Professor Karen Pine and Simonne Gnessen have authored a book advising women how to master their money by understanding and accepting their emotional and complex feelings toward the sexy symbol of purchasing power.
Titled “Sheconomics: Add Power to your Purse with the Ultimate Money Makeover,” the financial guide is a step-by-step action plan for recharging your life with a new found understanding of money.
Respecting and accepting the fact that many women allow their emotional feelings toward money cloud their sound business sense — it may not be PC but studies show it to be too true — Pine and Gnessen set out to write something sensible, practical and implementable.
If you ever engage in retail therapy after a bad breakup or worry about money and don’t know where to go for help? Then, this book is an ideal financial bible for you.
The Seven Laws of Sheconomics:
Law 1: Take emotional control:
Women need to become more aware of how their emotions affect the way they behave with money.
Law 2: Go beyond beliefs
Understanding that financial beliefs can become reality and that many of them (e.g. ‘I’m no good with money’) are self-limiting.
Law 3: Spend with power
The need to ensure that spending decisions are made for the right reasons and not as a reaction to other pressures.
Law 4: Have goals, will travel
Making spending and saving decisions that take account of the bigger picture and fit in with women’s life plans.
Law 5: Look debt in the face
This is about women facing up to what they owe and deciding how to pay it back.
Law 6: Share financial intimacies
Recognising that secrecy and deception are damaging and the importance of being able to talk openly and honestly about money.
Law 7: Know tomorrow comes
Now, more than ever, women need to take action for a secure future and not delay those all-important decisions.
Pine and Gnessen encourage readers to accept their past with money and to recognize patterns of their spending and savings behavior in order to take full control in their future.
Although many financial advisers speak and write about mastering money, Pine and Gnessen take this a much needed step further by devising an action plan that is easy to follow.
Their ideas are sound and logical but there are two basic flaws. First, the book is very long and not always engaging. With the busy lives most of us lead these days, it’s unlikely many readers — especially those for whom money is already a sore topic — will make there way through more than a third of the book. Second, although the ideas are sound in theory, it’s quite hard to get one motivated to re-evaluate one’s debt just by reading a book. Workshops and more interactive forms of conveying this information would probably be more effective.