Book Review: “Nice Girls Don’t Get Rich”
The book I chose to read and review was Lois P. Frankel’s book “Nice Girls Don’t Get Rich”. This book was about avoiding stereotypes that women are expected to fulfill and believe. It teaches women how to not make the typical mistakes women make when dealing with money. Women can become “rich” if they get over these obstacles. The book strongly emphasized that the definition of rich is different for all women. The term rich was defined as “the ability to live your life as you want to free from financial constraints” for the purposes of the book (Frankel p. 2). The first chapter of the book requires the reader to take a test the questions the previous knowledge a reader has before reading the book. Each part of the test relates directly to a particular chapter. When the test is completed, the author recommends the reader to read the chapters of the book that are about the areas that the reader did poorly in. I personally started reading from the beginning since all my areas were about equal. Each chapter consists of about eight mistakes that women typically make pertaining to a certain topic like “Spending your money wisely”. There is typically a true story about how someone made a mistake and then there are three to five coaching tips to avoid this mistake. I found this book very entertaining to read and very hard to stop. I read this entire book in two days. I want to point out three specific points that stood out to be the most beneficial to me at this time in my life.
Mistake number twenty-eight “First-job syndrome” is the mistake I think pertains to me the most. This mistake is about women who are just graduating college and going out into the working world. Most women become so excited that they are getting these big paychecks for the first time that they tend to spend all of it. These newly graduated women pay all there bills and take all the money they have left over and spend it on items they do not need. They look at this money as “free money” (Frankel p. 110). I feel very fortunate to read this book now while I am still at a young age before I have had time to make all these mistakes. After reading this whole book I can see that this mistake would most likely be the first mistake I would make. This mistake is so important not to make because it leaves no money to put into savings or retirement funds. This particular mistake taught me to plan my “mad money” which is amount money from each paycheck that I am allowed to spend freely. It also taught me to make sure I make it a “habit to save a percentage of every paycheck” (Frankel p. 111). Luckily I have already began to do that with my job I currently have.
Mistake number fifteen “Living Together Before Discussing Finances” is another important mistake pertaining because I will be graduating college this Fall and shortly after moving in with my boyfriend. This mistake is about talking to your significant other about your financial plan regarding assets, debt, savings, checking accounts, etc. This mistake taught me to talk to my significant other about “asset, debt and earnings protection” to protect myself (Frankel p. 73). Again I feel very fortunate to read this book before I have actually had the opportunity to do this mistake. I did not realize the importance of talking about your financial plans before you move in together. This is so important to do because if they have hidden debt or any other problems these problems could easily become your problems. Then you are left dealing with more financial problems than you can handle that you did not even create. Also it does not matter how much you trust this person you are moving out with. It is very important to find the facts out.
Mistake number fifty-nine “Not Charging For Your Services” is a mistake that I am guilty of now. This mistake is about giving things away for free because you feel guilty or it is the nice thing to do. I have my own business giving dance lessons to children in groups. Occasionally I will have students ask for private lessons. I tend to give my favorite or the students and parents I have become very close to free lessons. I do this because I almost feel guilty charging them since I have come to know these people on a personal level. This mistake is about not letting your emotions of guilt for inserting money into existing relationships overcome you. This mistake taught me I just need to put my private lesson fees in a “written fee schedule” therefore everyone will follow this no matter who they are (Frankel p. 209).
I found this book very helpful in planning my financial future. It emphasized on erasing the stereotype that every girl has to be “nice” and therefore never get ahead financially in her life. This book had a total seventy-five mistakes and advice to avoid them. I would highly recommend this book because not only is it beneficial for women who want to become “rich” it was also so entertaining and easy to read. I will definitely recommend it to my female friends because it gives them the opportunity to avoid these mistakes before they make them later in life. Most of the mistakes were aimed at women who have lived through financial hardships. I will definitely keep this book around for a reference in the future.
Five addition important tips not included in my paper:
1) Mistake number nine “Not making your financial well-being a priority”, in other words make your financial well-being a priority! (Frankel p. 51)
2) Mistake number four “Not playing to win”, in other words it is important to pay to win in the game of life if you want to be financially independent. (Frankel p. 34)
3) Mistake number twenty-six “Not distinguishing between wants and needs” , in other words it is important to distinguish between wants and needs because women have high statistics of spending their money on things they want and do not need. (Frankel p. 104)
4) Mistake number sixty-two “Ignoring tuition reimbursement and training opportunities”, in other words it is important to be aware of tuition reimbursement programs through the companies you work for. Most college graduates have outstanding debt from their loans and this can be extremely beneficial in avoiding that debt in the first place. (Frankel p. 215)
5) Mistake number fifty-four “Working at a salary less than what you deserve”, in other words women should not let their employers take advantage of them because they are women and they should ask for the money they deserve. (Frankel p. 191)