Showing posts with label Great Books. Show all posts
Showing posts with label Great Books. Show all posts

Wednesday, February 15, 2012

JagoInvestor Book By Manish Chauhan - Review




I am really happy to announce that, Manish Chauhan of JagoInvestor Blog has given me the opportunity to publish a review about his newly launched hard cover book JagoInvestor - Change your relationship with money.

What's the book is all about?

Jagoinvestor is as the name suggests, its the book about changing your relationship with your money. In layman's language, this book is all about basics of personal finance and financial planning related advises. This book is not about earning money but its all about how to manage your hard earned money. Its all about how to handle your money wisely.

If you are searching for some professional level of stock market or commodity market trading or investing book than this book is not for you. This book is for the people who want to increase their basic financial literacy by several folds as the book is written in very simple language that even a school going kid can understand its lessons and advises and change their financial life.

Believe me, if you are in your twenties and early thirties and this book is in your hand than probably it has changed the financial future of your entire family tree.


Good News

Now, the good news is that - the book is written in very simple and lucid language and you will gain lots of financial knowledge from its each and every page.
Another great news is that the book is full of diagrams, charts, tables and animations. This helps us to understand the subject very well.

As there is an old saying that - a picture is worth of 1000 words. And this old saying exactly applies to this book. Lots of diagrammatic illustrations and flow charts make this book really easy to understand.

Another good thing about the book is that, at the end of every chapter the book has action plans and question papers. The book has taken care that after reading each of its chapter you just don't become a couch potato but actually use your mind and take the action.


What's Inside the book?


As I have already told in the starting of the article that, the book is all about basics of personal finance and financial planning related lessons.

The book starts with extremely important financial advise - Start (investing) early. From the first chapter only, the book has emphasized the power of compound interest and benefits of starting early.

The book is divided into 7 chapters.
And each chapter contains lots of basic personal finance advises. You will amazed after reading these advises that how simple personal finance is.

In the Chapter 5: Change your relationship with money, there are almost a dozen of basic personal finance lessons. The most touched one lesson is - Time is the new Money.

Manish says that,

The so called 'busy' people have no time for their personal finance but they somehow find time to be on various blogs, chats and social media sites. Here you are wasting your time in small installments and you are not even aware of it. Always remember that NO capital is getting generated from these activities. No wealth is getting generated. There is NO increase in your bank balance due to it.



The above is the most touchy thought. In the internet world, the modern Web 2.0 applications actually consume your time. The same time could be utilized to gain immense financial knowledge or immense success.

The book has also chapters on goal planning, setting your financial goals, considering inflation while calculating your financial goals and many more things with diagrams and figures.


Is JagoInvestor-Change your relationship with money worth reading?


Yes. If you are a financial newbie and don't know anything about basics of personal finance. Financial literacy is not given to us in any part of entire India and that's why when we leave our schools and colleges, we have hard time to manage our money. This is because much little has been taught to us about the most important element of our life - Money.
This book is for every Indian (or NRI) who want to do successful financial planning for their various long and short term financial goals like your retirement, child future planning, child education, marriage and many others.

No. If you already have some basic level of financial education and you have already done a successful financial planning for your financial future (And if you think that you have done it correctly...!!!).


How to Buy this Book?


The best way to buy this book is - Online according to me. Just visit Flipkart.com and buy this book and the book will be delivered at your home.
If you don't want to buy it online, visit your nearest Crossword book store or some other reputed book store. If your nearest book store does not have this book, request them to keep this book in their store and they will arrange for this book for you.
So getting this book in your hand is not a big deal.

Price of the Book

The Hard cover printed price of the book is Rs.499 per hard cover copy which is I think a very reasonable price. (You won't believe it but I have literally spend thousands of rupees per hard cover copy for some foreign personal finance authors like Manish.) The binding of this book is very good. So this book will remain with you a long time.
You can also think of giving this book as a present to your family and friends.



Update:

One request to Manish.

Manish kindly send the FREE books to the readers with your signature, date and time on the first page of the book. This is a good practice.
When I received your hard cover book for FREE, I was expecting your signature on the first page of the book.
My request to you is kindly send the book with your signature to the people who participate in the following offer by Moneysights.com

http://www.jagoinvestor.com/2012/02/free-jagoinvestor-book-by-moneysights.html

Tuesday, January 26, 2010

Getting Rich Your Own Way

Review: Getting Rich Your Own Way

"Getting Rich Your Own Way" by Brian Tracy is a solid text on succeeding in your financial matters. With the advice Tracy gives in this book, the reader can create a road map to financial success. With some hard work and sweat, the reader can achieve success from that road map.

Here are few Testimonials for this Book.

"Save yourself ten years of hard work. Read Brian's powerful book and let him show you the shortcut to success. He'll show you the fastest way for you to get rich."
-Robert Allen bestselling author, Multiple Streams of Income
"Millions of people start with nothing and become wealthy as the result of doing certain things in a certain way, over and over again. This book by Brian Tracy shows you how you can achieve all your financial goals, starting from wherever you are today."
-Jack Canfield coauthor, Chicken Soup for the Soul(r) series and The Success Principles
"This is the only book you need to read to become wealthy! It is loaded with practical ideas and strategies to propel you onwards and upwards."
-Nido Qubein Chairman, Great Harvest Bread Company, and founder, National Speakers Association Foundation
"Another great book from Brian Tracy. Tangible, practical ideas that will make you money and make you rich!"
-Bill Bachrach President, Bachrach & Associates, Inc.
"Brian Tracy has put together a masterpiece of common sense for getting rich. If you wish a different life, commit now to different actions-read this book!"
-H. J. (Jim) Graham President and CEO, Cyber Broadcast One, Inc.
"Brian Tracy shows you how unlimited wealth starts in the mind, and how anyone can focus their time and energy to earn millions. It's the readable, riveting primer for countless new American fortunes."
-Peter Montoya CEO, Peter Montoya Inc.

