Make money work for you!

DO YOU HAVE
9 TO 5
EXIT PLAN

GUIDE TO EXIT FINANCIAL RAT RACE.

LEARN PERSONAL FINANCE

BY LOKESH TIWARI

1
AN E-BOOK TO START YOUR FINANCIAL FREEDOM JOURNY
 FEW QUICK FACTS ABOUT MONEY

Building wealth has little to do with your income but

lot to do with your
savings rate &
Investment rate The skill is investing,
but secret is time.
That’s how compounding works.

Getting money and keeping money

are two different skills
The hardest financial skill is
"getting the goalpost to stop moving"
2
 Lokesh Tiwari
Co-Founder, WorkIndia
Personal Finance Mentor

After completing my engineering in 2011, I got my first job of Rs.17,000 as a Software Engineer.
Obviously, It was a happy moment for me. I thought, "Now my family's all financial problem would
get resolved," but somehow, it didn't happen. I was working hard, also getting the salary raise, but
I was not getting any financial success.

You will laugh after reading this, but many a time, I used to dream, "I wish, If I could get lots of
money(a few crores), then my family's all financial problems would go away," and I will become
financially free; I help the poor people and make lots of donations blah blah blah... I know it is
funny, but this was true.

I was a big fan of KBC; those questions always attracted me. I used to believe, Yes, It could bring
me a crore of rupees one day. And It happened, but not for me. In 2011, Big B (Amitabh Bachchan)
handed over the first Rs 5 crore cheque to Bihar's Sushil Kumar after winning KBC. I was sad,
thinking," I wish I had been at Sushil's place."

Days passed, 2015 came. I followed all the middle-class rules, worked 9to5 diligently, pushed
myself to get every salary raise, and tried hard to save money, but hardly I accumulated a few
hundred in the name of wealth . I was struggling to save money, but the truth was, I was struggling
to understand the money.

I knew how to earn money, but I was worse at saving and growing money, which is one of the
biggest reasons people stay in the 9to5 rat race for a lifetime.

- FINANCE MANTRA -
“Getting money and keeping money are two different skills”
Getting money requires taking risks, being optimistic.
But keeping money requires the opposite of taking the risk. It requires humility.

3
After working 5-years, In 2015, I got the chance to co-found a start-up (WorkIndia). I thought, "Now
I am part of a start-up," I am earning excellent. Now all of my financial problems should get
resolved. But I was wrong, and the streak continued. Slowly I stepped into 2017 with 7-years in the
job, including 2-year as a Co-Founder, but the financial story was the same "Few hundred in a
bank account." I did not have any exit plan from this rat race or paycheck to paycheck life.

But 2017 became my life's turning point. As a Co-Founder, I met lots of ace investing teams and
groups like Sequoia, Dell, Beenext & many more. That is how I started understanding finance and
figured out "How money works" and "how to grow money using investing," That is when I decided
to learn every aspect of personal finance.

The moment I started getting control over finance & Investing, everything started flowing well, just
like a jigsaw puzzle. I was on the right track; As a Co-founder, I got exposure to budgeting,
Planning & handling a large sum of amount. I started applying all those learnings in my personal
life, and I became so strong, even Covid-19 was not able to affect my financial strength.

But whatever I was doing was only for myself, but this pandemic made me realize, "How badly
people got affected due to financial illiteracy." Many working professionals struggled to continue
the same lifestyle even for 6-months after job loss. I know people who earn lakhs but live
paycheck to paycheck; they don't have any exit plan from this 9to5 financial rat race or mediocrity.

“We have close to 80% literacy in India, but we are not that lucky regarding
financial literacy; only 27% of Indians are financially literate.“
GP Garg, executive director (SEBI)

The KBC Winner

Since I was a big fan of KBC and winner Sushil Kumar
(KBC 5Cr winner), I was interested in his story. I wanted
to know what he is doing right now(2021). The result
was shocking for me. "he is living broke." I also found
his honest Facebook post. In that long Facebook note,
Sushil revealed how the worst phase of his life started
after winning 5Cr.

