Introduction
Money Wise by Deepak Shenoy explores various strategies for wealth creation, highlighting key financial principles to follow and pitfalls to avoid. This article provides an honest review of the book Money Wise. Deepak Shenoy, CEO of Capitalmind, a SEBI-registered portfolio manager overseeing ₹500+ crore in India’s market, frequently shares insights on platforms like ET Now, CNBC TV18, Business Standard, and Moneycontrol.
Key points of the book
- The book spans 254 pages across five chapters.
- The book explains few important lesson for wealth creation.
- Let the money compound
- Money is made largely when you sleep
- You don’t need that much money to make money
- Focus on earning money. Not returns
- When you have enough money, think about allocation
- Plan for the absolute necessities, such as Retirement
- With the rest money, enjoy your life
- Most guides focus on wealth creation, but this book emphasizes using surplus beyond necessities for personal enjoyment—so spend and savor life.
- If you hoard savings beyond necessities, you risk more regret than not saving at all—fear working endlessly with no story to share.
- This book thoroughly explains mutual funds, covering NAV, ETFs, market caps, sectoral, debt, hybrid funds, and types like direct, regular, growth, and dividend. You could refer the article to Understand Mutual Funds Investment.
- Life’s uncertainty, amplified by the pandemic, underscores the need to prepare for death—ensuring key matters are settled in advance.
- Get all your information i.e Bank accounts, MF, Insurance policies, Loans, other investments etc together in one place and let someone know where it is.
- Use joint bank accounts
- Set up nominees
- Tell your spouse
- Keep key contacts
- Revisit this info every quarter
- Write a will
- This book covers fundamental stock concepts, explores FOMO-driven investing, and includes past company case studies.
- You will learn in this about the Guaranteed plan, ULIP, Insurance plan and stocks. How to manage stocks? How many stocks are good, when should we
- Five important ways you should avoid
- Asking your bank banker where to invest
- Going with the heard mentality
- The great IPO
- Forgetting the invisible
- The insurance trap
- If you are not consistent with saving then you should try forced saving, which will help to build wealth.
Conclusion
Money Wise by Deepak Shenoy is an insightful guide on mutual funds, stocks, and wealth creation, ideal for beginners. Experienced investors may find its content familiar. You could purchase this book on amazon.
Disclaimer: I express my own views in this article after reading the book, without intending to offend anyone. I do not sponsor or endorse anyone, and any resemblance to actual persons, living or dead, is purely coincidental. The mentioned link is an affiliate link, and purchasing the book through it is a great way to support me if you’d like to read along!
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