The United States is the land of opportunity; and that’s as true today as it’s ever been. Even in tough times like these, getting rich doesn’t have to be a dream--you can make it a reality with hard work and practical advice. In Getting Rich Your Own Way, renowned business consultant and motivational speaker Brian Tracy offers a proven road map to financial success for anyone and everyone.

In this positive, prescriptive guide, Tracy shares proven principles and strategies that lead to success--the same principles and strategies that thousands of Americans learn in his seminars every year. Concise and comprehensive, this book won’t teach you how to make a fast buck in real estate or beat the stock market for a million dollars. Instead, it will teach you real-world principles for achieving the financial independence you dream of--no matter what you do for a living or how little you have in the bank.

Wednesday, January 13, 2010

Books on Business Ideas in India

The 100 Greatest Business Ideas Of All Time, Ken Langdon, 184112513X

Books on Business Ideas in India

I would suggest you this one book is you want a great Business idea to start a Business in India. You can apply any of these ideas in India and start a Business and make fortune in India.

"The 100 Greatest Business Ideas of All Time" provides some of the most famous, occasionally infamous, great business ideas. Whether unplanned or planned ideas, they all have the common factor of success, sometimes hugely significant, like the Biro Idea pen, and sometimes hugely complicated ideas, such as the Eurotunnel Idea.

We can learn a lesson from each and every one of these great idea by drawing hints for the future from the great ideas of the past. With many of the entries, the challenge to the modern day business person to expand the original idea into their own environment. After all, anyone in business can become a billionaire; you just need the to have a great idea as your starting point. "The 100 Greatest Business Ideas of All Time" will help you find yours

Just some of the ideas Ken Langdon reveals are: The 9 greatest Ideas for selling innovations The 10 greatest ideas for bumper sticker strategies The 5 greatest ideas for winning in the stock market The 4 greatest ideas (so far) to become a multi-millionaire on the internet

and 72 other fantastic ideas, tips and tricks that will take you and your business to the very top

In short, this Book is a collection of 100 great Business ideas of all time.

Friday, November 13, 2009

Top Selling Business Books

Top Selling Business Books

The world is full of Business Books. This article is about the all time top selling business books in the world. All of the following books are the best selling business books all around the world. So if you want to start reading business books than start from these books only.

01) Innovator’s Dilemma -

An insightful analysis of the impact of technology on industries and organizations, and a convincing argument for why thinking outside the box is so critical.

02) Liar’s Poker -

Another top selling book. An engaging read that depicts the rape and plunder mentality of Wall Street traders.

03) 2020 Vision -

More than any other book, this book expresses clearly the vision that information is becoming the key to business. It opened my eyes.

If ten years from now your business is the same as it is today, you will probably be out of business.  This is the challenge of 2020 Vision, a pioneering work that addresses one of the most pressing problems in business today: how to survive and succeed in tomorrow's economy.  Bold and incisive, the book looks ahead to the decades in the next century when our lives and businesses will be completely transformed by information and biotechnology.

Computers and telecommunications are reshaping the basic structure of American enterprise, and any competitive business must utilize the new technology either to improve its products and services or to create entirely new ones.  You can't just do the same thing better.  To be truly competitive you have to do something fundamentally different, and in the process, your business will have to be totally transformed.  2020 Vision defines the realities American enterprise can expect in the next thirty years and explains how to revitalize your business to keep pace.

04) Good To Great -

How effective leaders combine personal humility with firm determination to move average performers into great producers.

05) Too Big To Fail -

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The Inside Story of How Wall Street and Washington Fought to Save the Financial System—and Themselves.

Thus the all of the above are the Top selling Business books. They are highly recommend for your Business Career…!!!

Best Business Books

All time Best Business Books List

Here are the best business books of all time. If you read any one or more of the above books than I bet you that your mindset will be changed forever. These are the most influential business books that have changed the mindset of several people and created many entrepreneurs in the global economy.

Anyway… So here we go….

1. In Search of Excellence: Lessons from America’s Best-Run Companies
by Thomas J. Peters and Robert H. Waterman, Jr.
1982

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Highly influential when global competition, largely from Japan, had brought Western business to a low, this quintessential business book describes eight enduring management principles that made the forty-three companies surveyed “excellent.” The authors focus exclusively on big companies, namely big manufacturers, but ironically condemn the excesses of modern management practice and advocate a return to simpler virtues. They have since come to feel that their ideas are better embodied in smaller companies.

2. The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail
by Clayton M. Christensen
1997

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Examining a variety of leading well-managed companies that have failed to capitalize on innovative technologies, Christensen explains, with striking clarity and style, how to manage breakthrough products successfully when customers may not be ready for them.

His argument that overdependence on customer needs, or on the most profitable products, can damage a company’s success challenges the marketing and customer service books that put customer focus at the top of the corporate agenda. Considered a paradigmatic marketing visionary, Christensen highlights the problems inherent in what appears to be sound decision making, and rigorously demonstrates that companies will fall behind if they fail to adapt or adopt new technologies that will meet customers’ unstated or future needs.

