ALSO READNo let up in cash rush on day 9 of demonetisation Demonetisation effect; queue swell at ATMs due to cash crunch Cash crunch after demonetisation ties jute industry in knots Demonetisation aimed to curb black economy, reduce cash transactions, Centre to SC Demonetisation to slow down PC, phone sales in Q4: IDC
Cash is bane as keeping one's reserves in this form is something that is perpetually declining in value, says Ashwin Sanghi who has come out with a new book that outlines 13 steps to wealth creation. "It's time that we transitioned from cash. It will have dramatic consequences for tax collection too. But the short and medium term pain will be severe," he says. Though he terms the demonetisation decision as daring and imaginative, he says the execution has been far from satisfactory. "Just see the number of times that rules have been changed in the past few days.
If one wanted to maintain secrecy and could not recalibrate ATMs in advance, why change the size of currency notes to begin with," he asks. In "13 Steps to Bloody Good Wealth," published by Westland, Sanghi and co-author Sunil Dalal talk about the futility of keeping one's reserves in cash, something that is perpetually declining in value. Sanghi describes the book as a simple step-by-step instruction manual to understand that there is no rocket science involved in accelerating earning, saving and investing. "A practical guide for the layperson to get started on the path to better financial planning," he told PTI. The 13 steps mentioned in the book are: define what wealth means to you; make a plan; beat inflation; plan your expenses; create additional income streams; harness the power of compounding; build assets, not expenses; make the wealth trinity your friend; have an asset allocation strategy; understand asset classes; knowledge, focus, patience, review; leverage good debt; and tax saved is income earned. There is a 14th step too, a bonus: learn from those who made it. Sanghi, who had earlier penned his first non-fiction work "13 Steps to Bloody Good Luck", plans a number of other "13 Steps" books. "There are several titles that are currently at various stages of writing and editing. '13 Steps to Bloody Good Marks', '13 Steps to Bloody Good Health', and '13 Steps to Bloody Good Parenting' are some of the titles that are work-in-progress," he says. Sanghi, who is author of "Bharat Series" comprising bestselling novels "The Rozabal Line", "Chanakya's Chant", "The Krishna Key" and "The Sialkot Saga", says his experience with non-fiction has been terrific. "Unlike fiction that sees a spike in sales during the initial months and tapers off, non-fiction maintains its position over a much longer term. The challenge lies in making non-fiction as interesting as a compelling fictional story," he says.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)