The ‘Smart Money Woman’ is a financial enlightening book by Nigerian author Arese Ugwu. It is a light hearted fiction read about the financial freedom journey of a Nigerian woman called Zuri.
The book tells the story of the 28-year-old who seems to have it all; a fat paying job as a senior manager at a prestigious company, fancy apartment at a posh neighborhood, designer clothes, shoes and bags from high end brands, among others. However, there’s an underlying astronomical problem, Zuri is broke and wallowing in humongous amounts of debts, emanating from trying to keep up with a lifestyle she cannot afford.
The book begins with Zuri realizing her finances are a mess and needs to do something about it inorder to keep her head above the water or else she is going down. The rest of the chapters see her learn how to manage her finances better, apply the lessons learnt and eventually ends on the path of financial freedom.
The ‘Smart Money Woman’ tackles, debt, spending, the consumerist culture of the African middle class, the fear and misconceptions surrounding money and the lack of it, love, friendships, cultural and societal pressures and the roles they play in success. With each chapter comes a Smart Money Lesson, there to help you work your way up the financial ladder.
These are some of the most notable quotes on money lessons that the book leaves you with;
- “Broke means, if you lost your primary source of income today, you wouldn’t be able to maintain the lifestyle you have become accustomed to because you have no assets to rely on.”
- “We must dismiss this idea that we will always make more money. We have a finite amount of productive years to work; many people will never be as agile both mentally and physically as they are now. What happens in thirty years when you can no longer work as hard and have no cushion to fall back on?”
- “Developing a wealthy mind-set requires the understanding of the concept that the way you spend, invest, and manage ten naira is the way you’ll spend, invest, and manage ten million.”
- “Broke people and rich people approach the same amount of money differently and here’s why: broke people think it is about how much you earn but rich people know it’s about how much of your income you are able to keep and convert into assets that can provide you with an income in the future.”
- “The goal is to get to a point where the assets you’ve accumulated can pay you enough of an income to pay for your lifestyle. For example, rental income from a property you own can buy you a car or a holiday to the South of France. Or, the dividend cheques from your stock portfolio can buy you a Chanel bag.”
- If you don’t treat the money you earn with respect, it will leave you with no respect. We have to learn to spend with intention by allocating our resources to reflect the lifestyle we want and are able to sustainably afford.
- “Wealthy people use debt as a tool to leverage their investments and grow their cash flow, but poor people use debt to buy things that make rich people richer. Only borrow to acquire an asset that will appreciate in value.”
- “A smart woman doesn’t wait for financial surprises; she systematically saves toward her emergency fund because she knows that this is the foundation of her financial journey. The cushion that acts as a financial safety net, so before you splurge make sure you have at least six to nine months of living expenses saved up for emergencies.”
- “The most successful people are the ones who are able to articulate what they want for their lives. Success is deeply rooted in having a solid plan that is tailored to what you want.”
- “The reason most people live paycheque to paycheque is because they don’t have a full understanding of what their income can support.”
- “The business or job opportunities you’ll have access to will come from your ability to harness your network and learn how to convert that network into opportunities because the more people you are able to reach and influence, the more likely you are to attract new business, gain access to partnerships or raise funding for your business.”
- “Women need to start asking tough questions about life insurance, debt, deeds, brokerage accounts, trusts and in general where financial records are kept, who is on the next-of-kin form et cetera.”
- “Nine out of ten times when people ask how they can make more money my answer is find your purpose. Yes, it sounds trite, but this is a basic truth. Your purpose is your calling; the thing that drives you to be successful because it is what you were created to do.”
