Book Review: Nice Girls Don’t Get Rich

Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women make with Money

 

Lois P. Frankel, PhD

 

I had a former employer reimburse me in full for this book, which according to this book, is something that Adult Women do to get Rich.

 

Summary

 

In my opinion, the title is over the top, but Frankel does a good job explaining her reasoning for choosing it.  In her Introduction, Frankel explains that “while it’s true women can’t afford to be nice to the point of being pushovers,” the emphasis of her title “Nice Girls Don’t Get Rich” she continues, “is less on the word nice and more on the word girls.  For what gets women in trouble when it comes to getting and keeping the job they want or accumulating the portfolio they need to live financially independent lives is the tendency to act like the ‘nice girls’ they were taught to be in childhood as opposed to acting like intelligent, capable, deserving adult women.”

 

In nine chapters, which outline 75 mistakes women make with money, Frankel discusses how women neglect their own wealth building efforts in many of the same ways women neglect other important priorities in their lives (this includes careers which is fully developed in Frankel’s earlier work entitled “Nice Girls Don’t Get the Corner Office: 101 Unconscious Mistakes Women Make That Sabotage Their Careers”).

 

Review

 

This book offers another perspective on women, the gender income gap, and negotiation.  Frankel’s advice in many ways is not unique, but her style and format is unique.  For as she questions in her Introduction “If there are so many books available to help women achieve their financial goals, then why do significantly more women than men live below the poverty live?”

 

When read alongside a complete literary diet of career enhancing books, Frankel’s “Nice Girl” mistakes and resources can be used as a reference book to refer back to for each financially driven decision a woman faces.  I know that is how I will use this book, as a reference when I “sleep overnight” on financial problems.  I will also include this in my repertoire of books I chose to give as gifts and to loan to important people in my life.

 

Table of Contents

 

I will list out the Table of Contents below.  I will also list the mistakes I’ve made.

 

Introduction

 

Chapter One: Women and Wealth

This chapter explains why all women need to read this book.  The chapter includes a few self-assessment exercises which can be used to skim the book more effectively based on your current financial state and literacy.

 

Chapter Two: Getting in the Money Game

1. Striving for Survival, Not Wealth

4. Not Playing to Win

6. Setting Artificial Boundaries

 

Chapter Three: Taking Charge of Your Financial life

9. Not Making Your Financial Well-Being a Priority

12. Managing Egos, Not Your Wealth

 

Chapter Four: Spending Your Money Wisely

            27. Giving into Social Pressure

            28. First-Job Syndrome

            29. Spending Money to Make Money

 

Chapter Five: Learning Money Basics

            33. Not Budgeting (although, thanks to Mint.com, this is less of an issue)

 

Chapter Six: Saving and Investing for Future Wealth

            44. Delaying the Purchase of a Home

 

Chapter Seven: Maximizing Your Financial Potential at Work

            53. Working in a Female Ghetto

            54. Working at a Salary Less Than What You Deserve

            57. Giving Away Your Time

            58. Reducing Your Fees or Prices

            59. Not Charging For Your Services

            63. Not Reading “Nice Girls Don’t Get The Corner Office” (It’s on my list!)

 

Chapter Eight: Playing It Safe With Your Money

            64. Failure to Negotiate

71. Underestimating or Ignoring the Value of Your Assets (My recent reselling activity on Amazon.com, Ebay.com, and Half.com has amounted to $100’s)

73. Not Giving Smartly

 

Conclusion

 

This is a quick read, and it is definitely better used as a reference book.  As such a reference, I highly recommend purchasing the book, or better yet, have your employer purchase/reimburse you for the book.  Clearly any employer would benefit from the purchase on this book and the dividends the employee reader will return to the employer in increased job satisfaction.  This comes at a surprise even to me, an avid library patron, but “Nice Girls Don’t Get Rich” is a wonderful item to add to an existing library of female empowerment books.

 

Personal Note

 

From this book I learned that I have the right education and experience, but I often will accept less than I want because I am afraid of losing opportunities and of hurting relationships.  Not all of the mistakes are relevant to me today, but thankfully Frankel’s advice is timeless enough to help me today and in the future as my life and financial circumstances change.

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2 Responses to Book Review: Nice Girls Don’t Get Rich

  1. I constantly spent my half an hour to read this blog’s articles
    or reviews everyday along with a mug of coffee.

  2. nerdychic says:

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