4
He wrote,
"I was drifting away from studies. After KBC, I became a philanthropist addicted to secret
donations. Slowly, I got addicted to alcohol and smoking. Sometimes journalists would interview
and write about me. I would tell them about the business so that I don't come across as jobless.
However, those businesses would collapse after a few days."
(Above is the translated Facebook post.)
You can find the link on the end page.

I am still a big fan of Mr. Sushil Kumar; He wrote everything about his life honestly, so that
people can learn from his experience & I don't blame him; the truth is our society pushes every
child from birth to a bachelor degree to earn more, earn more and earn more, but never-ever
taught
What is enough?
How to achieve Financial Freedom
What to do with the money after making it?

That is what happened with Sushil Kumar,

He didn't know "How does money work?"
He didn't know "How to invest the winning money?"
He didn't know "If he will buy liability, then will go back zero soon?"

Something similar happened to me. For my engineering I selected the most lucrative subject,
"Computer Science," to earn more, and when I started making money, everyone was interested
in How much I was making.

No one asked
How much are you saving?
How much are you investing?

Hardly I got one or two suggestions of making FD, but here is the truth of bank FD, It barely
beats inflation. Actually every long term FD helps you to stay in 9to5 for a lifetime.

- FINANCE MANTRA -
- In Short term Equity is risky but in Long term FD is risky
- The magic of wealth creation is not in saving but in what you do with that saving.

Financial literacy is one of the biggest challenges of India; People don't understand inflation,
investment, budgeting, goal planning, etc. Hence, they do not create an opportunity for
themselves to break the chain of 9to5.

That's why
I am on a mission to help 1Cr people achieve financial freedom with the
help of my mentorship. 5
 The Janitor - Millionaire
Until now, you read the story of Mr. Sushil Kumar, but there is one person I admire the most, and
his name is "Mr. Ronald James Read." I read about him in 2014 & I was astonished by his story. I
was thinking, "How can a janitor/gas station attendant understand the money so well?"

Ronald James Read was an American janitor and gas

station attendant. He was the first person in his family
to graduate high school. For those who knew Ronald
Read, there wasn't much else worth mentioning.
Ronald fixed cars at a gas station for 25 years and
swept floors for 17 years. He bought a two-bedroom
house for $12,000 at age 38 and lived there for the
rest of his life.

Ronald died in 2014, at age 92, which is when the

humble janitor made international headlines. ~28 Lacs
Americans died in 2014. Fewer than 4,000 of them
had a net worth of over $8 million when they passed
away. Ronald Read was one of them.

In his will, the former janitor left more than $6 million to his local hospital and library and $2
million to his step-kids. Those who knew Ronald were baffled. Where did he get all that money?

It turned out there was no secret. There was no lottery win and no inheritance. Ronald saved what
little he could and invested it in blue-chip stocks. Then he waited, for decades, on end, as tiny
savings compounded into more than $8 million. That's it.

The best part, which I love the most, is he knew "What is enough for him?" that's why he donated
more than 75% of his wealth in the end.

Ronald Read was patient; Sushil Kumar was not. Ronald read understood the power of
compounding, and Sushil Kumar failed to understand the basics of money. That's all it took to
eclipse the massive education and experience gap between the two.

- FINANCE MANTRA -
The skill is investing, but secret is time. That’s how compounding works.

6
 The Lesson Learned
The lesson here is not to be more like Ronald and less like Sushil —though that's not bad advice.

The fascinating thing about these stories is how unique they are to finance.
In what other industry does someone with no college degree, no training, no background, no
formal experience, and no connections massively outperform someone with the best education,
the best training, and the best connections? I struggle to think of any.

These are not exceptional stories, I will tell you one of my friends earns 40,000 per month, 5 times
less than me, but he has his own house in Mumbai because of only one reason "He is super
disciplined in saving & investing".

- FINANCE MANTRA -
Financial outcomes are independent of intelligence and effort.

