the 1st step to want financial freedom
Tips for budgeting
Keep your static budget as low as possible.
Spend less than you earn.
Create a budget periodically (preferably monthly).
Track the actual cash flows against the planned budget.
Make changes in your next budget as necessary.
it helps you to calculate how much you need to
create an emergency fund
Smart Ways to Save More
stop using credit card
Keep your emergency. fund in separate bank acc.
don't buy unnecessary items
cancel all unnecessary subs.
avoid impulsive purchase
use apps to track all monthly budget
Debt
The first chapter is all about Introduction to Debt — it's a big trap I believe unless it's very important don't take it
Debt and Personal Capital
Good Loan vs Bad Loan
a good loan is like an investment made to improve the financial position
cc is a bad loan, a car loan is a bad loan
one thing you should remember the persona selling your a loan is not a good persona at heart he or she wants to make money out of it
How Much Should I Borrow
how much you can eat, always borrow less than what you earn that the golden rule here
if your salary is 10 lack then borrow 6 to 8 lack
make sure your EMI is less than 10% monthly income
Investment
Do You Really Need Them the obvious ans? is yes
You just need to identify your requirements and time horizon and select a fund that can meet your investment objectives. All the decisions related to the identification, purchase, and selling of specific shares or bonds are taken by the fund managers, who are experienced experts in their fields. The benefits of investing in Mutual Funds are below:
without it you will never bit inflation and become financially free you have to build asstes, increase income and invest it wisely I am 23 years old but I started investing at 20 years old
What Are True Assets
real estate, gold, share marketer, MF, FD
Retirement Planning
whatever your age is, you should start thinking about retirement and plan for it the sole reason is compounding
pension scheme, PPF, atal pension yojana in India
Mutual Funds
a mutual fund is nothing but investing in the share market but with less risk
Tips for Mutual funds
always go for a direct plan
what factor you should consider in mf
risk profile
aum asset under management
expense ratio
fund manager track record
exit load
Taxation
Introduction to Taxes,
file tax regularly, if you do not file then you will never get TDS
Insurance
Why Insurance?
Insurance is an agreement between two entities, wherein one promises the other to pay the agreed amount or sum assured in case of any damage or loss of the underwritten asset in return for an insurance premium. T
‘Hope for the best but prepare for the worst.’ If you don’t plan for your success, that’s fine. But if you don’t plan for your failures,
Life Insurance
Health Insurance
General Insurance
try to buy insurance as easily as possible in life.
this book is outstanding for beginner
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