Priyadarshini reviews Moneywise: Timeless Lessons on Building Wealth by Deepak Shenoy (Published by Juggernaut Publications, 2023)
Remember when in class 11, we all had to choose streams based on our intelligence, aptitude, and inclination? Science, Commerce, and the Humanities? I chose Science because I knew I wasn’t smart enough for Commerce. Even today, I believe that rocket science would be easier than accounting. I am just a procrastinator of money matters, waiting for a call from my father, asking me if I’ve got my annual financial affairs in order yet. What business does a person like me have in reading Deepak Shenoy’s Moneywise: Timeless Lessons on Building Wealth?
It is exactly for a person like me that this book has been written, and Deepak Shenoy is the financially literate uncle (not a reference to his age but his experience) we all need to be having dining table conversations with.
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Decoding Investments
Moneywise is a comprehensive guide to navigating the often confounding world of wealth management. In his simple and engaging style, Shenoy delves deep into the complexities of personal finance, providing readers with invaluable insights, practical strategies, and expert advice to help them navigate the ever-changing landscape of money management.
At its core, Moneywise is replete with financial wisdom, tailored for financially illiterate individuals like me seeking to enhance their financial literacy and make informed decisions about their money. Shenoy’s writing is not just informative; it’s also engaging, making complex financial concepts accessible to readers from all walks of life. He effortlessly combines his expertise with real-world examples, transforming seemingly daunting topics into manageable, actionable steps.
One of the standout features of Moneywise is its emphasis on holistic wealth management. Shenoy goes beyond traditional investment advice, addressing crucial aspects like budgeting, debt management, and long-term financial planning, which includes planning for what happens after you die, something we all tend to ignore beyond buying an insurance policy. He provides checklists, templates, and online tools and resources, making financial management a lot less intimidating for the average Neha and Abhishek.
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Writing Style
Deepak Shenoy’s writing style is both approachable and empowering. He understands the anxieties and questions that often accompany financial matters, addressing them with empathy and clarity. Through the pages of Moneywise, readers are not just educated; they are encouraged to take charge of their financial destinies. Deepak Shenoy’s guidance is like a steady hand, leading readers through the maze of investments, risks, and opportunities.
One of the book’s strengths lies in Deepak Shenoy’s ability to demystify complex investment strategies. He breaks down intricate concepts like stocks, mutual funds, and real estate investments into digestible pieces, ensuring that readers, regardless of their prior knowledge, can grasp the essentials. Moreover, he provides practical tips on building and managing investment portfolios, catering to both beginners and seasoned investors.
The book also delves into the psychological aspects of money management. Deepak Shenoy discusses common behavioural pitfalls that often lead to financial setbacks, offering practical techniques to overcome them. By addressing the emotional relationship people have with money, Deepak Shenoy adds a unique dimension to Moneywise, making it not just a financial guide but also a personal development tool.
I particularly enjoyed the chapter titled “Suckered” in which Deepak Shenoy simplifies various scams and deceptive practices that often bewilder financially inexperienced investors. He sheds light on personal-level scams, such as life insurance being misrepresented as a savings and investment plan, the pitfalls of real estate investments, and the concealed expenses associated with credit cards.
Additionally, he delves into larger scams, explaining concepts like pyramid schemes, Ponzi schemes, multilevel marketing, and cryptocurrency scams. Through engaging and straightforward narratives, Shenoy transforms these complex topics into captivating dinnertime conversations and cautionary tales for adults. I finally comprehend the intricate web created by Nirav Modi that unleashed a multi-crore fraud at the Punjab National Bank.
In the whole book, if there was one paragraph that stood out as awkward, it was about gold and the stability of governments.
“The fundamental issue with gold is that it’s actually an instrument of fear, a hedge against inflation, or a nasty government. Increasingly, though, as the world gets more financially aware, it makes more sense to bet governments will survive.”
This is a statement from 2021, and with the things we have been reading on the international news page every day, one can only hope that he is right about this. Anyway, I am too broke to buy gold.
In conclusion
Moneywise by Deepak Shenoy is not just a guidebook; it’s a financial companion that readers can return to time and again. It combines expert knowledge, practical advice, and psychological insights, offering readers a holistic approach to wealth management. Shenoy’s passion for empowering people with financial wisdom is evident on every page, making this book a must-read for anyone striving for financial stability and prosperity.
Favourite quotes by Deepak Shenoy
“Understanding risk is a complex concept—and it is better to take a simple product if you don’t have the time to analyse something in detail, or understand that there may be better alternative products with the same risk profile.”
“If we keep thinking about how bad the world is, and that nothing is risk-free, we will despair of living in a world not worth investing in. Instead, it’s best to think everything is a game of chance, like that minesweeper game where, on that first click, you hope and pray that there isn’t a bomb underneath. Unlike real minesweepers though, you do get to play again—and that must be our spirit going forward. Win more when we win, lose less when we lose, and stay in the game.”
Have you read this collection of lessons on investing? What do you think of it? Drop a comment below and let us know!
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