One of my favorite & great Author Mr. Morgan Housel (Author of Psychology of Money) says
"Financial success is not a hard science. It's a soft skill, where how you behave is more
important than what you know." Morgan calls this soft skill the psychology of money. In our
society, many of these soft skills are greatly under-appreciated, there is a lot of taboo related to
money, people hesitate to discuss money, that is one of the reasons I am writing this small Ebook.
It will encourage people to discuss money and help them to make better financial decisions.

The fun part is, Finance is overwhelmingly taught as a math-based field, where you put data into a
formula, and the formula tells you what to do, and it's assumed that you'll just go do it. It's not
that any of these things are bad or wrong. It's that knowing what to do, tells you nothing about
what happens in your head when you try to do it.

After reading the above two stories you got the psychology part and also understood that with
the help of a few soft skills “A simple person can create wealth” but in absence of those skills a
person having crores losses all within few years.

7
 Financial Freedom
Before we jump into "how we can be financially unbreakable & be financially free?"
First, let me clear the fundamentals. "Financial freedom is, having enough income which can cover
your living expenses for a lifetime so that you can spend your precious time doing what you love
rather than doing financial slavery for the lifetime. It is not about being rich."

Yes, It can be achieved but only when you are prepared for it. All you need is personal finance
knowledge & planning.
What you need to learn in personal finance is
Managing your money as well as saving and investing.
Budgeting, loan handling, retirement planning, and family insurance

- FINANCE MANTRA -
To make the most of your income and savings, it's important to become financially literate, so that
you can distinguish between good and bad investments and make smart decisions.

Financial literacy is the foundation of your relationship with money, and it is a lifelong journey of
learning. The earlier you start, the better off you will be because education is the key to success
when it comes to money.

- FINANCE MANTRA -
Personal finance is a soft skill & it is independent of hard core intelligence as compared to other
professions.

8
 The Action Plan
Now you might be thinking “Yes Lokesh, I understand how important personal finance is but How
can I start my journey? Are there any small steps which I can take to improve my personal
finance”.
Answer is yes. Start with these 4 effective steps

1st: Create a Budget—Track how much money you receive each month against how much
you spend in an Excel sheet or on paper. Your budget should include all income (pay-check,
investments etc), fixed expenses (rent, loan, utilities bills etc.), other spending (nonessentials
such as eating out, shopping, and travel) and savings. You can download this free tracking
sheet click to download

2nd: Protect your Finance & Family—Make sure you have the right amount of health
insurance for all your family members. If you are the main earning member of the family then
don't forget to take the right amount of term insurance.

3rd: Pay Bills & Manage Debt Promptly—Stay on top of monthly bills, making sure that
payments consistently arrive on time. Develop a debt-reduction plan, such as paying down the
loan with the highest interest rate first.

4th: Invest in Your Future—Create a diversified investment portfolio of stocks, fixed income
etc. If necessary, seek financial mentorship to help you determine how much money you will
need to retire comfortably and to develop strategies to reach your goal.

FINANCE MANTRA
- Avoid too much/too many LICs; they hardly beat inflation.
- Do not mix insurance and Investment in one policy

Note: Retirement Planning is also a part of personal finance but the truth is:

“Everyone talks about retirement,

but apparently very few do anything about it”

if you want to discuss or want to start your financial freedom journey

then you can book a Free 1:1 on call
with Mr. Lokesh Tiwari https://www.lokeshtiwari.com/

9
 The Budgeting challenges
Now you have all 4-steps, but If you are still confused with the questions like
How much should I save?
How much should I Invest?
How much should I spend?

Then there are two simple & Popular Personal Budget Rules rules which you can use to start your
journey. The best part is, Their simplicity makes them popular.

50/20/30 Rule
70/20/10 Rule

You might be wondering, "What do these numbers stand for ?"

It is straightforward - Divide your take-home income(after-tax) into three buckets and use as per
the rule only.

Rule 50/30/20 Says Rule 70/20/10 says

"Use 50% amount for your Needs, 30% "Use 70% amount for your Needs,
wants and 20% on saving & 20% wants and 10% on saving &
Investment." Investment"

50/30/20 Rule 70/20/10 Rule

50% 70% 20% 10%

30% 20%
Need Want Save Need Want Save

If you are still confused about which one you should pick up - first or second, let me help you.

