:Women, Get Answers About Your Money:

Women, Get Answers About Your Money-Review

It is no secret that women have been making a mark outside the world of domesticity. More women have been embarking on high profile careers, completing college degrees and taking charge of their own assets. But along with these new roles, comes the responsibility of finances. In the past, women were more reliant on their husbands for financial stability and information. Because of this, many women are entering their new roles with some fear and intimidation about this grand world of stocks, bonds, credit, mortgages and the like. To help women combat these fears, and become more financially responsible, Carolyn Castleberry has written a follow up to her book Women, Take Charge of Your Money: A Biblical Path to Financial Security. Her new book, Women, Get Answers About Your Money, is a great bedside companion for any woman looking to answer all the confusing questions she may have, laid out in a simple, easy to read form.

With so many avenues to explore when beginning your quest to financial success, it is hard to know where to begin. The basics are important; things like credit scores, budgets and savings are great places to start. In the first section of her book, Castleberry presents the simple, yet essential questions that women ask. She follows each question with a detailed answer, which clarifies much of the confusion surrounding said issues. For example, she presents a question about net worth and how you can learn what your own net worth is. Not only does she include a definition of net worth, but follows with a worksheet that breaks down all the financial areas of your life, allowing you to fill in the blanks and easily come away with an accurate answer to your question. Castleberry also provides a similar worksheet to figure out monthly spending and a budget to accommodate that spending. As groundwork for her book, Castleberry emphasizes the importance of knowing these facts first, and using them as the basis for future financial success.

Debt has become an American phenomenon. To find someone without it seems like a futile search. While carrying a normal, responsible amount of debt can help your credit and establish responsibility, it seems that far too many of us women, and men, are victims of the all consuming credit card bug. One of the most important parts of finances that Carolyn Castleberry stresses is the understanding of credit and how to tell when your debt is beginning to hinder that credit. I never knew until recently, that my credit was made up of three DIFFERENT scores. We hear numbers thrown around but don’t really question how that number became ours. When I read about the three different numbers, how they’re generated and where, it gave me a completely new understanding of my own credit. I felt far more empowered and educated. Castleberry also gives a list of common signs that signify that you may be in debt trouble, coupled with ways to improve one’s credit. These are lists that all women need to read. Too often we are in denial of just how much we’re spending. Castleberry encourages the use of these credit tips in combination with one’s budget to help get a handle on what are necessities and what is irresponsible spending.

I find that the most intimidating part of all this financial mumbo jumbo comes when I try to figure out investments. When you are young, you have a checking account and maybe a small savings account. I never thought about my future savings or diversifying. Then I got a real, 9-5 job and was inundated with 401(k) talk, stocks, funds and the like. I was only 21. Now I am married and the confusion only grows. When I began to read this book, I felt immediately settled. Finally a resource that I could easily understand and go back to when I had questions. Castleberry spends a large portion of her book answering all the questions one would ever want to know about how to invest wisely and what to expect. But, she does not encourage anyone to just start throwing money around wherever it seems good. The first rule of thumb is to do your homework. She says that making goals and establishing a plan for the money you invest will help when considering investment choices. This is important advice, especially when you are young and inexperienced. Sometimes it gets hard to mull through money talk, and even with direct answers to questions, it can be overwhelming. But, knowing the difference between a growth fund and an income fund can be important. So, keep this book handy whenever you begin to question what you’re doing.

What women really need to be learning is how to plan for their future. With more women in the work force and the acquisition of more personal assets, we need to be educated on how this will all affect our futures. This can include real estate, retirement plans or maybe even a personal business venture. Regardless of how you may choose to invest your time and money, you need to have an idea of how it all works first. Carolyn Castleberry challenges us, as women, to be independent and knowledgeable, but to be good stewards of our money as well. If you have an idea, learn how to make it an official idea that is yours alone. If you have a business, learn about the tools you need to make it a successful venture. If you want to comfortably retire one day, learn what it takes to invest wisely and find the people that can help you get there. Most of all know your money and pray for God’ s guidance; but also, be humble enough to seek advice. That is the first step to owning financial success.