A Purse of Your Own

Review of a new book on managing your money -

A PURSE OF YOUR OWN by Deborah Owens
c.2010, Fireside Books • $15.00 • 290 pages

Reviewed by Terri Schlichenmeyer, The Bookworm Sez

Nobody has to tell you that the economy is uncertain. You live it. The job (if you have one) is shaky. The savings account (if you have one) is emptying. Debt (you have that!) is growing. You’d like to make your money go in a different direction but as far as you’re concerned, financial information might as well be written in Greek. But there’s help: if you just don’t get it, get A Purse of Your Own by Deborah Owens.

You’ve never invested in stocks because it’s scary, right? It’s hard to understand, and besides – you don’t have the money in the first place. Wrong, says Owens. Take baby steps. Begin by looking at your assets, liabilities, and overall budget. When everything’s written down, you might be surprised to see that you can shave a little money here or there to invest. Even $5 a week can turn into thousands of dollars in profits if you have the patience.

So how to get started? You can buy stocks online or you can use a broker; there are advantages and disadvantages to both. In either case, Owens says, a financial advisor may be your portfolio’s BFF.

Using analogies that are easy-to-understand, author Deborah Owens starts from the beginning with a family that was shocked to see the small size of their net worth. From there, she moves through the various ways to invest and save, how to start and utilize an investing club for support, and how to think like a wealthy woman. Owens’ advice is solid, real, and a little outside-the-box and the quizzes she includes (what is your Purseonality?) are eye-opening, all of which makes the entire finance industry seem seriously fun.

Even if you’ve only got a few dollars to spare but you want to see it grow, “A Purse of Your Own” is a book to bag. Invest a few dollars in it, and you’ll soon be investing like a pro.