Mango Millionaire by Radhika Gupta with Niranjan Avasthi
The first thought I had after going through a few pages was that I could have written the book instead of reading. It is not to trivialise the effort but to highlight that every idea is so relatable to a common man who is not a finance professional.
Mango Millionaire is an odd title and even for a Desi , it takes time to translate this Hinglish to ” aam lakhpati’ or आम लखपति .
The book is full of Hinglish terms that requires some knowledge of hindi and English as well as the Desi (North Indian ) culture and some exposure to Hindi movies to fully understand.
The book appears to be tailored toward women, as many men might view it as lacking the complexity typically associated with worthwhile learning, or simply as not challenging or risky enough.
As someone who has been in the investment world for decades , the financial terms were easier to understand . The only term I had to google was “Ferris Wheel” which happens to be better known as a Giant Wheel in my part of the country while growing up.
Coming to the book itself, it is clearly addressed to people who are shy of financial terms and jargon .
While the book does not promise immense wealth, it aims to dispel the irrational fears and misconceptions that keep many people reliant on fixed deposits as their primary savings and investment vehicle.
The associated pitfall could be that it could make a reader over confident as the investment world is clearly more complex than ordering a dinner or buying an automobile.
It is divided into three parts; basic concepts of money , types of investments and finally on how to go about using this knowledge.
A portfolio as a Thali with dal Chawal as the core content seems too simplistic but such analogy is relatable and sticks to the mind. But once you start investing one needs to educate himself or herself through text books on personal finance; after all you cant order more spice or pickles in financial markets.
Financial products are mysterious mainly because there is no tyre to kick and the author has used an automobile analogy to a financial product. The idea looks good on paper but I wonder if any investor can really evaluate a financial product through this idea.
I would recommend this book to young adults and readers of any age who feel intimidated or awestruck by the perceived complexity of financial products and investment options.
This is only a first step to vet the appetite and to demystify personal finance. Personally I feel anyone should be able to understand terms like IPO, PE, Book value, derivatives, short selling etc over a period of time through regular reading of articles on personal finance. It is in-depth study that makes it easy to communicate and understand through examples of simple day to day activities .
Good review Murali! Gives a clear picture of what the book offers. It is now for the reader to decide whether the book makes a good fit with his financial acumen..