As a financial professional, I have generally been critical of personal finance authors because they struggle to condense their vast knowledge into a book that is readable for the average person. Thakor and Kedar succeed where others have failed. In this book, they manage to cover all of the basic principles of personal finance (savings, credit, insurance, budgeting, investing, retirement, major purchases, taxes and money in relationships) in less than 200 pages. The book flows more like a conversation with a friend than a textbook, which made it an enjoyable and quick read. Also, I was very impressed with the quality of the advice given in this book. The authors stick to tried-and-true principles that are both effective and simple.
I highly recommend this book. On My Own Two Feet: A Modern Girl's Guide to Personal Finance
On My Own Two Feet is simply the best personal finance book! I have tried to read a finance book cover to cover and could not get through one until this incredible book. The information is clearly presented, and what sets it apart, is the advice of Kedar and Thakor is highly actionable. Since reading the book I have made several changes and already feel better about my financial "health."
I was lucky enough to meet the authors of this book, Manisha Thakor and Sharon Kedar at a recent retreat at the Woodhull Institute for Ethical Leadership. I was struck by three things: 1) their passion to educate young women about personal finances, 2) their snazzy dress sense, and 3) the fact that THESE WOMEN KNOW THEIR STUFF! Both are amazingly successful in the male-dominated world world of finance, and gave me the instant feeling that I could navigate it too, all I needed was some simple basics. Manisha and Sharon are able to look at money from the perspective of MY generation, the 18-35 year-olds who don't stay in one job forever, and will enter the work force with student loans, MySpace accounts, and only a brief window to start retirement planning. "On My Own Two Feet" handles the current reality of money and finance with pizzazz and spice, and a feeling of support from the "Divas of Finance". If you want to feel more financially secure, and do it soon, pick up this book now! Then send it to your girlfriends, cousins, sisters, mothers...and maybe even a man or two. After all, everyone needs some money help, sometimes!
Prince Charming is not a financial plan. That's the sentiment echoed by this author who wants women to stop looking for a man to rid them of their financial woes and instead, take charge of their own financial future. Understanding that financial matters can be intimidating to people, but especially women, she quickly gets to the point without bogging the reader down with boring or too complex details.
Below are the different subjects discussed in this book and the kinds of issues discussed with each:
SAVINGS
-- Why you should save
-- How much should you save
-- Where you should store your savings
CREDIT CARDS
-- What the true cost of credit card debt is
-- Why it's harmful to only making the minimum monthly payment
-- What the common credit card pitfalls are (like having too many cards or thinking your interest rate is set in stone, etc...)
-- Understanding your credit score
-- How your credit score influences your life
-- How to find your credit score
-- What your score is based on and how you can improve it
INSURANCE
-- The 3 critical types of insurance you need
-- Suggestions for purchasing insurance
-- Where to buy insurance
BUDGETING
-- How to make a budget (there's a great pie chart that shows exactly how to divide up your expenses)
-- What type of expenses you should expect
INVESTING
-- Why you should invest your money
-- How to invest your savings
-- What your investing options are
-- Suggestions on the smartest types of investment you should make
-- Q & A portion (like, "Is it wise to invest in real estate?")
RETIREMENT
-- What type of retirement is out there (employer sponsored and individual)
HOME
-- Should you rent or buy?
-- Making sure you don't buy a home you can't afford
-- Buying a home the smart way
CAR
-- Making sure you don't buy a car you can't afford
-- Should you buy new or used? Lease or buy?
INCOME TAXES
-- What types of taxes you owe on your income
-- When you pay your taxes
-- How to file your taxes
-- The types of documents you'll need when you visit your tax preparer
LOVE AND MONEY
-- Why financial compatibility is so important
-- What kind of money talk couples should have with each other
-- Deciding whether to have a joint or separate bank account
-- Deciding who will handle which financial chores
-- How often couples should do a financial check-up
-- How to protect your finances (especially for stay-at-home moms)
-- Handling sticky subjects like pre-nups
-- Why it's unwise to assume your Prince Charming knows more about money than you
Some women might be embarrassed not being as knowledgable about these subjects as they'd like, but in the last chapter, the author offer 4 empowering insights about money to make them feel better:
(1) Most people don't have a clue about money even if they pretend they do
(2) Things aren't always what they seem
(3) Literally millions are intimidated by money matters
(4) After reading this book, you'll know more than the vast majority of Americans
In the end, I thought the author did a great job taking an intimidating subject and making it more user-friendly for women. This book offers a great start towards achieving financial responsibility. - Personal Finance - Money Management For Young Peopl - Women And Money'
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