3. How to Win Friends & Influence People
by Dale Carnegie
1937

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Having sold more than 15 million copies, this seminal self-improvement book continues to guide managers in the universal challenge of face-to-face communication.

A master of human nature, Carnegie advises that “[w]hen dealing with people, remember you are not dealing with creatures of logic, but with creatures of emotion, creatures bristling with prejudice, and motivated by pride and vanity.” He argues that success is only 15% professional knowledge; the remaining 85% is “the ability to express ideas, to assume leadership, and to arouse enthusiasm among people.”

4. The One-Minute Manager
by Kenneth H. Blanchard and Spencer Johnson
1981

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Millions of managers in Fortune 500 companies and small businesses around the globe have followed the timeless principles of this first mega-bestselling business book, presented as a parable. Concisely elegant, this narrative reveals three practical management secrets: One-Minute Goals, One-Minute Praisings, and One-Minute Reprimands—a concept that has spawned numerous “One-Minute” titles, for endeavors from parenting to golfing.

5. The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change
by Stephen R. Covey
1989

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Having developed the concept of this groundbreaking, long-term bestseller by studying literature going back more than 200 years, Covey bases his approach on relatively immutable personal human values. Unlike many a self-improvement author, however, he doesn’t promise a quick fix; rather, he calls for a paradigm shift—a revolutionary change in one’s perceptions and interpretations of how the world works. And with different thinking comes different actions that will profoundly affect one’s productivity and effectiveness.

Sunday, October 4, 2009

Rich Dad PoorDad Say About Debt

Rich Dad Poor Dad Say about Debt

Rich Dad Poor Dad is my Most favourite book and the lessons about money in the book are amazing. In one lesson, the author Robert T. Kiyosaki has told about Debt. According to Robert’s Rich Dad, there are mainly 2 types if Debts – Good Debt & Bad Debt.

Good Debt – Any Asset producing Debt is a Good debt. Means the money that you borrow for the purpose of creating or acquire Assets is known as a Good Debt such as Mortgage for Rental Properties, Business Loans, Education Loans…etc…

Bad Debt – Any Liability producing Debt is a Bad Debt. Means the money that you borrow for the purpose of acquiring liabilities is known as a bad debt. The Examples of Bad Debt are Credit Cards, Car Loans, Personal Loans, Consumer EMIs…etc…

According to Robert’s Rich Dad, Rich people always take a good debt to get richer while Middle class people always take a Bad Debt and remains middle class and struggle financially. The main reason behind the struggle of the middle class is that, they always take a bad debt and that’s why at the end, NO Asset is created and that’s why they struggle financially all of their lives.

While on the other hand, rich people always take a good debt. They use Debt to get more richer than before. At the end, they have an Asset in their control and that’s why they become more richer. So according to Robert’s Dad, if you want to get richer than you have to take good debt only all of your life. …!!

Saturday, October 3, 2009

Review: Rich Dad Poor Dad 6 Lessons

Review: Rich Dad Poor Dad 6 Lessons

Rich Dad Poor Dad is my Most favourite book. If this book came into my hand 10 years before (IN 2000) than today I would have more Successful and richer in my life. The author Robert T. Kiyosaki tells the story about his 2 dads – One is his real dad whom he call Poor dad while the other Dad is his best friend mikes’ dad whom he call Rich Dad.

Robert gives 6 Lessons about Money that he learned from his rich dad in his Ney York Time Best Selling Book – Rich Dad Poor Dad. Here are those 6 Lessons on Money.

Lesson: 1 The Rich Don’t work for the Money -

Robert’s Rich dad told him that, Rich don’t work for money but their money work for them. Now, How to make money work for you? Well, by doing a Business & Investments. Investment means making your money work for you harder rather than you work hard for the money.

Lesson: 2 Why Teach Financial Literacy? -

In this lesson. Robert teaches us the importance of financial literacy. According to him, the reason why most of the people struggle financially is because they don’t know the difference between 2 financial words – Assets & Liabilities. According to him, an Asset is something which is likely to put money into your pocket while a Liability is something which will take money out of your pocket.

Lesson: 3 Mind your own Business -

In this lesson, Robert’s rich dad teach him that, you can’t teach everything to everybody in this world. So rather than wasting your time behind teaching those people who don’t understand anything just focus on your own Business.

Lesson: 4 The History of Taxes and The Power of Corporations -

Here Robert’s rich dad teach him the history of taxes and the power of the corporate structure. How Rich people use the Corporate structure in their favour to avoid taxes and get richer and richer over the time is the main theme of this lesson.

Lesson: 5 The Rich Invent Money -

Here Rich dad teaches us that, How Rich people work less, use their mind more and Invent money out of the thin air.

Lesson: 6 Work To Learn – Don’t work for Money -

This Lessons is all about the basic financial advises. This lesson will teach you that what rich people teach their kids that poor and middle class don’t?

Thus, all the lessons about money are reading worthy. This book is a Best Investment in your financial knowledge.

Saturday, September 26, 2009

Everything you Wanted to Know about Investing

Everything You Wanted to Know about Investing

Kotak Mahindra launches the Book & CD “Everything you Wanted to Know about Investing” in collaboration with CNBC.

Kotak Mahindra Group along with CNBC introduces CD ROM and book on financial investments. It covers various asset classes and includes investing tips keeping in mind individual goals and targets. It also has alternate asset classes topics covered like private equity, real estate and structured products. It would act as one stop reference source for informed and lay investors.

