The book is by Lisa Serwin and the cover really says it all. This is not a book for men. Unless, of course, you have a male friend who can appreciate comments like “Wouldn’t it be great if there was bad hair day insurance?” or this bizarre explanation of opportunity cost: “As a Fashionista you think about this every day. If I skip dinner for a week or two to pay for those boots, will I be too wiped out to wear them?” It is also not a book for females who would be offended by lines such as “women are often better at counting calories than their money.”

Serwin’s (hopefully facetious) fashionista-oriented comments turned me off to the book at first. However, if you’re able to look past these one-liners, there are many gems of knowledge within these pages for personal finance beginners.

So who is this book for?

Much like “The Skinny On Credit Cards” that MLR recently reviewed, this book is first and foremost for people who have little experience with personal finance. It’s really a “PF for Dummies” book in the sense that it breaks absolutely everything down, especially in the beginning. It first outlines how to make a list of your monthly costs in order to find out how much you spend. Next it instructs you on how to add up your total income. So on and so forth. Very basic – which can be great for beginners as it lacks intimidating language and concepts that might be unfamiliar.

Another perk for beginners is that the book is laid out in an organized and easy to read manner. Frequent subject headers and bolded key terms help streamline reading if you need to find a specific topic. Additionally, there is a concise outline to summarize material at the end of each chapter. All in all, a quick read – I read it in one day over the weekend.

In the later chapters, it does delve a bit more in depth with subjects such as 401Ks vs. Roth IRAs, mutual funds vs. index funds, and the equations used to calculate your credit score. Serwin does a good job of providing overviews of a large amount of information. She lays the groundwork for further, more detailed and complex research.

Of course, this book is also perfect for any shopaholic girls who overspend on designer brands and have as much credit as they do lip gloss. The “fashionista” spin appeals to some, I’m sure. It just was not the main attraction for me.

I’m no genius of PF, and some of the chapters in this book were more at “my level” than other, more complicated PF books. For instance, because of the chapter on investments, I asked MLR if we could compare my current money market account interest rates to those of CDs. I also learned about using “insurance company report cards” and Consumer Affairs as resources when deciding which insurance companies to work with. I learned the difference between good and bad credit, as well as the steps to take when buying your first home.

A Fresh Perspective on Money

I also found Serwin’s explanation of money unique and refreshing. We’ve heard many of the more polar views of money; either “it’s all about the Benjamins!” or “money is the root of all evil!” I don’t believe that either of those statements ring true, and MLR’s site (as well as his attitude) is about finding a realistic balance in life. Serwin explains that:

Having money can be a truly enjoyable – even life changing – experience. At its best money is about freedom and choices, about having options and opportunities. Money allows you to be self-sufficient, with the confidence that comes with being independent and the freedom to make life choices that are right for you. It doesn’t guarantee all this, but it certainly ups the odds.

Her view on money is realistic. No, money does not “buy happiness,” but Serwin points out that opportunity does tend to follow money. That’s why a vicious cycle of poverty exists! Without money in the first place, it is harder to come across opportunity. Knowing Serwin held this attitude made the book more relatable despite lists that are bulleted with tiny pictures of stilettos.

What’s the Verdict?

It’s crucial for everyone to have at least a basic understanding of personal finance. It is usually not taught in school. Children often do not learn it from their parents (and in some cases, learn detrimental habits from parents). So, if this type of a book engages women (or men!) who are highly fashion-conscious, or who have closets overflowing with designer nametags, then more power to Serwin. If the clothing-related metaphors cause more people to learn about responsible finance, then that is terrific and this is 100% for them.