Book Review: Smart Women Finish Rich by David Bach
Bestselling author and financial advisor David Bach learned about investing from his grandmother on their frequent lunch dates at McDonald’s when he was a child. In his book, “Smart Women Finish Rich,” he explains that his grandmother decided early in her life that she wanted to be an investor, thus placed as much of her meager earnings as she could afford into stocks and bonds. “Over time and without any advice from her husband, she built up a high-quality portfolio. When she passed away recently, at the age of 86, her investments were close to $1 million,” Bach says.
Bach confesses that his remarkable grandmother taught him many lessons, the most important of which is that a person doesn’t have to be wealthy to be an investor. This and the other lessons she imparted inspired him so much that he became driven to teach and empower women to take control of their finances.
“Smart Women Finish Rich” is a motivational financial roadmap giving women nine actionable steps to help them achieve financial security and fund their dreams. Each chapter is a step-by-step guide written in layman’s terms that covers myriad financial topics. While budgeting, planning, saving, spending and financial dreaming are all discussed, Bach focuses primarily on investing which he considers an integral part of anyone’s financial health, and the surest way to become financially secure later in life.
Recognizing that investing can be a frightening idea to many people, Bach goes to great lengths to explain concepts in minute detail and expose the many misconceptions that people have about investing their money. Through anecdotes about his grandmother and his many female clients, Bach shows women how they too can make their money work harder for them, no matter how much or little they have to invest.
At The Institute for Families and Nannies, we too want to encourage nannies to take control of their money, and to understand the financial elements that affect their daily lives. Before you make a leap into investing, knowing how to create a budget, save for taxes and save for retirement are important keys to creating a financially secure future.
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