The Kotak Mahindra Group along with CNBC announced the launch of the investment bible "Everything you wanted to know about Investing". Available as an interactive CD ROM (Rs 499) and in a book form (Rs 299), the tome is billed as the encyclopedia of investment and wealth creating intelligence. Among the first of its kind in its comprehensive coverage of the topic, it hopes to give the Indian investor a much-valued insight into various investment options and the process of investing on the basis of individual goals and targets

It covers various asset classes such as equities, debt, art, gold, insurance; alternates such as private equity, real estate and even structured products. It also seeks to educate the customer about managing home loans and credit cards. With calculators that help in developing a model portfolio and risk profile calculators among others, the product becomes the one stop source of reference and action for the informed and the lay investor.

My Opinion -

In my Opinion, you should buy such kind of products. Buying such kind of Informative Books & CDs is not the spending but it’s the Investment. Investment in your own Financial Knowledge which will pay you highest Dividends in the long run.

I am an avid book reader. And I Invest in Books a Lot. Books are my Assets because the Information given in these Books are valuable and can change your life…!!!

Friday, September 25, 2009

Dhiruism

Dhiruism: Book Review

Recently I have purchased a Book – Dhiruism. It’s a Great Book. In the book, Dhirubhai Ambani teaches us the 9 Management Lessons.

Here are those 9 Management Lessons from Dhirubhai Ambani -

Dhiruism No 1-Roll up your sleeves and help'

You and your team share the same DNA.

Reliance, during Vimal's heady days had organized a fashion show at the Convention Hall, at Ashoka Hotel in New Delhi.

As usual, every seat in the hall was taken, and there were an equal number of impatient guests outside, waiting to be seated. I was of course completely besieged, trying to handle the ensuing confusion, chaos and protests, when to my amazement and relief, I saw Dhirubhai at the door trying to pacify the guests.

Dhirubhai at that time was already a name to reckon with and a VIP himself, but that did not stop him from rolling up his sleeves and diving in to rescue a situation that had gone out of control. Most bosses in his place would have driven up in their swank cars at the last moment and given the manager a piece of their minds. Not Dhirubhai.

When things went wrong, he was the first person to sense that the circumstances would have been beyond his team's control, rather than it being a slip on their part, as he trusted their capabilities implicitly. His first instinct was always to join his men in putting out the fire and not crucifying them for it. Sounds too good a boss to be true, doesn't he? But then, that was Dhirubhai.

Dhiruism No 2: Be a safety net for your team.

There used to be a time when our agency Mudra was the target of some extremely vicious propaganda by our peers, when on an almost daily basis my business ethics were put on trial. I, on my part, putting on a brave front, never raised this subject during any of my meetings with Dhirubhai.

But one day, during a particularly nasty spell, he gently asked me if I needed any help in combating it. That did it. That was all the help that I needed. Overwhelmed by his concern and compassion, I told him I could cope, but the knowledge that he knew and cared for what I was going through, and that he was there for me if I ever needed him, worked wonders for my confidence.

I went back a much taller man fully armed to face whatever came my way. By letting us know that he was always aware of the trials we underwent and that he was by our side through it all, he gave us the courage we never knew we had.

Dhirubhaism No 3: The silent benefactor.

This was another of his remarkable traits. When he helped someone, he never ever breathed a word about it to anyone else. There have been none among us who haven't known his kindness, yet he never went around broadcasting it.

He never used charity as a platform to gain publicity. Sometimes, he would even go to the extent of not letting the recipient know who the donor was. Such was the extent of his generosity. "Expect the unexpected" just might have been coined for him.

Dhirubhaism No 4: Dream big, but dream with your eyes open.

His phenomenal achievement showed India that limitations were only in the mind. And that nothing was truly unattainable for those who dreamed big.

Whenever I tried to point out to him that a task seemed too big to be accomplished, he would reply: " No is no answer!" Not only did he dream big, he taught all of us to do so too. His one-line brief to me when we began Mudra was: "Make Vimal's advertising the benchmark for fashion advertising in the country."

At that time, we were just a tiny, fledgling agency, tucked away in Ahmedabad, struggling to put a team in place. When we presented the seemingly insurmountable to him, his favourite response was always: "It's difficult but not impossible!" And he was right. We did go on to achieve the impossible.

Both in its size and scope Vimal's fashion shows were unprecedented in the country. Grand showroom openings, stunning experiments in print and poster work all combined to give the brand a truly benchmark image. But way back in 1980, no one would have believed it could have ever been possible. Except Dhirubhai.

But though he dreamed big, he was able to clearly distinguish between perception and reality and his favourite phrase "dream with your eyes open" underlined this.

He never let preset norms govern his vision, yet he worked night and day familiarizing himself with every little nitty-gritty that constituted his dreams constantly sifting the wheat from the chaff. This is how, as he put it, even though he dreamed, none of his dreams turned into nightmares. And this is what gave him the courage to move from one orbit to the next despite tremendous odds.

Dhirubhai was indeed a man of many parts, as is evident. I am sure there are many people who display some of the traits mentioned above, in their working styles as well, but Dhirubhai was one of those rare people who demonstrated all of them, all the time.

5. Dhirubhaism: Leave the professional alone!

Much as people would like to believe, most owners (even managers and clients), though eager to hire the best professionals in the field, do so and then use them as extensions of their own personality. Every time I come across this, which is much too often, I am reminded of how Dhirubhai's management techniques used to be (and still remain) so refreshingly different.

For instance, way back in the late 1970s when we decided to open an agency of our own, he asked me to name it. I carried a short list of three names, two Westernised and one Indian. It was a very different world back then. Everything Anglicised was considered "upmarket."

