Income of most of the Indians is increasing with every passing day. But unfortunately the same cannot be said regarding the financial literacy. As a result most of us are creating assets which are actually liabilities. Hence any book which offers financial education is welcome. Manoj Arora tries to impart some advice on money matters in his book From the Rat Race to Financial Freedom.
The book begins with Wealth Myths. The author enumerates the myths which we carry and bursts them. The second chapter is titled technical concepts in financial independence. I found this chapter both interesting and uninteresting. Interesting because I was able to understand few of the concepts and uninteresting because I did not understand rest of them. (fortunately they can be easily calculated using online tools.)
In the following chapter various investment tools, right from the humble FDs to complex stocks and commodities are discussed. The next chapter is devoted to various types of insurances. In the chapter titled Principles of Wealth Accumulation various simple tips and age old advice are offered. The next chapter guides you as to how to alter your portfolio according to your age. Thereafter the author enumerates eight steps for financial freedom planning. The author also gives some interesting tips to save tax.
I liked the book for some of the concepts mentioned in the book are really novel. What I did not like is the language of the book, which is both boring and banal. Yet, given the dearth of books that offer financial education, this book must be welcomed.