Read good reviews of this book in some website and so went ahead and picked up the book from the library. Have finished almost half the book (such a speed is quite rare for me).
One thing that i realised while reading this book is that without even having read this book, i do follow almost all that the author (Scott Pape) has mentioned, in my daily financial dealings. I do…
- Monthly systematic investments in a combination of mutual funds.
- I also do direct equity investment. I dont follow any hot tips while buying shares but do considerable research before buying a company’s share.
- I have a separate bank account that gives me better rate of interest in which i deposit around 10% of my monthly salary. This money acts as an emergency fund for me.
- I dont do impulse purchase. In fact, I dont shop at all. The last time i shopped for clothes was during my last trip to India in August 2006. And the last shoe i bought was about 2 years ago. Still, my wardrobe is full.
- I find no reason to keep up with the way the society lives, shops and dines.
- I dont go for unnecessary holidays just because the air fares are cheap. Because, the real expenses hit you only after your plane touches down.
- I consciously make an effort to commute only by bus or train. I never take a taxi unless i have something very heavy to carry.
- I save and invest more than 50% of my monthly salary.
The book is quite good. Though, the author does repeat quite a few things. Neverthless, the writing is pretty easy going and funny with a lot of stories thrown in for easy understanding.
My rating **** (4/5) A must read