There were hardly any agencies with Indian names barring my own ex-agency Shilpi and a few others like Ulka and Sistas. He looked at the list and asked me what my choice was. I said "Mudra": it was the only name that suited my personality. And the spirit of the agency that I was to head.

I was very Indian and an Anglicised name on my visiting card would seem pretentious and contrived. No further questions were asked. No suggestions offered, just a plain and simple "Go ahead and do it." That was just the beginning.

He continued to give me total freedom -- no supervision, no policing -- in all my decisions thereafter. In fact, the only direction that he gave me, just once, was this: "Produce your best."

His utter trust in me was what pushed me to never, ever let him down. I guess the simplest strategies are often the hardest to adopt. That was the secret of the Dhirubhai legend. It was not out of a book. It was a skillful blend of head and heart.

6. Dhirubhaism: Change your orbit, constantly!

To understand this statement, let me explain Dhirubhai's "orbit theory."

He would often explain that we are all born into an orbit. It is up to us to progress to the next. We could choose to live and die in the orbit that we are born in. But that would be a criminal waste of potential. When we push ourselves into the next orbit, we benefit not only ourselves but everyone connected with us.

Take India's push for development. There was once a time our country's growth rate was just 4 per cent, sarcastically referred to as the "Hindu growth rate." Look at us today, galloping along at a healthy 7-8 per cent.

This is no miracle. It is the product of a handful of determined orbit changers like Dhirubhai, all of whose efforts have benefited a larger sphere in their respective fields.

In a small way, I too have experienced the thrill of changing orbits with Mudra. In the 1980s, we leapt from the orbit of a small Ahmedabad ad agency to become the country's third largest ad agency -- in just under a decade.

However, when you change orbits, you will create friction. The good news is that your enemies from your previous orbit will never be able to reach you in your new one. By the time resentment builds up in your new orbit, you should move to the next level. And so on.
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Changing orbits is the key to our progress as a nation.

Dhirubhaism No.7. The arm-around-the- shoulder leader

I have never seen any other empire builder nor the CEO of any big organisation do this (why, I never adopted this myself!).

It was Dhirubhai's very own signature style. Whenever I went to meet him and if on that day, all the time that he could spare me was a short walk up to his car, he would instantly put his arm around me and proceed to discuss the issues at hand as we walked.

With that one simple gesture, he managed to achieve many things. I was put at ease instantaneously. I was made to feel like an equal who was loved and important enough to be considered close to him. And I would walk away from that meeting feeling so good about myself and the work I was doing!

This tendency that he had, to draw people towards him, manifested itself in countless ways. This was just one of them. He would never, ever exude an air of aloofness and exclusivity. He was always inviting people into sharing their thoughts and ideas, rather than shutting them out.

On hindsight I think, it must have required phenomenal generosity of spirit to be that inclusive. Yes, this was one of the things that was uniquely Dhirubhai -- that warm arm around my shoulder that did much more than words in letting me know that I belonged, that I had his trust, and that I had him on my side!

Dhirubhaism No.8. The Dhirubhai theory of Supply creating Demand

He was not an MBA. Nor an economist. But yet he took traditional market theory and stood it on its head. And succeeded.

Yes, at a time when everyone in India would build capacities only after a careful study of market expectations, he went full steam ahead and created giants of manufacturing plants with unbelievable capacites. (Initial cap of Reliance Patalganga was 10,000 tonnes of PFY way back in 1980, while the market in India for it was approx. 6000 tonnes).

No doubt his instinct was backed by years and years of reading, studying market trends, careful listening and his own honed capacity to forecast, but yet despite all this preparation, it required undeniable guts to pioneer such a revolutionary move.

The consequence was that the market blossomed to absorb supply, the consumer benefited with prices crashing down, the players increased and our economic landscape changed for the better. The Patalganga plant was in no time humming at maximum capacity and as a result of the plant's economies of scale, Dhirubhai's conversion cost of the yarn in 1994 came down to 18 cents per pound, as compared to Western Europe's 34 cents, North America's 29 cents and the Far East's 23 cents and Reliance was exporting the yarn back to the US!

A more recent example was that of Mukesh Ambani taking this vision forward with Reliance Infocomm (which is now handled by Anil Ambani). In India's mobile telephony timeline there will always be a very clear 'before Infocomm and after Infocomm' segmentation. The numbers say it all. In Jan 2003, the mobile subscriber base was 13 million, about 16 months later, shortly after the launch, it had reached 30 million.

In March 2006, it has touched 90 million ! Yes, this was yet another unusual skill of Dhirubhai's -- his uncanny knack of knowing exactly how the market is going to behave.

Dhirubhaism No.9. Money is not a product by itself, it is a by-product, so don't chase it

This was a belief by which Dhirubhai lived all his life. For instance when he briefed me about setting up Mudra, his instruction was clear: 'Produce the best textile advertising in the country,' he said.

He did not breathe a word about profits, nor about becoming the richest ad agency in the country. Great advertising was the goal that he set for me. A by-product is something that you don't set out to produce. It is the spin off when you create something larger.

When you turn logs into lumber, sawdust is your by-product and a pretty lucrative one it can be too! It is a very simple analogy but extremely effective in driving the point home. Work toward a goal beyond your bank balance.

Success in attaining that goal will eventually ring in the cash. For instance, if you work towards creating a name for yourself and earning a good reputation, then money is a logical outcome.

