A Purse of Your Own Book Review

A Purse of Your Own: An Easy Guide to Financial Security by Deborah Owens looked interesting when I got it out of the library.  It got put to the bottom of the pile a few times.  OOPS!  I finally got it to the top of the pile because it is due at the library soon.

It is a guide to investing without being too technical so that you lose interest.  It is a great book for young women just starting out so that they can start the saving early (or those just starting out in the saving world).  It is great for someone looking to invest and where to start. 

I don't know that I am more comfortable with investing in the stock market (before or ) after reading this book but it certainly helps with learning how to feel more comfortable.  I understand all of the ideas behind investing in the stock market but the risk makes me very uneasy.  Even though I would like to make a lot of money, I don't have a strong stomach for the ups and downs of the market.

The book also discusses bonds.  They seem to be more stable and less risky to invest in.  I think that I might be able to start with an investment like that.  It also reminded me that I have some saving bonds that I got in high school.  There was information in the book about checking the amount of the investment online.  I am going to have to dig mine out and see what the value is now :)

There was a section on mutual funds which I think is the easiest way to invest with multiple options.  I don't know if this makes me a lazy person or just a cautious one.  Investing with one company where you can move money from one fund to another makes it much easier to understand.  It also makes it more like a 401K that most people invest in already through work so easier to work with for a beginning investor.

I am still trying to read more books and get more comfortable with the different investment ideas so here is hoping that I get more adventurous.  I recommend that everyone out there take a more active role in their future by finding investment options that suit their goals (and stomach). 

The end of the book has a few more tips that are quick and easy to read.  They suggest tracking spending in categories to see where your money goes every month.  They suggest getting your annual credit report at http://www.annualcreditreport.com/ to see the information on it.  They also suggest doing a credit freeze through www.consumersunion.org/securityfreeze.htm if you feel your identity has been stolen and only the current companies you are working with can access your information.  Something else that I never thought of was that you shouldn't carry checks in your purse because it is the easiest way to get all your money stolen.

I hope that you check this out at your local library or bookstore.  Please let me know what you think!!