Book Review: Sheconomics

A very lightly written book, with profound financial tips. If Confessions of A Shopoholic is a question , then for sure Sheconomics answers it very beautifully. Karen & Simonne have incorporated anecdotes from their lives/ their clientele and have discussed personal finance in a tea-party way. Does the method seem to work? Well, lets say, that for those who have jitters hearing the word finance/credit/debt, after reading this book, those jargons would seem lesser demonic !!!

The gyst of the book is that mostly women don't treat money with the due respect that it commands. Money is just another tool to express their emotions. Well, I agree, emotional setbacks or joyous outbursts, both are expressed in terms of expenditures. The amount spent on unnecessary clothes, those trinkets that looked so pretty in shop and now seem an eyesore, the shoes whose matching accessory is always pending and much more trash stashed away somewhere, is so huge that it often leads to guilt of spending. Karen and Simonne give a 7 pointer way to take control of Personal Finance :

Law 1 - Take Emotional Control ( Be aware of how emotions affect the way you behave with money)

Law 2- Go Beyond Beliefs ( Know that your financial beliefs can become reality)

Law 3 - Spend With Power ( Make sure all your spending decisions are made for the right reason)

Law 4 - Have Goals ( Make your money fit your life plan)

Law 5 - Look Debt In The Face ( Face up to what you owe and decide how to pay it back)

Law 6 - Share Financial Intimacies ( Talk openly and honestly about money)

Law 7 - Know Tomorrow Comes ( Take action now for a secure future)

The best part about the book is its conversational style. You do not feel bogged down by the heavy detailing of personal finance jargons or you do not feel like counting the pages till the chapter is going to end. It is a very free flowing style, almost like how two friendly neighbours would chat over tea. The fact that Simonne and Karen have decided to share their personal anecdotes, interspersing with tales of their clientele during their consulting days, makes it more easy to associate ourselves with.

In every chapter they have a set of tough questions, the questions you ought to answer to yourself. I found that part very interesting. But not only do they ask questions, but also extend help to overcome issues. For example, they have provided a full financial chart , a kind of strategy to come out of a heavy debt. Not only is the chart realistic, but also they have given a wonderful set of checklist to let the will power stay strong.

My verdict on the book : Interestingly written and very thoroughly researched. Communication style is impressive and the followup questions for self-reinforcement are perfectly placed. However, the book might not be so popular with Indian audience. The major reason being the usage of credit cards. Indian investors are still very conservative and even today, I do not know any girl who holds more than 2 credit cards and splurges money so lavishly ( No reference to Business Class people; Typical middle class service personnel only) It is kind of improbable that Indian ladies would incur such heavy debt. But the only relatable point I found was the expenses during emotional peaks. Or any good bargain. That is something that Indians need to learn, how to control the will power and as ourselves, if we really need that thing. After hearing the word "Discount/Sale/*% Off", the rational part of the brain somehow becomes defunct and the emotional part takes over. Simonne and Karen , train the reader to become a tough task master and coach how to take control of those seemingly wielding emotions. Yes, a must go for the Betty Bloomingdale hiding within us. :)