We are in March and International Women’s Day is around the corner. Each year on March 8, we celebrate International Women’s Day – A global celebration of the economic, political and social achievements of women. March is also Women’s History Month in the United States.
As we talk about the achievements of women this month, I would like to point out one area where many women still have a long way to go, and that is taking charge and owning their financial future.
In fact, research shows that women are more likely to leave financial planning to their spouses. However, the financial stakes are higher for them as they tend to earn less; take more time off of work – whether it is for maternity leave or to take care of their children or aging parents – ; and live longer.
I’ve seen women who had no clue of what they and their spouses owned or owed when life happened: the spouse suddenly passed away or they got divorced. And this is mainly because they were never involved in the family’s financial matters.
The decision as to who should be in charge of the finances in a couple is a personal one; however, I believe each person should have a basic idea of where their couple stands financially.
This requires some level of education on finances and how they work. And
these 5 books would be great resources for any woman who wants to understand how finances work and/or take charge of her finances:
1. Think and Grow Rich, by Napoleon Hill
This book discusses the power of our mindset and thoughts in everything, including our finances. One of my favorite statements in the book is “Whatever the mind can conceive and believe, it can achieve.” This book is sure to inspire you to set big goals for yourself and go after them.
2. The Millionaire Next Door by Thomas J. Stanley and William D. Danko
This book teaches simple habits to spend less and save and invest more. The book also shows how the people society tends to assume are millionaires (e.g., those who get a new fancy car every year or live in the fanciest houses) are not actually those with the most wealth. The book also shares mistakes one should avoid on their way to financial freedom.
3. Rich Dad, Poor Dad by Robert Kiyosaki
In this book, the author discusses the way his father (poor dad) and his best friend’s father (rich dad) shaped his thoughts about money. The book discusses how one does not need to earn a high income to be rich; and how rich people make money work for them instead of working for money.
4. Smart Women Finish Rich by David Bach
In this book, the author provides 9 steps every woman should take to achieve financial security and fund her dreams. Some topics discussed in the book include facts and myths about money, money and values, mistakes investors make and how to avoid them, the power of the latte factor (i.e., creating massive wealth on just a few dollars a week), etc.
5. The Latte Factor by David Bach
Another great book by David Bach. This book is a quick read with a catchy story. The latte factor refers to the small amounts of money we spend on a regular basis. In the book, the author discusses the notion that if we save or invest the cost of our “latte factors”, we could build up wealth significantly faster. The book discusses 3 secrets to financial freedom:
- paying yourself first;
- Not budgeting but making it automatic; and
- living rich now.
I hope you’ll like these recommendations. Check this previous article on the blog for additional personal finance books I recommend. Also let me know what books you would recommend to anyone in general, and women in particular, who would like to take charge of their financial future.
Happy Women’s History Month to those in the United States and Happy International Women’s Day to all!
Until next time…
Huguette