Tuesday, February 28, 2012

Financial Book Review: A Purse of Your Own

Warren Buffet is known for saying that investing and dieting are alike, in that they’re both simple and yet neither is easy.

I couldn’t have agreed about the simple part until reading this book! . . .

If I had more than two thumbs, they’d all be pointed upward for Deborah Owens’ A Purse of Your Own.  In this radiant financial read, Owens uses the purse as a metaphor for wealth, understanding that you can typically grasp a concept when you can readily relate it to something in your own life. The purse illustrates that finance based concepts, and specifically investing, is not nearly as complex or foreign as one might believe.

Having a full purse represents a wealthy relationship with your money, while an empty purse symbolizes an unwealthly lifestyle.  Deborah even took the time to break down different types of purses and while there are too many to name, I must share the one I see most often which is the “The Counterfeit Purse.” She uses this term to symbolize a bag that some “may carry, who might dress fashionably and drive a nice car but have nothing of real value. Like counterfeit purses sold on the streets, these bags might look great at first glance, but they won’t hold up.” And that powerful mouthful is just in the introduction!

In the book Deborah also explains her 7 Wealthy Habits, which I loved! While many of the concepts overlapped with the habits I’ve learned, practiced and shared over the years, I enjoyed her fresh perspective, as well as, learning more from Deborah’s bank of financial wisdom. The incorporation of her personal journey, as well as, insight from other women who learned how to use their “purseonalities” to work for them, taught much more than money principles; They shared tips on confidence, career and character building, as well.

                             How to Create Wealthy Habits - Part 2

Her simplification of investment terms is unlike any I’ve had the pleasure of reading before. As someone who lives, eats, sleeps and breathes personal finance, I know if all the terms and weird number and letter combos still make me pause and think, eh, you know: 401(k) versus 457(b) and don’t forget the 529 versus ESA, then I feel for the general public! But, Deborah makes it simple. She brilliantly describes a relationship with investing like a love affair. . . “But refusing to have anything to do with any broker or advisor is akin to someone deciding that she’ll never date a brown-eyed man because a lot of serial killers have eyes of that color.” . . .  See there, you understood that analogy immediately!

If you wish to undergo a “Purseonality Makeover,” pick up the book without delay! You’ll be greeted with self-assessments, exercises, called “Purcesises” that you can fill in on the spot and the “Pursessentials” in the back of the book which is jam-packed with tools and resources to help you along your journey. Trust me: whether you are riddled in debt or a financial Buddha, you won’t be sorry with this read.

To join Deborah on her mission to encourage others to adopt the wealthy habits that will help you fill your purse in any economic climate, visit her site at www.deborahowens.com.

Until Next Time,

Seek Wisdom, Find Wealth & Be Blessed!

*I received no monetary compensation for this post. This post is based on my opinions and was not influenced in any way.*

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