Ankur Warikoo: ‘When it comes to money, it’s important to know who you are listening to and why’

Internet entrepreneur Ankur Warikoo with his book 'Make Epic Money'.

Entrepreneur and content creator Ankur Warikoo, who was the founding CEO of nearbuy.com and the founding CEO of Groupon’s India business, is out with a new book called Make Epic Money (Penguin, 2024) that promises to cut through jargon and simplify personal finance.

Excerpts from an interview:

How does Make Epic Money build on your previous books Do Epic Shit and Get Epic Shit Done?

It doesn’t. It is a completely independent book, as were the first two. The treatment remains the same though. Lots of space, light on the eyes, meant for the light reader or someone who has never read before.

Tell us more about your target audience.

My target audience is the young aspiring Indian. We are the youngest country at scale in the world. Growing up with opportunities that have far exceeded that in any previous generation, and an audacity that is refreshing. This combination leads to an exciting mix when it comes to money. Unfortunately, we aren’t taught a lot about money while growing up.

What are the three big takeaways that you want to drill into your readers' minds? 

1. Money is NOT a zero-sum game. For someone to get rich, no one has to get poor. There is wealth for everyone. 2. The best way to get rich is to get rich slowly. 3. One does not have to compromise on their lifestyle or their desires, to build for their future self.

You write about deep-rooted beliefs that can ruin people financially or set them up for life. Which beliefs did you have to weed out and cultivate to reach where you are?

The biggest one was that the only way to get rich is to have a job and earn an income. The second one was that only lucky, or already wealthy or amoral souls get rich. The third was that investing in the stock market is risky. And one should play safe with their money. All three were wrong.

You have an MBA from the Indian School of Business, a Master of Science in Physics from Michigan State University and a Bachelor of Science in Physics from Hindu College, Delhi University. What did you learn about financial literacy from the years you spent in college and at university?

Nothing! Genuinely nothing. Which is why I made so many mistakes with my money. I was taught corporate finance at ISB, but not personal finance. The world asked me when I am starting a family, but no one asked me when am I starting an SIP (Systematic Investment Plan). It is ridiculous how conversation about money just doesn’t happen!

What aspects of financial literacy would have helped you and your fellow students in building wealth from a younger age?

I would have loved for someone to teach me three fundamentals: 1. How do I manage my money and spend it wisely? 2. How do I invest the amount that I save every month? 3. What are the usual mistakes that people tend to make with money that I should be aware of?

Your book has this disclaimer: "I am not a finance expert. I am not SEBI certified. I do not have a finance degree. I have no business writing a book on money. So please, do not take anything I say in this book at face value." What are your thoughts on SEBI's regulatory crackdown on finfluencers? What challenges do you face?

I think it’s a great move, but an incomplete one. When it comes to money, it is important to know who you are listening to and why. However, just because one is certified doesn’t make them right. For example, if I am SEBI registered does this mean I can dole out stock tips? I would say no! No one should be allowed to dole out stock tips, unless they are money managers. Ultimately, the responsibility should be on the action, not the certification.

What do you bring to the table and what can people learn from your adventures, failures and successes?

I think my USP is speaking the language of the reader. There is no dearth of finance books. Why is the youth still illiterate about money? Why is my YouTube channel bigger than those of the biggest and best banks and financial institutions in the country? Because at the age of 43 my aim is not to sound smart. My aim is to come to the level of the 23-year-old and ask myself — what did I not know at 23 that I now know, and how can I share that knowledge in a way that they can understand?

You've dedicated the book to the rupees you wasted and the wisdom you earned. What's the worst financial decision that you have ever made? What did you learn from it?

The worst financial decision was investing only in startups, when I was a startup founder, living in my own echo chambers and thinking I am the smartest one around. In the end, I had paper wealth in the form of equity, but no real cash!

What are some of the most common and easily avoidable mistakes that people make when it comes to personal finance?

Three big ones. 1. They do not budget their money — so they do not know where to spend and how much. 2. They try to eliminate risk (by putting their money in fixed deposits) instead of managing risk. 3. They think that investing requires a lot of knowledge and love for numbers. So, they do not ever start!

What advice would you give young people who haven't started saving yet?

Start! Just start! You are too young to know how compounding works. The only way is to experience it yourself.