The book under review in here is a product of the authorship of Wenna Brooks. Brooks is an American citizen widely read in the fields of finance, entrepreneurial-ism among other closely related disciplines. With reference to book publishing, Brooks is a young author with her earliest internationally marketed book being published less than a year ago. However, she stands out as a promising publisher and educator as far as her fields of expertise are involved having already published four books in the last one-year period. She has authored “Techniques To Be A Successful Entrepreneur: Entrepreneur’s Talents”. That is a book aimed at helping self-entrepreneurs on realizing how critical strategic decision-making and action taking are especially with respect a small-scale entity’s business health. In her portfolio, “Earn More Profit: Tips on Earning More and More Profit” also features as a book she has authored too. This one aims at providing the necessary insight required to choose the most fitting business keywords to use for various industries, with specific emphasis laid on online business platforms, as well as internet marketing. Essentially, the content of Brooks’ other books provides a positive attitude on the expectation of the substance of the book under current review here.
Right from the very start of the book “Manage Your Finances: How to Master Your Relationship with Money and Win in Life”, Brooks makes her intent clear. She highlights the fact that it majorly upon the possession of inestimable apparatus as far as the assumption of one various key responsibilities in life that one can fully understand the most optimal way of managing his or her finances. Apparently, the ability to harbor and utilize such character paves way for the establishment of the most genuine feelings associated with monetary flexibility, serenity, as well as the extended purchasing power. According to the author, the most viable practices of cash management start with clear objectives and strategic plans aimed at both spending and sparing (Brooks, 2014).
In the pursuit of managing one’s finances in the best way possible, Brooks directs significant emphasis on budgeting, credit card management, protection of financial identity, and avoiding debt liability.
According to the author’s reflection on budgeting, it is quite right that the first step is evaluating the most important things necessary in one’s life and enumerating them in the most suitable priority level. It is also quite sensible that such should be followed by critical questioning involving such reflections as why a particular thing is necessary, what difference it would make having a concrete thing, what things are more urgent than others, as well as what things are in line with one’s anticipated qualities.
Adapting to the dynamic changes of the economic world is also a critical factor that the author underlines as a necessary consideration towards the successful management of one’s finances. That is easy to agree with since the current world features new advancements across all economic sectors. More so, the new improvements aim at not only improving the quality of products and services but also reducing the prices of the same (Bartel, Ichniowski, & Shaw, 2007). As a result, the author’s advice on seeking for relevance with respect to one’s monetary behavior in relation to the underlying economy dynamics stands out as a strong point to consider when pursuing financial management excellence.
Woods highlights credit card management as a vital step in successful financial management. Conforming to what most credit card users are advised to observe, the author challenges the users of such to consider the main reason they use the cards, that is, necessity or convenience. More so, in concurrence to the author, searching for the most competitive interest rates, as well as competitive credit card companies, helps in the long-term management of one’s finances.
Closely related to credit card management, Woods also writes about the protection of one’s financial identity. In as much as adapting to the current economic dynamics is necessary for competitive product acquisition, noting the potential risk borne, especially by the currently trending online purchases, is important. Most of the online purchases require just information such as the name, credit card number and birth dates of the holder. With that information, anybody with the card can make a transaction with it. As a result, careful handling and safekeeping of such sensitive information is a core factor for consideration in and individual’s pursuit towards successfully managing his or her finances in the modern day economic environment.
Ideally, Woods work in her book “Manage Your Finances: How to Master Your Relationship with Money and Win in Life”, provides valuable insight in matters concerning the success of financial management. Although some of the provisions may seem rather general, the step-by-step illustrations make it way clearer even to a person who may have prior knowledge on the topic she discusses in her book.
Bartel, A., Ichniowski, C., & Shaw, K. (2007). How Does Information Technology Affect Productivity? Plant-Level Comparisons Of Product Innovation, Process Improvement And Worker Skills. The Quarterly Journal of Economics , 1721-1758.
Brooks, W. (2014). Manage Your Finances: How to Master Your Relationship With Money And Win In Life. Seattle, WA: CreateSpace.