People will pay for your product or service if it is good. But if you get your priorities slightly mixed up, not only will the money you make remain just a quick buck it would in all likelihood blacklist you for good. Sounds too simplistic for belief? Well, look around you and you will know exactly how true it is

Monday, August 17, 2009

My Favourite Personal Finance Books -

Many readers want to know that, Which Personal Finance Books I am fond of. They are surprised by me because I am a doctor and still I am running a Successful Finance Blog. And that’s why they want to know that which are my favourite Personal Finance Books?

Well, I have read several Personal Finance, Business, Investments & Entrepreneurship Books…. May be more than 150 or so. I have started reading Books on Money, Personal Finance, Business & Investments when I was in my 10th Standard (1998). And today after more than 10 years of constant reading on the subject of Money & Investing, I know almost all the aspects of Money & How it works. I am still learning this subject. I Like to learn new things about Money and How it works?

So Here are my few All time favourite Personal Finance Books.

01) Rich Dad Poor Dad -

Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money--That the Poor and the Middle Class Do Not!

I have first time read this book in May 2007 after completing my Graduation (MBBS). And this Book has changed my life by 180 degree. If you want to read only one Personal Finance Book in your whole of your life than this should be the one.

Many Personal Finance Bloggers & Advisors around this world don’t suggest this Book simply because they think that the Financial advises given in this book are extremely risky. Even though, this is a Personal Finance Category Book, it is not about Saving Money, Live Below Your Means, Investing in Mutual Funds, Diversify, getting out of Debt and retirement planning.

This Book is around the basic idea of How Rich Play the Game of Money. They don’t diversify, they don’t invest in mutual funds, they don’t live below their means, they don’t invest in real estate and hoping for capital gains, they don’t depend on the government system for their retirement and they take lots of Debt (Asset Producing Debt which is called a Good Debt in the book). But still they are rich and can afford all the luxuries of their lives.

Robert Kiyosaki, the fourth generation Japanese American is the author of this New York Times Best Selling Book. Many people say after reading this book that, If they had read this book 20 years before than today they would be much more rich and financially free.

The book starts as a story. In the Book, Robert’s highly educated real dad is a Poor Dad and his Best friend Mike’s Dad is a Rich Dad. Robert receives advises from both of his dads. But when it comes to Money, he follows the advises of his Rich Dad. When Robert saw a Luxurious Car, his poor dad used to say – My Son, We can’t afford this Car while his rich dad used to say – Son, Don’t think That I can’t afford this Car but instead think that How Can I afford this Car?

His Poor Dad Said, Son, Work Hard for Money while his Rich Dad said, Son, Learn to Make money work for you instead of you work hard for Money. The Book goes on and on…..

Many Personal Finance Gurus argue that, These are risky advises. But according to me, This is a MUST read Personal Finance Book.

02) Cashflow Quadrant -

Cashflow Quadrant: Rich Dad's Guide to Financial Freedom

Cashflow Quadrant is actually a continuation of the Rich Dad Poor Dad Book. This is also a MUST read book. This Book is all about changing the mindset. According to this Book, School teaches us to be Employees (E) & Self-Employees (S) while Rich people of this world are Business Owners (B) & Investors (I). According to this book, the school system is designed in such a manner that it can only produce E & S. It will never teach or motivate us to be B & Is.

And this is the reason when we enter into the Real Life, We find Business & Investment Risky. Because all we have learnt from our school about Business & Investments is that, It is Risky. But in reality, Not Having a Business & Investments is Risky. You observe this phenomena. If today you are doing a job than who is more safe and secure? You or your school drop out Friend who started his own Business & done Investments?

03) Guide To Investing -

Rich Dad's Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not!

This is also a continuation of Rich Dad Series Books ‘Rich Dad Poor Dad’ & “Cashflow Quadrant”. This Book will teach you the power of Corporate Structure & Various Corporate Strategies that Rich use in their favour to get richer and avoid taxes.

How Rich people create wealth in the economy by developing a successful Business and taking it to the public is the main theme of this Book.

04) The Intelligent Investor by Benjamin Graham -

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition)

After Rich Dad Series Books, This is my next all time favourite book. There are thousands of Books on Investments in this world but none of those is as effective as this. In fact, Fund Managers & Investors read this Book.

This is the Basic & Life Changing Book of Warren Buffet, The Second Richest Person (2009) of the world & The Legendary Investor of the Century. According to Warren Buffet, He has made his fortune by following the Investment principles of this Book. He read this Book 50 years before and still today he follows the principles of this Book.

This is my favourite Book also. Chapter 8 & 20 of this Book are very important.

05) Living the 80/20 Way -

Living The 80/20 Way: Work Less, Worry Less, Succeed More, Enjoy More

This is another great & a MUST read book. This Book is based on 80/20 principle means you should put 80% effort on those 20% things in your life which are going to give you 80% results.

Chapter 6 – Unmask the Mystery of Money of this Book is a MUST read chapter. This chapter really unmasks the mystery of money. The author has logically proved in this chapter that why 20% people of this world own 80% of the Total wealth and rest 80% people share just 20% of the Total wealth?

The Chapter has also explained that Why because of the compound Interest, Money gets concentrated in few hands.

06) The Millionaire Next Door -

The Millionaire Next Door

The Millionaire Next Door book is all about a Typical Millionaire of USA. Most of the people in this world think that, you can become a Millionaire by spending a lot, buying expensive cars, watches & clothes. But in reality, according to the study & analysis of Millionaire families in USA by the authors of this Book, Typical Millionaires in USA are not those who spend more but who Save and Invest more.

