Money Mantras for Financial Freedom: Financial Guide & Confidential Family Dossier

New Delhi (India), October 18: Mr. Yugal Bhushan, Certified Financial Planner (CFP) and MBA(Finance) with more than 10 years of experience in the Financial advisory for mutual funds, and insurance while working for organizations like ICICI Prudential Asset Management Company, HDFC Securities as well as Director, Amplify Growth Partners LLP and Dr. Karminder Ghuman, an MBA with more than 25 years of experience in managing, teaching, training, coaching, and consultancy and currently HoD, LM Thapar School of Management, Thapar Institute of Engineering & Technology (Deemed to be University, Patiala) have developed this book, workbook, and confidential family dossier Money Mantras for Financial Freedom: Financial Guide & Confidential Family Dossier for sharing professional insights about various financial products, how to undertake goal based financial planning and templates for systematic financial records.

Yugal, the co-author of the book is a financial coach who empowers IFAs and retail investors with the knowledge of successful investing habits; he is guiding and advising hundreds of individuals and businesses to develop and implement comprehensive financial plans to achieve their financial goal.

Money Mantras for Financial Freedom – Financial Guide & Confidential Family Dossier 

Let’s delve into Dr. Karminder’s insights:- 

Q1. What is Money Mantras for Financial Freedom: Financial Guide & Confidential Family Dossier about?

Ans. It is a comprehensive financial guide that will not only guide individuals to make the right investment decisions but will also provide them with workbook-like templates that would help them reflect upon how they are making investment decisions and how they should be making investment decisions so that they can undertake goal-based financial planning. It also would provide diary-like templates to readers to make a record regarding various investment and financial transaction decisions undertaken by them at one place in a very systematic manner.  

Q2. Can you tell us more about the subject matter of this book?

Ans- So many families in India suffer because if there is a sudden demise of the lead earner of the family, the family members are not fully aware of all the details regarding how to access various savings and investment and insurance-related benefits, for instance as per Economic Times, July 6, 2021 report Rs.82,000 crore lying in unclaimed bank a/cs, life insurance, mutual funds, Provident Fund. 

Q3. What inspired you to write this book?

Ans- There is a lot of mis-selling of financial products in India because the buyers lack financial literacy; as per AMFI Data, 2022, only 8% of the individual PAN holders were invested in mutual funds in 2022. Also, a good number of sellers or agents and sometimes even bankers sell them financial products wrongly and in some cases, the product that the buyers don’t even need. As per RBI Bulletin, “It is genuinely believed that the recent financial crisis is largely precipitated by rampant financial illiteracy or the lack of transparency. We have a plethora of instances of mis-selling and customers undertaking financial contracts without understanding the risk of such transactions.”

Q4. Can you tell us more about your motivation for writing Money Mantras for Financial Freedom: Financial Guide & Confidential Family Dossier?

Ans- Three other motivational drivers behind writing this book are as follows:

  • Future long-term Financial planning is not a habit for the majority of individuals. Usually people ignore/postpone the endeavour to develop a financial plan for their future expenses in a timely manner, leading to significant problems/losses later.
  • Non-maintenance of Financial Documents Records: Unfortunately, a good number of family leaders do not maintain a comprehensive record of all their financial assets and liabilities in a systematic manner in one place. 
  • Lack of communication amongst family members (in some cases): A good number of the time, all the family members are not aware of family assets and liabilities, which create multiple problems in case of a contingency. Sometimes, the financial instrument details or username and password or contact details of important individuals are not known to the family members, and therefore, they do not know whom to contact for what purpose. 

Q5. What advice do you want to give your readers? 

Ans- In the Indian context, where there is a lot of mis-selling of financial products or financial frauds, it’s important to increase the financial literacy of the masses. The first section in this book provides insights regarding all asset classes (Gold, property, equity, mutual funds, bonds, government saving schemes, etc.) and risk prevention products (Pension and Life/Health Insurance), which are so important for individuals to understand. Secondly, it is important to undertake goal-based financial planning, for which this book provides financial planning templates. Thirdly, it is important to maintain financial records in a systematic manner for which this book provides detailed templates.

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