Sylvia Walker - Smartwoman: How to Gain Financial Independence and Create Wealth

Reviews of Smartwoman

Smartwoman is a compelling, informative, empowering and provocative must-read that provides practical tools, tips, guidelines and advice so that we, as women, can better control our financial destiny. It is forthright, honest and compassionate, and explains how we can take charge of our hard-earned money and build a purposeful relationship with it. It challenges us to better understand the value of money, how we save and spend it, how we protect and preserve it, and how we align this with our sense of purpose by setting smart goals.

Professor Shirley Zinn

Though the book is called Smartwoman , it is relevant to both men and women. Understanding your finances, your money personality and your relationship with money is relevant at any age. The book shares nuggets of wisdom at different milestones of ones life, whether its the four pillars of life, the seven steps of building your designer life, or just implications of each phase and scenarios in our life journey. Practical tools shared in the book make it a valuable handbook for a holistic life of purpose. For me, being happy comes from within, being comfortable in your own skin, embracing your strengths and your weaknesses.

However, wealth enables you to design your desired life; whether its a life of giving, investing, indulgence, or all of the above, it is a choice each one of us makes as we try to live a life of purpose.

I will definitely get a few copies for my nieces and nephews as a handbook for creating and maintaining wealth and a balanced life.

Dr Judy Dlamini, Executive Chairman, Mbekani Group

Smartwoman
Published by Zebra Press
an imprint of Penguin Random House South Africa (Pty) Ltd
Reg. No. 1953/000441/07
The Estuaries No. 4, Oxbow Crescent, Century Avenue, Century City, 7441
PO Box 1144, Cape Town, 8000, South Africa
www.penguinbooks.co.za

First edition 2017
Second edition 2022

1 3 5 7 9 10 8 6 4 2

Publication Zebra Press 2022
Text Sylvia Walker 2022

Cover illustration: iStockphoto

All rights reserved. No part of this publication may be reproduced,
stored in a retrieval system or transmitted, in any form or by any means,
electronic, mechanical, photocopying, recording or otherwise,
without the prior written permission of the copyright owners.

ISBN 978 1 77609 641 1 (print)
ISBN 978 1 77609 642 8 (ePub)

Disclaimer

This book provides general information about money and investment, and every effort has been made to ensure that the contents of the book are accurate at the time of publication. Investment markets and the factors that drive them are constantly changing, however. Information in this book is in no way intended to replace or supersede independent or other professional advice. Neither the author nor the publisher may be held responsible for any action or claim resulting from the use of this book or any information contained in it.

For Derek and Andrea, my reasons for being.

Foreword

A male editor of mine once asked me why I was writing an article about women and money. Surely money is gender neutral, he argued. It is a valid question, and I understand why men struggle to see the point of finance books specifically written for women.

Yet the reality is that money is different for women. Obviously not the actual notes and coins, but more around how we engage with money and the role it plays in a womans life.

Possibly because of years of living in patriarchal societies where men went to work and took care of the family finances, many women lack confidence when it comes to managing their own finances. A financial adviser told me recently that she believes it is because many girls at school grow up with a fear of maths. I investigated this, and it is a real thing. For some reason girls are more likely to suffer from maths anxiety than boys. There is a lot of research explaining why, but the key takeaway is that even though your personal finances have nothing to do with your mathematical ability, it sets up a mindset that if it has to do with numbers, I cant do it.

The irony is that women, more than men, need to be taking control of their finances.

Just consider these alarming statistics: salary surveys show women on average earn 30% less than men. Executive pay comparisons show that women earn 28% less than men for the same job! The PWC Women in Work Index shows that even in developed countries, women earn on average 16% less than men. So, its no wonder that we sometimes wish a man could come along and save us financially.

Yet the adage of a man is a financial plan is a very dangerous strategy! Whether we want it or not, 80% of us will manage our own money during our lifetime because we remain single, divorce or are widowed. So, opting out is not an option.

The Old Mutual Savings and Investment Monitor survey, which only interviews working, urban mothers, found that around half of them were raising children on their own and only around a quarter received regular income from the father.

The PWC survey found that in the 37 most developed economies in the world, women undertake 75% of childcare responsibilities and that is in developed countries!

Around 50% of marriages in South Africa end in divorce, and studies in the US estimate that a womans standard of living drops by around a quarter, while a mans actually increases. This is usually because her career has taken a backseat while she raises her children.

And even if you have the perfect marriage and never divorce, statistically your husband is more likely to die before you. Statistics show that you will outlive your partner by seven years. This is not a subject we like to talk about, but we cannot shy away from it, as we need to ensure that we are financially prepared for this reality.

These are the reasons why financial books for women are so important. Especially one like Smartwoman , which explains money in such an easily accessible way. By the time you have finished reading this book, you will realise that you do not have to be a maths expert to understand how to manage a budget or start an investment!

And the most important message I would love to get across is that women are the ones who should be managing the familys finances. Our nurturing side and concern for our familys future often make us better decision-makers. We are less likely to take uncalculated risks, and we ask a lot of questions before making a commitment. We focus on goal outcomes rather than beating the market.

On a personal level, learning how to manage your money, making smart money decisions and identifying your money triggers will enrich your life not only financially, but emotionally. Be a Smartwoman, read this book and start your journey towards financial confidence!

MAYA FISHER-FRENCH
MAYA ON MONEY

Acknowledgements

The English poet John Donne wrote that No man is an island, and no task such as this one can be completed without the help of other people. Some were directly involved; others formed part of the tapestry without knowing it their situations and stories are woven in to illustrate certain points.