Unpacking "Money Works by Abhijeet Kolapkar": A Comprehensive Book Review

As the train chugged along from Mumbai to New Delhi, I found myself immersed in the pages of "Money Works - The guide to financial literacy" by Abhijeet Kolapkar, a beacon of financial wisdom amidst the hustle and bustle of life. This review may be premature – I'm only halfway through the book – but I couldn't resist sharing my newfound insights! Kolapkar's masterpiece is a must-read for anyone with a paycheck burning a hole in their pocket.

Clocking in at 385 pages, "Money Works" is a manageable read packed with invaluable insights into financial planning. Kolapkar's knack for simplifying complex topics makes it accessible to readers of all backgrounds, making it a must-read for anyone looking to take control of their financial destiny.

The book is divided into 7 parts

1. Introduction to financial literacy

2. Financial planning

3. Insurance

4. Debt Management

5. Investments

6. Share Market and mutual funds

7. Financial frauds

Part 1: Introduction to financial literacy

Kolapkar kicks things off with a crash course in financial literacy, debunking myths and shedding light on the importance of understanding our monetary affairs. Through clever anecdotes and relatable scenarios, he makes even the driest topics seem as riveting as a blockbuster movie. Part 1 talks about financial health, misconceptions about finance, investing, tax management , credit cards etc. It defines financial literacy and why is it so important, what financial aspects should be taught in school etc. The topics are very well laid out in easy language with graphical descriptions in between , making it even easier to understand. There are short stories, interlaced in between , very relevant to the topic and to which a reader can associate with and be much more deeply involved .

Part 2: Financial planning

Next up, Kolapkar delves into the heart of financial planning, urging readers to take charge of their financial destiny. Part 2 talks about what financial planning is and why its important. Two of the quotes mentioned in this part which had a profound impact on me were "We don't buy things with money , we buy them with hours from our lives." and a quote by Thomas Cooley , a 19th century US judge,

" I am not who you think I am, I am not who I think I am, I am who I think you think I am." These quotes are so wonderfully interlaced within the part that whenever you come across them it further emboldens the point which the author is making in detail. Some of the important topics which this part covers are knowing your net worth, personal budget, will and nomination etc. I personally enjoyed reading about "Will and Nomination", it was something I had very less idea about.

Part 3: Insurance

Insurance may not sound thrilling, but Kolapkar manages to make it both informative and engaging. From demystifying the various types of insurance to highlighting its importance in safeguarding our financial well-being, this section is a must-read for anyone seeking peace of mind.

Part 4: Debt Management

Debt – the four-letter word that haunts our financial nightmares. But fear not, for Kolapkar is here to guide us through the labyrinth of loans and liabilities. With tales of triumph and cautionary tales of woe, he arms readers with the knowledge they need to conquer their debt demons once and for all.

Part 5: Investments

Ah, the pièce de résistance! Kolapkar's exploration of investments is nothing short of revelatory. From compound interest to the timeless wisdom of Benjamin Franklin, readers are treated to a masterclass in wealth-building. Whether you're a seasoned investor or a financial novice, this section is a game-changer. It's the most important part , and if someone would ask me I want to read only one part, its this one on Investments. It deals with what investment is, how its different than savings, why compound interest is the 8th wonder of the world, fundamental rules of investment, investment at different stages of your life, types of investments etc. There are a number of examples given through anecdotes which really drive in the point the author tries to make. Also we get to read some wonderful quotes from great people , the words of Benjamin Franklin being my favourite " Money makes money. And the money that money makes, makes money". This is the most important part of the book and is a must read for everyone on their investment journey.

Part 6: Share Market and mutual funds

Shares, mutual funds, and cryptocurrencies – oh my! Kolapkar's insights into the world of stocks are as enlightening as they are entertaining. With a blend of historical context and practical advice, he demystifies the mysteries of the stock market for readers of all stripes. This part taks about the history of share market, misconceptions of investing in stock market, golden rules of investment in share market, difference between trading and investing , future of Indian stock market , history of mutual funds, their advantages and disadvantages , cryptocurrencies etc. Though nothing new is spoken of in this part , it gives a very good understanding of the world of stock market to a beginner investor.

Part 7: Financial frauds

Last but not least, Kolapkar warns readers of the dangers lurking in the shadows of the financial world. From Ponzi schemes to phishing scams, he armours readers with the knowledge they need to protect themselves against financial predators.

I loved the inclusion of quotes from great personalities, which are appropriately mentioned on almost all pages of the book. "Money Works" is a must-read for anyone who has started earning. After reading this book, I now have a much clearer understanding of what I need to do with my money, how I should save, invest, and enjoy simultaneously. I wish this book was written 10 years ago when I received my first salary, what differences would it have made. But better late than never , I still have a long way to go and certainly am grateful to Abhijeet Kolapkar for giving me and to all the readers such a wonderful companion for the rest of our financial journey.

In conclusion, "Money Works" is not merely a book – it's a roadmap to financial freedom, penned by the insightful hand of Abhijeet Kolapkar. So grab your copy, embark on this transformative journey, and unlock the keys to financial mastery. Your future self will thank you!