A Typical Millionaire of USA drives a second hand car because he don’t believe spending money behind depreciating items rather than he will invest that money in some Assets.

The Whole book is about the real life style of a Typical American Millionaire. This Book will change a picture of a Millionaire from your mind. This is perhaps a Best book on Frugality.

07) Richest Man in Babylon -

The Richest Man in Babylon

This Book is all about the principles of Gold (Money) from the Babylon around 8000 years back. Babylon was the richest city of this world in ancient times. And the Richest man of Babylon had 5 principles of Gold that are still effective today. One Archeologist found these principles on a Clay tablets during his research work on ancient Babylon.

08) Total Money makeover by Dave Ramsey -

The Total Money Makeover: A Proven Plan for Financial Fitness

Dave Ramsey is a Personal Finance Guru & Educator in USA. his book Total Money Makeover is mainly around the idea of reducing debt, getting out of debt and stay away from Debt.

Here are some quotes from Dave Ramsey from the Book -

"A new $28,000 car will lose about $17,000 of value in the first four years you own it. To get the same result, you could toss a $100 bill out the window once a week during your commute."

"Looking to spend $100 per month on life insurance? You could pay $7 a month toward term insurance and invest the remaining $93. But go with a cash-value policy if you'd rather have someone else earn interest on your investments."

"49% of Americans could cover less than one months' expenses if they lost their income."

"If your mortgage payment is $900 and the interest portion is $830, you will pay that year around $10,000 in interest. What a great tax deduction! Right? Otherwise, you'd pay $3,000 in taxes on that $10,000. But who in their right mind would chose to trade $10,000 for $3,000?"

All of this advice is helpful and eye opening,

Saturday, July 11, 2009

RichDad PoorDad Criticism

John T. Reed’s Analysis of Rich Dad Poor Dad

RichDad PoorDad is New York Times Best selling book. The author is Robert Kiyosaki. It is my favourite Personal Finance Book. But unfortunately this book has received many criticisms. Many Finance Gurus & Personal Finance don’t agree with many advises given in the book.

One Most Common advise in the book which has received tremendous criticism is - “Your Home is not your Asset but it is your Biggest Liability.”

For many people their Home is their Biggest Asset. But according to the definition in RichDad PoorDad, an Asset is something which puts money into your pocket (Cashflow). Means anything which generates positive Cashflow for you is an Asset while anything which takes money out of your pocket is a Liability.

Your Home is something which doesn't put money into your pocket at the end of month. But instead of that, it takes money out of your pocket. So its your Liability. But according to the definition, if you own a rental property which makes money into your pocket after deducting all the possible expense than its your Asset.

Many Finance Gurus don’t agree with this funda. But I personally believe this definition and this funds.

There are several other critics about various financial advises in the book. You can read the detailed negative analysis of RDPD by going on the above Link (John T. Reed’s Analysis).

The another common critics about the book is – Robert teaches us that, how to use the power of Corporate Structure to avoid taxes. How you can show your vacations and personal expenses as Business expanses and save taxes. In fact, rich people do this. But many Finance Gurus say that, Robert is teaching us to break the Tax laws.

Another criticism is about Robert’s “Rich Dad”. Many people believe that, there never was a rich dad. Because don’t reveal his rich dad’s identity. Many people and competitors of Robert say that, Robert had never ever any rich dad.

Many critics say that, Robert is a Liar. Because he claims his net worth US $ 50-100 Million while in reality, his net worth is $ 9 Million only. Robert apparently lie about his bankruptcy in 1985. But he never went Bankrupt.

Even after so many of negative criticism about Robert Kiyosaki & his Best Selling Book Rich Dad Poor Dad, I still believe him and his advises. In fact, this one Book has changed my mindset from Self-employee to Business-owner & Investor. I have build my own Internet Business “MY Journey To Billionaire Club” Blog after reading RDPD and the advises in this book.

Today I own my own Cashflow Producing Internet Business (This Blog) & feel Financially Free & Secure. Thank you Very Much…. Robert Kiyosaki….!!!!!

Richdad Poordad and Starting a Business

RichDad PoorDad is new York times best selling book. This is a Personal Finance Book & the author Robert Kiyosaki explains personal finance in very simple and easy to understand language.

This is my favourite Personal Finance Book. However, many authors don’t agree with the philosophy of Robert. The Book says that, if you want to be rich in future than you have to start building Assets & grow your Asset Column of the financial statement from today.

A Business is an Asset & starting a Business means creating your own Asset in the Asset Column of the Financial Statement. Many Financial planners & Personal Finance Gurus say that, it is extremely risky. while Robert says that, being Financially uneducated is risky.

According to the book, if you want to be ultra-rich than you MUST have to create Assets that millions of people want to buy or want a part of it.

It means that if you want to be Ultra-rich than you have to CREATE Investments rather than investing in someone else’s Business. So How anyone can create investments? Well, by developing a successful business and taking that business to the public. Once your business will be listed publically, millions of people, mutual funds & investors want to invest in your business by buying stocks of your Business.

According to Robert, what Middle class people do is, they invest in some mutual funds or divert their money to some professional financial advisor and all of them divert their money ultimately to the wall street. Instead of that, why not start your own business, taking it to public and create investments?

The book is all around the idea of – Growing your Asset Column by acquiring assets, converting something into assets and creating assets (Businesses).

Many people around this world say that, if they had read this book 20 years before than they would be much more richer than today. So RichDad PoorDad is a motivational book for those who want to start their own business.

In fact, this book is all about changing your Middle Class mindset. Rich people are rich because they have rich mindset.

