7 Smart Steps Of Wealth Management

By Kaushik Sen

In the volatile stock markets, which is the correct time to buy, and which is the correct time to take profits. With falling fixed deposits interest rates, are life insurance policies better long term investment tools. Or should life insurance be treated as protection tool only. This book tries to answer all these queries in the mind of a common investor. Also in this book, small but important ideas have been provided, which can help an individual to create real wealth.
Overall the main objective of this book is to help common individuals to multiply their wealth.

• Language: English
• Publisher: One Point Six Technologies Pvt Ltd
• Release date: Dec 30, 2020
• ISBN: 9789390463541

Kaushik Sen

Kaushik Sen, has been working in the financial markets since 1995. He completed his MBA Degree, with finance as specialisation, in first class, from Pune University. He has worked as Area Manager at Bonanza Portfoilio Limited ( A stock broking firm ) for a brief period. He has also studied technical analysis and fundamental analysis and has been stock market Analyst and was also a member of Association of Technical Market Analysts (ATMA).

Book preview

Introduction

In 1995, just after completing my class 12, I had joined the financial industry by taking up agency of Life Insurance Corporation of India. My sole objective at that time was to gain some experience, while continuing my studies. Never had I imagined at that time, that I would find my full time profession in the financial markets.

While working in the financial markets, I had the opportunity to meet and interact with lot of clients. What I understood was that there were lot of gaps in the knowledge and awareness level of clients. If the clients don’t understand the financial products well, how can they decide what is best for them.

So this book is written in simple language to educate the clients, so that they can take the correct decisions. I have ensured that not much technical jargons are used in this book, so that the readers can understand easily.

Financial advisors are there to advise clients, but without basic understanding level among clients, there is huge chance of mis-communication and mis-selling.

What I have seen, during these long 24 years, majority of clients, pose to understand a lot, without even knowing the basics, or they leave the entire decision to the financial advisors. This should not be the case. Clients should have the basic awareness. Financial advisers are supposed to give various options and explain the technicalities, and clients are supposed to chose from the options.

So I have written this book to make the clients more educated and aware about the Indian financial markets and various investment options.

CHAPTER 1

Meaning of Real

Wealth

What is real wealth?

Is wealth visible?

How to determine who is wealthy?

Does wealth mean only money?

Why do we need wealth?

I was flying from Mumbai to Delhi. I had tickets for the economy class. While going to my seat, every-time I have to cross the front row seats, which comprise the business class. And every-time I keep wondering who are these people sitting in the front row. Are they very rich and wealthy! Maybe Yes. Maybe No. How to decide! If the persons had huge liability, much more than me, are they wealthier than me! If they are employees of some organisation, and the tickets are sponsored by the company, are they wealthier than me! Thus it can be said that real wealth is not always visible. A visible rich lifestyle does not always depict real wealth.

Wealth maybe defined as an abundance of valuable possessions or money.

Wealth refers to the value of everything a person or family owns. This includes tangible items such as jewellery, housing, cars, and other personal property. Financial assets such as stocks and bonds, which can be traded for cash, also contribute to wealth. Wealth is measured as net assets, that is how much asset one owns, minus "net debt’, that is, how much debt one