Suppose your salary is low and you can not manage your needs within 50% of your salary, then go
for 70/20/10; else, 50/30/20 is obviously good because it will push you for 20% save & invest.

Now you understand how to do budgeting, but budgeting & tracking will give you only awareness
about your finances. But you need to take few more focused actions to protect your family, which
we will see in the next chapter.

10
 The Protection
The strange fact -
Everyone is earning for the family, but when it comes to proper family insurance people fail
badly.

Remember budgeting & tracking will give you only awareness. But if you really want to protect
your family from financial crises.

Once you finish budgeting, Immediately ask yourself

Is my finances/Investment protected?
Is my family protected?

The Fact:
"Crores of Indians dragged into poverty every year due to medical expenses."
If you have not taken proper term insurance/Health Insurance, you are putting your family at risk.
It is like you planted one mango tree in an open field where many buffalo are roaming around;
buffalo can destroy or chew it if you do not protect it.

Remember
Give protection to your family. It's your obligation, duty, and responsibility.

Not protected - Risky Situation Protected - No Risk

Do you know One of the biggest myths in people's minds is "Healthy people don't need Health
insurance"? But the reality is, these insurances are not to protect your health but to protect your
family from financial crises.

The right medical insurance can make you financially unbreakable by saving lakhs at times.

Unfortunately, In Covid-19, many families lost their bread earners & now these families are
struggling to manage home rent, children's education, and daily expenses. It is your duty,
responsibility & obligation to protect your family, no matter "what your situation is?".
50-years back, these financial facilities were not available at such a nominal cost; now it is
available, So take advantage of it.
11
 Continue...
I will tell you, "Why I consider insurance as a second
chapter of personal finance?"

I was born and brought up in a joint family, So I have

a big family with both advantages and disadvantages.
In 2016 one of my cousins was living with us in
Mumbai. He was young & fit (26 years old). Everything
was going smoothly, but one day he felt minor blood
pressure-related issues. He contacted the local
Doctor and started medicine, but he was not
recovering, so he visited another blood pressure
specialist, dr. Suggested a few tests.
The result was shocking. The report said, "due to very
high blood pressure both of his kidneys get damaged
more than 90%".

We were shocked because my cousin was a non-alcoholic, non-smoker, No tobacco, No bad

habits, and most importantly, very young, only 26 years old. His parents were struggling to accept
the truth, but somehow, we managed. Soon we started running for kidney transplantation. It took
us 2- years to complete all the procedures and arrange the money. His mother gave him her
kidney.

In these 2-years his parents spent more than Rs. 40 Lakhs. The family got financially broke, but
the sad part is even after spending a huge sum & giving one kidney, we couldn't make him survive
an extra 6-months after the transplantation. My cousin is no more, but his parents are still paying
all the loans and trying to recover from that pain. I am 100% sure you don't want this to happen
with your family.

I was not surprised when I read the SEBI data, which says only 27% of Indians are financially
educated. Instead, the most surprising is "People spend the lifetime in 9to5 running for money
but forget to understand the money. They don't want to spend even a few months to understand
the money", Forget about the 2-months; they don't want to spend even a few hours to learn
budgeting or financial planning.

- FINANCE MANTRA -
A right medical insurance can make you financially unbreakable

12
 The Inflation illiteracy
Forget about health insurance; many educated people fail to understand how Inflation is eating
their money. I call it Inflation illiteracy.

Let's take an example:

Suppose you made the FD of Rs. 10,000 with a 6% return rate, you will get 10,600 Rs at year-end;
feels good correct? But if you are under the 30% tax bracket, you have to pay 30% tax on the gain.
So you will be paying Rs. 180 out of Rs. 600.

In the end, you will have only Rs. 10420, which means the total gain is only 4.2% only(Not 6%). Few
of you might think it is also fair at least it is growing, but the one key point you are missing here is
Inflation - which is 5.6% that means you are losing your money by 1.4% (5.6% - 4.2%).
Remember, "To just break even, your FD needs to generate a minimum of 8% return".
If you still feel FD is a Safe Investment, then let me tell you it is not safe; it reduces your money by
1.4% per year.

