Wednesday, February 26, 2014

Foreign Authors

If you ask experts on how to acquire knowledge on personal finance or money, most people would suggest you to read blogs and books on finance. This statement is true. However, they follow this line with: "Make sure you read books and blogs by Indian authors only. Foreign authors do not understand the Indian economy". This advice is rubbish. Personal finance has got nothing to do with the country.

Personal finance is never about comparing yourself with others. It is all about common sense applicable to you and common sense cannot be distinguished by LOC. Some argue that mentality of foreign authors is not suitable to Indian people at large. Foolish advice.

Let me share my own experience. I have read wonderful books like Retire rich by Subramoney, Jago investor by Manish Chauhan, Rich dad Poor dad and Cash flow quadrant by Robert Kiyosaki, Think and Grow rich by Napoleon Hill. The crux of all the books is common sense and power of thinking. Every good book encourages you to think. These books do not teach us about taxation, labour laws, list of stocks listed on NYSE or NASDAQ, criminal laws, etc.. Such things vary from country to country. If you are human, you are governed by same personal finance laws across globe. These laws are start early, compounding will aid you, maintain positive cash flow, avoid debt, PE ratio, PB ratio, expense ratio, index fund, compare insurance with your liabilities, etc.......

India had stock market crash, so did USA.
India has its share of housing bubble, so does USA.
India consumes gold, so does China.
India banks on IT companies, so does Philippines or Brazil (to some extent).
India has chit funds, so does the world

The conclusion I would like to draw is do not get biased based on his nationality or gender. Read all the books and blogs that you think would make a difference to you. Do not think on irrelevant issues like nationality. Happy Reading.


4 comments:

  1. Dear Viren, most uncommon thing is - people using common sense. Yes, you put it right, all over the world the basic of personal finance is same. Start early, live within your means, save as max as possible and then invest it.

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  2. Hows the book Think and Grow Rich. Read a couple of chapters- Repeats the same advice over and over. Worth reading whole book?

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    1. Yes, definitely worth reading....Trust me....read it once and let me know how did you find it...

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