Book Review: Smart Women Finish Rich

[Fern]

Just finished reading this book. Didn't think it would really interest me because i'm fairly well-informed about personal finance matters, but someone gave me the book, so i read it. I did find portions of it, particularly the first few chapters, interesting and helpful.

Bach begins by helping you identify your most important values, life goals and financial priorities. Sure, everyone thinks they can rattle these off if asked, but he makes you write it down. You fill out a chart he provides, and alongside each goal, you define it as either a short-, mid- or long-term goal, idenitfy challenges (not problems) you'll encounter toward reaching those goals, and specific measurable action steps you can take to reach the goal.

When you write down a goal, it's not enough to say "I want to be a millionnaire." You would instead say i want to have saved $1 million by age 55. Then, you backtrack and figure out how much you'n need to save (and where) each month to reach that goal. The less vague and more well-defined your goals, the better your chances of achieving them.

Aside from this, Bach providees good practical advice about investing in mutual funds, life insurance, etc. He discusses how to obtain the best priced and best valued health insurance, disability insurance, life insurance, the importance of a will.

A little on the basic side, but for someone just starting out, i imagine this would be very helpful.

[Ima saver]

They gave a seminar about the book in my town. They first asked us women a lot of questions? (like in the book) I was in a room full of smart women ( I am not) and I was the only one to get the questions right. A good starting book for women.

[miclason]

Originally Posted by Ima saver

I was in a room full of smart women ( I am not) .

...says who?? If someone has said this to you (that you are not smart), please know that this is not so. From your posts, you seem like a very smart person to me.

[Ima saver]

Well thank you. I finished high school with good grades but I did not finish college. Plus I have never worked for more than minimum wage in my life. But I learned how to save money at a young age.

[contrary1]

Thanks for the review. I am reading a book that referanced Smart Women Finish Rich. Thought I would check it out in my next batch of reading materials. Even if I only get a couple ideas, it's worth it. I love to read & go nuts if I don't have an ample supply of new things in my stack here!

[Ima saver]

It is especially geared towards women who let their husbands handle all the finances. I have never done that in the 40 years I have been married. My first husband was terrible with money and would not save a dime. He liked to gamble, play cars, dog track, etc.
He wound up a very poor man after I divorced him. (No, I did not take anything, he just played around and spent all his money)