- FINANCE MANTRA -
In Short term Equity is risky but in Long term FD is risky

Few of you might be thinking - Lokesh, if FD is not for wealth creation, then "What is?" and "Where
to Invest?
Let's take this journey slowly and try to understand different asset classes and their return rate
(refer to the table below table In 5 year and 10-year duration).

Asset Class 5 Years Return Rate 10 Years Return Rate

(2014 to 2019) (2009 to 2019)

Equity(Nifty) 11.57% 14.27%

Gold 2.36% 7.67%

Bank FD ~7.0% ~7.0%

Real State 4.60% 5.80%

With the above table, we have a fair picture of different asset class and their return rate in the
long run. So what will happen If we invest 1 Lakh Rs. In these asset classes, in the long run.
Which one has the potential to create wealth for us so that we can achieve financial freedom?
13
Check the below chart. It will help you to clear your doubts.

Different Asset class & Compounding return

One time investment of Rs. 1.0Lakh at the age of 25

39.11 Lac
40.0 Lac

11.50 Lac
20.0 Lac

9.17 Lac
8.05 Lac
10.0 Lac
3.39 Lac

2.09 Lac
2.00 Lac
2.09 Lac
2.00 Lac

5.0 Lac
1.00 Lac

1.00 Lac

1.00 Lac
1.0 Lac
0.0 Lac
Age 35 (10 years) Age 45 (20 years) Age 55 (30 years )

CASH - 0% BANK FD - 7.2% GOLD - 7.67% EQUITY - 13%

Data source: average return rate between 2009 to 2019

From the above chart, it is evident that if you keep the money in the fastest-growing asset, Equity,
your Rs. 1.0 Lakh can grow upto Rs. 40.0 Lakh in 30 years is phenomenal, but If you keep the
money in cash form, it will not grow. It will remain the same as Rs. 1.0 Lakh, but the reality is the
value of Rs. 1.0 Lakh will reduce to one-third (Rs. 30,000) in 30 years if we consider 4% inflation.

- FINANCE MANTRA -
If your money is not growing then it is shrinking, It can not be stable

You might be wondering, but Equity is risky. I don't know anything about it. Don't worry. You are
not alone.

Let me help you with the data.

As per the study conducted by Statista.com in 2018, around 81% of millennials earning in the
range of Rs. 5 lacs to Rs. 12 lacs are majorly invested in FD, RD, and PPF, which delivers returns
between 6-8%.
Many millennials shun equities, thinking they are risky, but one cannot ignore equities with
limited resources and high aspirations.

The question should not be – 'Should I invest in equities or not.' Instead, the question should be –
'How much should I allocate in equities?'

With proper mentorship, you can create a balanced portfolio that will grow and make you
financially free in the future. 14
Here is a small example of Rs. 1.0 Lakh invested in the few famous companies that would have
turned into a big amount in 10 years.

Investment Investment Value

Company Name
In 2008 In 2019(11 years)

Bajaj Finance 1.0 Lakh Rs. 55.0 Lakhs

MRF 1.0 Lakh Rs. 16.0 Lakhs

Maruti Suzuki 1.0 Lakh Rs. 12.0 Lakhs

HDFC Bank 1.0 Lakh Rs. 12.0 Lakhs

TCS 1.0 Lakh Rs. 11.0 Lakhs

HUL 1.0 Lakh Rs. 10.0 Lakhs

Wipro 1.0 Lakh Rs. 5.0 Lakhs

All the above companies are very famous and maximum people would have used their product or
seen them or at least heard about them for sure.

It is our sheer ignorance that keeps us living a mediocre life.

We would have seen Maruti car a thousand times on the road, but 99% of people fail to see the
growing business. Very few people see the opportunity and invest to take advantage of the
growth. There are plenty of opportunities around us that can take us to the next level.

