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If there is one book I wish I had read in my early 20s, it is 'Psychology Of Money' by Morgan Housel. Heck, I wish I had read it in school!
I recommend Psychology of Money be a part of every school curriculum (along with other basics of financial literacy). Why is it, especially as women, that we are clueless about how to manage our finances, how to save (and invest) for our goals or honestly, even fill a cheque, when we pass out of the school? Why is such a critical skill needed in life left out in our school syllabus? Our finances are mostly managed by our fathers and later our husbands. In today’s day and age, where Nykaa’s Falguni Nayar has become India’s richest self-made woman entrepreneur, isn’t it time we take charge of our finances?
Reading Psychology of Money was an eye opener. The way it talks about compounding effect of investment – we are all aware of it but we don’t really realize the importance of it. And much less see it happening because we never stay invested for that long a period of time. By the time we understand it, golden years for investment and compounding are gone, and we are left with much lesser time to fulfil our financial goals.
But as they say, better late than never!
Even when you do everything right, there is this little thing called Lady Luck. There could, and always would be things which are out of your control. Yet, you need to be able to take reasonable risks to get some returns. ‘Save like a pessimist, invest like an optimist,’ says the author.
Finally, as Morgan says, ‘Freedom being the ability to do what you want, when you want, with who you want, for as long as you want. That is the highest dividend money pays.’
As women, isn’t that aspirational for all of us to achieve?
Image Source: Still from the movie Ki and Ka
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