It should be illegal not to have read “The Smart Money Woman” by Arese Ugwu in 2023. Arese’s rent was probably due when she wrote this book because that’s the only logical explanation for that brilliant display of artistry.
This book isn’t just about money; it’s a fun and insightful guide that can help both men and women in Nigeria make smarter financial choices.
Let’s dive into five important money lessons we can all take away from this fantastic read.
Lesson 1: Money is Personal
Money is not just about numbers; it’s deeply personal. In “The Smart Money Woman,” we see the protagonist, Zuri, juggle her career, family, and personal goals while dealing with financial challenges. These parts of the book remind us that our money decisions should match the energy of our lifestyle and goals. Don’t let anybody influence how you should spend or save your money. Your money decisions are yours to make.
Lesson 2: Budgeting is Your Best Friend
Budgeting is like the battery for your financial journey. Creating a budget helps you track your income, expenses, and savings goals. In the book, Zuri learns the importance of budgeting the hard way when she faces a financial crisis. You, too, can avoid financial crises by creating a budget that matches your income and expenses. In other words, never do pass yourself when it comes to money.
Lesson 3: Debt is a Double-Edged Sword
Debt can either be a powerful help or a heavy burden. Zuri faces the hard consequences of excessive debt in this book. The lesson here is that while loans can help you achieve your goals, they should be managed wisely. High-interest debt can drain you financially. Know the difference between good debt (like a business loan) and bad debt (like shopping debt). And more importantly, always have a clear repayment plan.
Lesson 4: Invest Early and Consistently
Investing isn’t just for people with loads of money, it’s a smart financial move for anyone who wants to build wealth over time. In “The Smart Money Woman,” Zuri learns the power of investing and how important it is to start early. Even small, consistent investments can grow into significant savings over the years. Whether you want to put your money into stocks, mutual funds, or real estate, investing in low-risk plans is always a smart move.
Lesson 5: Seek Financial Education
Financial literacy is what you need to make smart money decisions. Zuri had a lot of figuring out what to do in this book regarding understanding financial literacy. We need to be intentional about improving our financial knowledge. Attend seminars, read books, follow financial blogs like Financial Options, or take online courses to enhance your understanding of personal finance. The more you know, the better equipped you’ll be to make smart money choices.
Whether you’re just starting your financial journey or looking to improve your money management skills, you should read this book and take these lessons from Zuri’s story to heart.