Saturday, May 23, 2009

Rich Dad Poor Dad- What’s it About?

Rich Dad Poor Dad- What’s it About?

Rich Dad Poor Dad is a book written by Robert T. Kiyosaki and Sharon L. Lechter, even though the book is told from Kiyosaki’s point of view the entire time. The book was self-published in 1997, but caught the eye of Warner Business Books and was re-published under their name in 2000. Since then, the book has sold millions of copies in the U.S. alone. The book is supposedly a great guide to financial advice, but there are mixed reviews on the whole subject. Some people swear by the advice in this book, but others will tell you that it’s all a bunch of circle-talk and self-help that isn’t any good.

According to what I have seen, the book claims that it’s not a get-rich-quick deal. Then, it talks of how the rich people have ‘secrets’ about how they got to their success. The most ironic part of the whole book is that you never really get around to figuring out the ‘secrets’ to success. You’ll hear the author’s back-story, a lot of chit-chat about how you’ll learn the lessons (while you’re supposed to be reading the lessons, mind you), and then you hear about how you can’t get rich by chasing higher income, but rather that you need to focus your efforts on buying assets that generate income. However, the lack of specifics can make anyone confused about how exactly they’re supposed to get rich.

His ultimate solution to your success in Rich Dad Poor Dad? More books, audio tapes, courses, and seminars, which of course are all sold by him. No wonder he’s wealthy. If he can convince even half the people who bought Rich Dad Poor Dad to continue learning with his products, he’s made his money for the year. And in case that’s not enough, this vicious circle of marketing even includes plugs of his book, Rich Dad Poor Dad in all of his other products.

What is there to learn from this review of this supposedly amazing book? It appears, my friends, that they only way that you are going to get rich is if you do like Kiyosaki did and create a book that promises infinite wealth, along with other books and courses that can teach people everything that they need to know about investing in ‘income-generating assets’. What are they? The book doesn’t say, specifically, so one can only hope that the other resources he sells might. Better yet, save your money and invest in starting a business of your own using ACTUAL information instead of circle-talk.

Sunday, April 12, 2009

Rich Dad

The word ‘Rich Dad’ is more and more becoming popular in India. So What is this word ‘Rich Dad’? & Why is it so much popular on the Web?

Well, The word ‘Rich Dad’ was became so much popular because of the New York Times Best Selling Book “Rich Dad Poor Dad” by the Author Robert T. Kiyosaki.

The Book “Rich Dad Poor Dad” is the Best ever book written on the Personal Finance & Entrepreneurship. The Author has explained the subjects Personal Finance, Accounting & Investing in so much interesting & easy language that, many people are saying after reading this book that, “If I had read this Book 20 years before than today I would be richer than ever.”

Robert owns the ‘Rich Dad’ Brand. Yes, The word ‘Rich Dad’ is now a Brand. Robert has invested literally millions of dollars in developing this Brand. Up to now, more than 30 Million copies in 46 languages have been sold.

The Plot of the ‘Rich Dad Poor Dad’ Story -

In the story, Robert call his real highly educated dad a Rich Dad & his friend Mike’s Dad as a Rich Dad. The book is in the form of a story. Robert learns the subject of Money from both of his Dads. But both the Dads have taught him different core values about the money.

While his poor dad says him that, “Work Hard for Money'”, His Rich Dad says that, “Don’t work hard for the Money but make money work hard for you”. His Poor Dad says that, “Son, We Can’t afford it.”, His Rich Dad says, “Think that How can I afford it?”. The book says many other differences between the mind sets of the Rich & every one else. The Book is written in very interesting language. The book became so much popular in the last decade that, the word ‘Rich Dad’ now become a Brand Name.

6 Lessons on Money in the Book ‘Rich Dad Poor Dad’ -

Here are the 6 lessons on money from the book Rich Dad Poor Dad. These are the lessons on money that Rich people teach their Children but the poor & Middle Class don’t. These 6 are the core basic lessons on Money.

01) The Rich Don’t Work for Money

02) Why teach Financial Literacy?

03) Mind your own Business

04) The History of Taxes & The Power of Corporate Structures

05) The Rich Invent Money

06) Work to Learn – Don’t Work for Money

The above 6 lessons of Money from the Book ‘Rich Dad Poor Dad’ became so much popular that literally millions of people around this world are following it.

Official Website of Rich Dad Company -

Robert is the owner of the ‘Rich Dad Company’. The Company Publishes Books on Personal Finance, Business & Investing. Here is the official website of Rich Dad Company.

RichDadPoorDad.com

Cashflow 101 & 202 Games -

The Rich Dad Company also runs Rich Dad Clubs all over the USA. The Robert has also launched the best Personal Finance Game “The Cashflow Quadrant” by his Rich Dad Company.

According to me, you should motivate your children to play this game as early as possible in their lives. This is the Best Game on Personal Finance.

Another 2 most popular Books in the Rich Dad Series are following. Both of the books are very much popular and informative.

01) Cash Flow Quadrant -

This is a Rich Dad Series Book. It is also known as the extension of the main book ‘Rich Dad Poor Dad’. This book is all about the basic 4 types of mind set – Employees, Self-employees, Business owners & Investors.

02) Guide to Investing -

This book is a high level of investing book. It is not about investing in Mutual Funds for long term, Diversify and pray. But this book will teach you the Corporate Strategies.

So over the time, The word ‘Rich Dad’ become so much popular world wide and in India that, many people talk about ‘Rich Dad’ in their common talk………!!!!!!!!