Wednesday, 27 February 2013

Book review: Women and Money

Women and Money: Owning the Power to Control Your Destiny by the well-known American author Suze Orman is written specifically with women in mind.  The target audience seems to be women who have not prioritised their own financial self-sufficiency for any number of reasons. 

The structure of the book is as follows:
  1. For Women Only
  2. Imagine What’s Possible
  3. No Shame, No Blame
  4. You Are Not on Sale
  5. The 8 Qualities of a Wealthy Woman
    - Harmony
    - Balance
    - Courage
    - Generosity
    - Happiness
    - Wisdom
    - Cleanliness
    - Beauty
  6. The Save Yourself Plan
    - Month 1: Checking and Savings Accounts
    - Month 2: Credit Cards and FICO Credit Scores
    - Month 3: Retirement Investing
    - Month 4: Must Have Documents (this chapter covers the need for a will, living trust, home title, advance directive, and power of attorney)
    - Month 5: Protecting Your Family (this chapter addresses life insurance, home insurance, renter’s insurance, and an umbrella liability policy)
  7. The Commitments (money and relationships at different life stages)
  8. Say Your Name (the mantra of this chapter is that saying your name is an act of power)
The book has a number of positive aspects:
  • It’s been updated with post-GFC figures, so the interest rates are believable