If you think finding a growing company is super tricky, let me tell you, it is not that difficult. What is
difficult is “Finding The Perfect Company & Perfect Time” People wait years to find the perfect
one.
- LIFE MANTRA -
"In life, progression is more important than Perfection"

Always remember
Attitude of perfection kills more dream than anything else”
Lokesh Tiwari

The Secret to start investing...

Don't focus on finding the world's perfect company or company with maximum return”.
What you should focus on is to start investing as early as possible in a good company.
Remember it: the magic is compounding not return rate.

15
 Why you should Invest?
Why should you Invest?
The current GDP of India is 2.9 trillion dollars, and economists are expecting it to reach 5 trillion
dollars by 2025 (If not 2025, let's add 1 or 2 more years), but India will grow for sure. So If India is
about to become a 5 trillion economy in approximately 5 to 7 years which is a 60% growth in GDP,
don't you think this is the golden opportunity to learn personal finance & start investing.

Many people are ignorant about this golden opportunity, and this ignorance will keep them 9to5
rat race for a lifetime.

If you still feel equity is not your cup of tea, you can Invest in equity via Mutual funds but don't
delay it. Every year's delay can cost you Lakhs.

Let us take an example of Shahrukh & Salman

Shahrukh(Age 25) started SIP of Rs. 5000 in a mutual fund
with 12% expected return rate but Salman ignored it.

Shahrukh Salman

At Age 25 SIP of Rs. 5000 No Investment

Total Investment
At Age 35 In 10-yr - Rs. 600000
Rs 0.0

After 10-year, Salman realised that he is missing the advantage of compounding, and also he is behind
Shahrukh in investment, so to catch Shahrukh, he started the SIP of Rs. 10000(2 times of Shahrukh but 10-
years late)
At the same time, Shahrukh did his budgeting and found out that he had Invested a reasonable amount which
is enough to achieve financial freedom. So he stopped further investment.

Financially Aware Frustrated Salman

Total Investment Total Investment

At Age 60 Only Rs. 6.0 Lakhs Rs. 30.0 Lakhs 16
 In this journey If you will compare
1. Salman has invested 5 times more as compared to Shahrukh
2. Shahrukh Invested less amount but Invested 10-year early

Return Value Shahrukh will get: Salman will get :

At the age of 60 2.0 Cr 1.89 Cr

Financially Aware Frustrated Salman

Note: In the above calculation, I have considered only a 12% return rate. (If you will see our Nifty
Index - it has grown at the rate of ~14.2% in the last 25 years)

The noticeable point in the above example is - 12% return rate is not that great, nor the
investment amount of Rs.6.0 Lakh, but the phenomenal part is being disciplined for the long term,
that's it, the compounding does rest, I would say the magic of compounding.

I hope the above example would have given you the whole perspective of compounding and the
importance of early investing.

If you have any doubt or want to learn more, then do register for my webinar.
click to join free webinar

17
 Now... Its Action Time
1. Below recommendations are based on my personal study
2. None of the content is sponsored

How can I Start budgeting?

For budgeting: download the simple tracking sheet:

click here to download the Google sheet(Or make a copy)

Hi Lokesh,
I am confused & struggling to choose between lots of options.
Can you help me with one curated list?
- Yes, sure.

To Protect your family:

Top 2 Health Insurance Company (Data - 2022-23)
Incurred Claims Ratio
Company Name % Claims settled in
2018-2019 2019-2020

HDFC Ergo Health 97% 62.59 73.69

Niva Bupa 91% - 54%

Top 3 Term Insurance Company

Total Number of Claim Settlement
Company Name Claims Paid
Claims Ratio 2019-20

Max Life 15463 62.59 99.22%

HDFC Life 12626 62.73 99.07%

LIC India 758916 733809 96.69%

Note: make sure you check the latest claim settlement ratio, before you take a final call.

18
Lokesh, can you also suggest few Mutual Fund or Stocks to start
- Yes, sure. But remember, Equity is safe only in the long term.
- I am giving the below list but check with your financial advisor
- Below names are clickable. You can also click and read.

