Some of our best investments may have nothing to do with making money, at least not directly. Yet, these investments have the potential to make us rich—actually many times richer than a blue-chip stock or the best performing mutual fund could. We are talking of books—books on personal finance.
Not so long ago, a recommended list of books on personal finance in India would have begun and ended with the ones on tax saving. A little more searching would have gotten you a few primers on stock investing. The choices were limited, the writing dry and presentation most unappealing. Besides, why would you spend time and money on personal finance books when most of your savings were invested in fixed income instruments with guaranteed returns?
But in recent years the world of investing has changed dramatically with a profusion of choices. This is ideal time for books on investing— books that are clear, comprehensive and appetising for the lay reader. As a magazine focused on investor education, we have been on the lookout for such books right from the time Money Today was launched.
That’s the reason we dedicate two pages in every issue to reviewing a book that we think is worth readers’ money and time. After reviewing 30-odd books we are convinced that many of these books are as good an investment as a good stock or fund or any other savings instrument. Our picks from our personal finance book library so far: for absolute starters Personal Finance by Jeff Mudra (Rs 495). It’s a mini encyclopaedia, exercise book and reference manual rolled into one.
Another “zero-to-hero” type of book on investing is Master Your Money Type by Jordan Goodman (Rs 560). These books are about understanding and strategy rather than specific tips. If you would rather start from a specific subject (say a book only on stocks) and then consider reading an omnibus, go no further than the classic Intelligent Investing by Benjamin Graham (Rs 551) as the starter. One of the most recent books on stock investing to catch our eye is reviewed in this issue. Engrossingly written and well presented, this book combines tips with general education on stocks.
There is another way to pick the book you want to start with. Spend a few minutes at http://books.moneytoday.in This is our online ever-expanding review of personal finance books arranged according to broad topics of investing. Take a sneak preview and start on a book today. You will gain in knowledge, confidence—and wealth.