New Book Helps Young Women Take The First Steps To Becoming Financially Savvy
For many young women, managing their money and understanding the basics of personal finance can seem daunting – but it does not have to be, says veteran chief financial officer Lisa Serwin. In her new book, SO MANY SHOES, SO LITTLE MONEY: A Girl’s Guide to Finance (Booksurge/July 2009), Serwin uses shopping as a framework to help women get a grip on their personal finances – from budgeting, saving, and investing to credit cards, taxes, and insurance. Fast-paced and funny, this insightful guide will appeal to anyone who loves to shop, but is overwhelmed when it comes to balancing a checkbook, staying on top of monthly bills, or planning for a secure financial future.
“Think of the book as a closet filled with a variety of financial subjects instead of clothes and shoes,” writes Serwin, bringing her insights to life with witty shopping and fashion metaphors. For example, she compares credit cards to the “little black dress” that every woman has in her closet – small but very potent. She illustrates why it is best to use credit cards sparingly and only on special occasions, showing how the compound interest that credit card companies charge on unpaid balances can easily grow into a financial headache.
In addition to providing solid financial basics, SO MANY SHOES, SO LITTLE MONEY also includes step-by-step techniques for applying Serwin’s lessons, such as simple, pain-free ways to save money (set up an automatic savings plan, pay your savings account one dollar for every workout you do, eat at home more often, take public transportation, go green to save on utilities, switch from a cell phone to using the Internet for calls). Making the book an even more engaging read are dozens of clever “fashionista facts” – fashion related tidbits as well as tips on such topics as buying cashmere and organizing your closet.
Among the basics Serwin brings to every woman’s financial life are:
•How To Budget — Achieving Your Dreams: “Only by knowing what you have (and don’t have) can you figure out whether you can save, spend, or should cut costs,” explains Serwin. But, she points out, “Most budgets fail because they are seen as a restraint. . .Instead, start thinking of a budget as a way to help you achieve your life’s goals and dreams.” SO MANY SHOES, SO LITTLE MONEY offers an easy method for constructing a budget that works.
•How to Spend – Striking A Balance Between Needs And Desires: “Spending is often what we do best,” writes Serwin. “However, knowing what to spend, and when to spend, is critical. What must we have? What can we live without? And how do we know which is which?” SO MANY SHOES, SO LITTLE MONEY explains how to sort out wants from needs and offers invaluable information for smart spending – from choosing the right debit and credit cards to making major purchases such as a car or a home.
•How To Save – Preparing For The Unexpected: Serwin explains why it’s essential to have cash on hand to protect you from life’s unexpected surprises or to finance a special dream. Not only does Serwin offer ideas for making saving easier, she details where that money should go – outlining the differences between checking accounts, savings accounts, money market accounts, and certificates of deposit – and offers tips for finding the account that best fits one’s needs. She presents a very persuasive argument for starting to save now, instead of putting it off for tomorrow.
•How To Invest – Make Your Money Work Harder For You: Serwin presents a basic guide to stocks, bonds, mutual funds, index funds, 401K plans, and IRAs making it easy for readers to comprehend. She shows why investing is an important step towards creating a secure future, explains how to get started, and how to chose a financial advisor or broker.
Serwin encourages women to periodically take stock of their financial health by figuring their net worth. She also addresses such topics as: debt (and what to do if you have more than you can pay); insurance (“unlike a bad hair day, things happen that can’t be washed away”); taxes (“wrinkles, you can avoid; taxes you can’t”); and how to choose the right experts for help (from accountants to realtors to insurance brokers).
Like many women, Serwin grew up thinking she was good at shopping but bad with numbers and math. But she soon discovered that being a canny shopper gave her all the basics she needed to comprehend finance. With SO MANY SHOES, SO LITTLE MONEY, she passes on those basics to other women, showing how it’s possible to have a full closet and a full bank account, while building a secure financial future.
ABOUT THE AUTHOR
Lisa Serwin has over twenty years experience working in corporate finance. She is the former CFO for The PlumpJack Group, Senior Vice President of Strategic Planning for Fox Filmed Division (a division of News Corporation), and Vice President of Corporate Development for TicketMaster Online – Citysearch, Inc. (a division of InterActive Corporation).
Serwin holds a BA from the University of California, Los Angeles and an MBA from Loyola Marymount University. She resides in Napa, California.
You can buy at Amazon: So Many Shoes, So Little Money: A Girl's Guide to Finance
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