Rajiv Raj lists down five books that will help those struggling with debt or want to learn how to stay out of it.
Rajiv Raj | 19-08-14 | Morningstar.in
Confessions of a Shopaholic
Want a light read that tickles your funny bone? Start here. Although it is a novel written in a tongue-and-cheek fashion, it teaches you a thing or two about financial blunders that you should avoid.
The protagonist of the novel, Rebecca Bloomwood, is a contradiction of sorts – she is employed by a money management magazine but fails to follow any of the advice she dispenses. She lives in a hip London neighbourhood, hangs out with glamourous friends and has a wardrobe overflowing with the season’s must-haves. The only glitch? Her low pay does not support this lifestyle that most 25-year olds would only fantasize about.
Not only will you get a few laughs out of this one, but it shrewdly points out the dangers of rampant consumerism and how to avoid falling into a debt trap.
Debt is Slavery
This book should appeal to anyone who gets intimidated by the size of huge volumes or fat paperbacks.
In a no-nonsense fashion, Mihalik dishes out basic, neat and solid advice based on his own experiences. By the time he was 24, he was in debt for $27,000 but was only earning $28,500 every year.
Though deceptively thin, you will find various topics tackled – secured and unsecured debt, mortgages and credit cards, and how struggling with debt due to unwise decisions is akin to slavery. This book is a great overview on the subject.
I will teach you to be rich
An American personal finance adviser, Sethi authored this book in 2009. In this book, Sethi picks up the best from his blog that goes by the same name. However, this is not simply a blog-to-book project. There is much more to it. In a bold, and sometimes sarcastic, tone the author tells you how to inculcate financial discipline and take small steps towards a debt free life.
But this book is not at everyone. It will touch a chord with youngsters who have just started out in their careers. If you are in your 40’s with children, this book may have little relevance for you.
How to get out of debt, stay out of debt, and live prosperously
Though this is a book that was written way back in 1988, it contains timeless information on how individuals who find themselves in a spiral of debt can get themselves out by following a 12- step programme called the “Debtors Anonymous”. The interesting part of this book is the differentiation that Mundi makes between those who find themselves in debt often (compulsive debtors), those who get into debt repeatedly (problem debtors) and those who take resort to debt with a plan (reasonable debtors). Based on real life experiences, this book is an eye opener for those wanting to free themselves from debt and staying that way.
Jago Investor: Change your relationship with money
If you are looking for a read authored by an Indian, this is the perfect book. Aimed at young individuals who have just started earning and go by the philosophy of one day at time, this book seeks to reorient their approach towards money management. What it will do is shake you out of financial lethargy and get started on financial discipline that will ultimately lead you on the road to wealth creation. A good starting point.
These 5 books have been suggested by Rajiv Raj, Director & Co-Founder of CreditVidya.
Source : http://goo.gl/ZuzMAe