Top 2 Large cap Mutual Fund

Mutual Fund Fund size Last 3 year return Life time return

Mirae asset-Large cap-

Direct-growth (5Star Rating) 29425 Cr Rs 20.01% 19.0%

Axis-Bluechip Fund-Direct-
growth (5Star Rating) 32212 Cr Rs 23.01% 18.02%

Top 2 safe stocks for beginner

Market Last 10 years

Company Name Is Profitable
Capetalisation return rate
HDFC Bank
Rs. 8.83 Lakh Cr 21.0% Yes
- Leader in banking

Tata consultancy services

- Leader in IT sector Rs. 14.02 Lakh Cr 22.0% Yes

Note: Make sure you check the latest details before taking final call

Lokesh, can you also suggest few books or website to learn personal finance?
- Yes sure. below are my favourite source.

Top 4 Books to read to understand the personal finance

Note: You can click and buy these books from amazon

Psychology of money Total Money Makeover Rich Dad Poor dad The Richest Man in Babylon

Top website to learn personal finance

https://www.investopedia.com/wealth-4689687
https://www.moneycontrol.com/mutualfundindia/learn/

If you have any doubt or want to learn more,

then do book 1:1 call with Mr Lokesh Tiwari
Click to book 1:1 https://www.lokeshtiwari.com 19
 Before We Close...
- LIFE MANTRA -
Two topics impact everyone, whether you are interested in them or not: health and money.

The healthcare industry is a triumph of modern science, with rising life expectancy across the
world. Scientific discoveries have replaced doctors’ old ideas about how the human body works,
and virtually everyone is healthier because of it.

The money industry—investing, personal finance —is another story.

Finance has scooped up the smartest minds coming from top universities over the last two
decades. Is there any evidence it has made us better investors or better financial planners? I have
seen none.

Through collective trial and error over the years we learned how to become better farmers, better
engineers, better workers. But
1. Has trial and error taught us to become better with our personal finances?
2. Are we less likely to bury ourselves in debt?
3. More likely to save for a rainy day?
4. Prepare for retirement?
5. Have realistic views about what money does, and doesn’t do, to our happiness?

I’ve seen no compelling evidence. And the main reason, I believe, is that we are taught about
money in ways that are too much like physics (with rules and laws) and not enough like
psychology (with emotions and nuance).

Money is everywhere, it affects all of us, and confuses most of us. Everyone thinks about it a little
differently. It offers lessons on things that apply to many areas of life, like risk, confidence, and
happiness. It is one of the greatest shows on Earth.

Let's Learn it, Grow it and Claim it together.

If you want to keep learning about personal finance then you are welcome to join our you tube
channel - Lokesh Tiwari ( click to join )

Congratulations for finishing this small E-book. You are an awesome reader.
Please do share with those who need it via WhatsApp or social media.

20
References:

About Ronal Read

1. https://en.wikipedia.org/wiki/Ronald_Read_(philanthropist)

Sushil Kumar
1. https://www.indiatoday.in/television/reality-tv/story/kbc-5-winner-sushil-kumar-went-
bankrupt-after-winning-rs-5-crore-on-the-show-his-story-1844705-2021-08-24
2. https://www.facebook.com/permalink.php?
story_fbid=1194040024310538&id=100011136544077

Poverty Level
1. https://www.indiaspend.com/90-of-indias-poorest-have-no-health-insurance/

Other Material Used:

1. R&R research report
2. Taken quotes from Book: Psychology of money
3. Wikipedia

- Thank you -

Lokesh Tiwari
Co-Founder, WorkIndia
Personal Finance Mentor

21
 BONUS...

Famous Quotes by Legend Warren buffet...

Be fearful when others are greedy and be greedy only when others
are fearful.

Risk comes from not knowing what you're doing.

I always knew I was going to be rich. I don't think I ever doubted it

for a minute.

It's only when the tide goes out that you discover who's been
swimming naked.

Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1

If you aren’t thinking about owning a stock for 10 years, don’t even
think about owning it for 10 minutes

The most important investment you can make is in yourself.

- Thank you -
From Lokesh Tiwari
22