This book by two of India’s leading business authors, Ashwin Sanghi and Sunil Dalal. A practical and insightful book, it helps readers understand the essential steps to build and grow their wealth.
Understanding Wealth
The authors begin by defining wealth, not just in terms of money, but as a comprehensive concept including time, happiness, and health. They argue that to gain financial wealth, one must first cultivate wealth in these other areas of life.
Financial Literacy
Sanghi and Dalal highlight the importance of financial literacy. Understanding financial jargon, investment vehicles, and tax implications is a key component of growing one’s wealth. This book provides valuable information on these topics in an accessible and easy-to-understand manner.
The Wealth Pyramid
The authors introduce a concept called ‘The Wealth Pyramid’. This is divided into three sections: Protection at the base, Growth in the middle, and Speculation at the top. Each section represents different financial instruments that cater to different financial goals. The idea is to have a balanced portfolio across these sections.
Goal Setting and Financial Planning
The book emphasises the importance of setting financial goals and planning effectively to achieve them. This includes budgeting, disciplined savings, and investing wisely. The authors also stress the need to review and adjust financial plans regularly to account for changes in personal circumstances or market conditions.
Role of Insurance and Retirement Planning
Sanghi and Dalal stress the importance of insurance in protecting oneself and one’s family from unforeseen circumstances. They also discuss the need for early and sustained retirement planning.
Understanding the Market
“13 Steps to Bloody Good Wealth” equips readers with knowledge on navigating the stock market, understanding economic indicators, and identifying investment opportunities. This information empowers readers to make informed investment decisions.
Patience and Persistence
The authors conclude by emphasising that wealth accumulation is not a quick process. It requires patience, persistence, and discipline.
In a world where financial advice is often overwhelming and confusing, “13 Steps to Bloody Good Wealth” provides a straightforward, practical guide to understanding and managing personal finance, making it an invaluable resource for anyone seeking financial independence.
