I’ve been cleaning out my bookshelves, hoping to lessen the overall amount of stuff in our home. A book called Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money ended up in the donate pile, and my husband asked me about it. I thought I should read it before I donated it, and I’m glad that I did. While clearly written for women, there is a lot of information that is useful for both sexes.
The book is written by Lois P. Frankel, who has her doctorate in counseling psychology and works as a psychotherapist and business coach. In her work, she has seen how women’s attitudes towards money are often different from men’s attitudes towards money. She wrote this book to help women understand how changing their thoughts could change their lives.
This book has been regularly criticized because it seems like its target audience is higher income women, and I think that is a fair assessment. Honestly, Frankel nearly lost me when she said that I might have to give up “the new BMW every two years.” However, if you can see past the privileged ridiculousness she talks about, there are quite a few useful thoughts contained in this book. It contains facts, anecdotal evidence and tips. The books is divided into the following chapters:
Getting in the Money Game
This chapter talks about dreaming big and setting up a plan to fulfill those dreams. It focuses on goals, which I love. I can’t accomplish a single thing if I don’t have a goal.
Taking Charge of Your Financial Life
This chapter talks about being financially aware and making your financial well-being a priority in your life. It also includes sections on finances in marriage, finances while co-habitating, and finances for divorced parents.
Spending Your Money Wisely
This chapter explores many of the stereotypical female shopping behaviors, including emotional shopping, impulse buying, unnecessarily online shopping, social shopping and guilt shopping. In our society of readily available goods, very few people can say that they have never fallen prey to any of these things!
Learning Money Basics
This chapter reminds you to use a spending plan, balance your checkbook, review your monthly statements, and understand your tax situation. All good stuff!
Saving and Investing for Future Wealth
This chapter focuses on building investments that will grow over time. It explains why even small investments can be great things, and how different types of investments will work in different situations.
Maximizing Your Financial Potential At Work
This chapter offers specific information about earning the most money with the time you work for pay. It includes sub-sections on job choices, salary and benefits negotiation, and career management.
Playing It Smart With Your Money
This chapter lists common money mistakes, including loaning money to friends, not being appropriately insured, and failing to have your legal affairs organized.
Overall, this book has a lot of useful information and does a great job of explaining how the listed mistakes end up costing you money. It is a quick read and definitely worth the time.
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