Smart Woman by Sylvia Walker is a treasure chest of information for women who want to take their finances into their own hands.
WHAT IS IT ABOUT
What does it mean to be rich? According to Sylvia Walker it is the ability to never worry about money again. She wrote this book for South African women, but the principles apply to women across the globe. The book explains the world of finances in simple, easy to understand terms. Why did she write it specifically for women? Women have a different outlook to money. We tend to be the carers of the household. Our reasons priorities in life impact the methods of investing our money. It doesn’t seem like emotions and personality types has a place in the cold financial world. But after you took the various money personality tests at the beginning of the book, you will realize that it does. We all want a designer life, but we are not taught how to achieve it. This book will put you firmly on the path of understanding financial terms and jargon. You will also be able to understand different options for investing your money. Making informed decisions is the first step to achieving that designer life that we all dream about.
BUT I CAN’T AFFORD TO SAVE
Smart Woman will give you a bunch of ideas to save money to put towards the investment of your choice. For example, when you get a salary increase, don’t adjust your budget accordingly. Rather take the extra money, and save it. Next year when you get another salary increase, you only adjust your budget to the previous increase. That way you will always have extra cash to invest. Brilliant!
Another trick is to give yourself a cool off period before you buy something. If you still want that pair of shoes in two days, then go for it. But there is a very good chance that you won’t. Buying things impulsively is a huge financial drain.
ACHIEVE THE RIGHT MINDSET
Set yourself a financial goal. The more specific your goal is, the more likely it is that you will stick to the plan. Without a plan, you will be tempted to use your money in the present, because the future is too hazy. Create a vision board and set it up where you can easily see it. Make sure your goal stretches you a little, you will be amazed at what can be achieved when you push yourself.
WHAT I THOUGHT:
This book took me forever to finish because it is crammed full of information that I didn’t want to miss. In the last few chapters, the financial markets are explained in simple terms, and that is the part that is worth its weight in gold. This is one of those books that you would want on your bookshelf so that you can refer to it again later in life.