‘Be Financially Smart’ helps you navigate the maze of financial jargon

Do women always own the money they make? Take their financial decisions and know where to invest? Buy property? Plan long-term and short-term finances. Not always. The reason, women despite earning a salary shy away from making financial decisions, is a lack of awareness and adequate financial literacy.Surprisingly many working women would be heard saying how little they understand taxes or what to do with their money. I have many friends and colleagues asking me for financial tips. But even when they come up and ask about a mutual fund, a stock, an SIP or gold, I see it as a step towards wanting to be in control of the fate of their hard-earned income.Therefore, it is especially encouraging when one gets to read a book like ‘Be Financially Smart’ – The Modern Woman’s Guide To Money. The book at first sight has a few strong suggestions for the financial newbie.Everyone knows this: Financial planning should start at the start of your career. In fact, the sooner the better, because it helps you control impulsive spending and gives you a leg-up in building long-term financial security. But ‘living in the moment’ has never been good friends with financial prudence. But a lot of time is often wasted before one can wake up to rue the lost years that could have helped prepare for middle age.This is why books like ‘Be Financially Smart’ should be picked up from the stores. Menezes, being a top executive, obviously brings forth some solid ideas in terms of making, conserving, and building personal finance. True empowerment for women is to make them financially literate, and Menezes seems to be doing just that with this book. At the very start, she acknowledges the fact that money as a topic is shrouded in secrecy and taboo, especially in Indian households where women are driven to the fringes of financial decisions. Money Talk is a man’s domain – all this despite goddess Laxmi, the endower of wealth, being a woman.The book dwells on encouraging women on the need to become financially conscious, in the first few chapters, and at times seems as if Menezes is almost wooing to the good sense of the lady of the house. It is only after this wooing that she comes to the hard part. This is where she speaks of the questions that need to be asked to check one’s financial health. It leads on to discuss the common money mistakes most women make and underlines: “Earning money is just the beginning of your journey towards financial independence. The real magic happens when you make money work for you.”Do not expect anything that has not been already said about drawing up a money strategy, and Menezes harps on the same points that other financial advisors continue to stress: the need for paying oneself, not budgeting, saving but not investing, not having an emergency fund and finally not having a health and insurance plan.It will make you conscious of inflation – be it of food, commodities, medical, and even educational inflation – where all these essential expense subheads have not only become expensive over the years but will continue to remain so in the years to come.But amid the obvious lessons, what you may discover as truly useful is a part where Menezes teaches you how to build your personal financial, cash flow, and net worth statements. The book is peppered with financial wisdom, tips, and tricks that may equip you to do your financial diligence. If you are a non-starter, it could unlock a whole world of financial good sense for you. If you have been working on your finances for some time, this could be a good revision of some of the basics you may already know. Worth picking and certainly worth reading.

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‘Be Financially Smart’ helps you navigate the maze of financial jargon

Real empowerment for women is a financial one and Nita Menezes arms you with tips small and big to help you navigate all things money

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