Title: Mad Money Journey: A Financial Adventure
Author: Mehrab Irani
Genre: Fiction, Finance, Self-help
Published: 2014
BookMarks
Mad Money Journey can be described as a 3-in-1 kind of book, primarily a lesson in personal financial management alongwith with being a travelogue and food guide as well. The book narrates the story of John Pinto, a successful but bankrupt doctor, who receives advice on financial matters from a childhood friend. The book is a narration of his travels as he gathers financial wisdom.
Lines which stood out
“I was once a slave to my orthodox way of life and money-wage slave of the employer, tax slave of the government and loan slave of the bank. I was a prisoner of money.”
On financial mistakes - “I was guilty of innumerable common financial mistakes, such as mental accounting, loss avoidance, decision paralysis and selective thinking among others”
On education - “something that would expand one’s knowledge and understanding, not just something that would help one score well in exams… education was making mistakes and learning from them, not avoiding failure for fear of being called stupid by teachers, parents or other students…education was a journey beginning from the cradle and ending with the grave, not with the earning of a degree… education was the freedom to do whatever you wanted in life, rather than becoming a slave to your profession. It was financial independence, where your money works for you, instead of you working for money.”
“Your problem is not having less money, but the belief that you have less money and that it will never be enough.”
“there are two kinds of investors, be they large or small – those who don’t know where the market is headed, and those who don’t know that they don’t know where the market is headed. Then again, there is a third type of investor – the investment professional, who indeed knows that he or she doesn’t know, but whose livelihood depends upon appearing to know where the market is headed.”
“The most precious resource of people isn’t their time, it’s their energy. Manage it well.”
“In the stock market, analysis does not work, but the jobs of the analyst is always secure.”
Overall, a different attempt on a self-help book. Merging financial lessons into a story. Although the dialogues and narration seem forced most of the times. But an interesting try nevertheless.
Previously on BookMarks: O Jerusalem!
On similar lines: Rich Dad Poor Dad by Robert Kiyosaki
