Wednesday, April 20, 2011

Book of the Month: $avvy women, $mart choices


$avvy Women $mart Choices, by Marcia Vanderwoode and  Denise McGregor is a Little Book With Big Financial Lessons.


This small book can be many things to many women. Easy to read, and completely uncomplicated, the book explains different ways in which women can enrich themselves.

There are four parts to the 173 page book, and in each part the authors showcase different stories of women, and how they learned to become economically independent, even if it was against their will.

Part One: Economic Betrayal


The first part talks about two women, Brigitte and Victoria, and how they are betrayed by people they should have been able to trust. Brigitte is forced to take matters of money in her own hands after her husband leaves her. Victoria´s story is much different: she trusted a financial adviser who cared more about his own possible risk taking than about her money. 

After seeing their money gone they must each figure out what to do.


Part Two: Partnerships and Investment Clubs


The second part depicts stories with happier endings. It has 21 women who excelled at using their money wisely, and all of it in partnerships. The partnerships are varied, such as with husbands, mothers, sisters, or even with investment clubs.

They did things that any normal woman can learn to do, and not only enriched themselves in the process, but also left a lasting legacy to generations to come.

Part Three: Advanced Strategies to Make Money


Part three is titled `Advanced Strategies´ and talks about just that. The five women in this chapter have mastered strategies that may be somewhat difficult for beginners, but that may work well for women who are already educated about money.

For example, one woman saved $135,000 in taxes by doing a 1031 Tax-Deferred Exchange. Doing this, a person may buy a property of equal or greater value to the one they are selling in order to defer the capital gains taxes they would have in the property they are trying to sell.

Part Four, And Why This Book is Helpful to All


Part four explains how normal women can get started in their financial and state planning. There are tips on how to fill out a Personal Financial Profile, and even on how to organize the reader´s whole life on a notebook. It also has a glossary of words that may be helpful to the reader, and a lot of recommended books and websites.

In part four lies the whole blessing of the book: the entirety of it is designed to help women understand their economic power and possibilities.

Adviser´s Corner

 

The book shows such an array of different women that every woman should be able to find a story that speaks to her. After each woman´s story there is a few paragraphs titled `Adviser´s Corner,´ where the writers explain a little further what the women did right or wrong, and how they can do even better. There are also boxes explaining in depth the tactics used by the women, from a 401K plan, to a Living Fund.

All in all, this book shouldn´t be only read by women, but by all who want to be financially educated.

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