I've Been Rich, I've Been Poor, Rich is Better
I've Been Rich, I've Been Poor, Rich is Better by Judy Resnick targets women who are financially dependent. Resnick is a money manager and principal of The Resnick Group, a financial services firm. She writes from a generation (and mindset) of women that grew up believing that men in their lives would take care of them. I am obviously not its target demographic, but I read the book because I was attracted to the title.
Resnick intertwines her personal story with that of her clients, including a lot of solid advice. Her life story is a very interesting one. She was dependent on her husband, then after her divorce, on her father to provide for the needs of herself and her two children. After her father's death, she was left to fend for herself. It never occurred to her to get a full time job until she was 40 years old.
As far as good points to this book, there are many: this book was published in 1998 and like many personal finance books of its time it is stock market-centric. Of course, the recent tax law changes are not included. I liked the fact that Resnick doesn't talk down to her readers, even though they are women who, presumably don't know much about finances. Also by telling her story, she connects with her
readers in a way that is more personal way than someone who has not had the same challenges.
I did feel a few key discussions were missing from the book. As a money manager, she should have seriously discussed asset diversification, not just in terms of stocks and bonds but tax-exempt investments (like bonds) and real estate. In the few paragraphs in which she mentions real estate, she refers to it as "speculating" but neglects to mention the tax advantages of owning real estate, especially one's own home. But then again, I have the benefit of hindsight.
She neglects to mention that women insist they be included in a spousal IRA, provision of the Taxpayer Relief Act of 1997. The exact women she discusses could benefit from women the act by insisting that they have their own retirement money set aside. If you want to read more about Spousal IRAs, feel free to start here.
For her section on estate planning, she tells her readers following her father's death (and source income) "I was desperate. If only my father planned for his death more wisely." Her feelings while incredibly honest are completely void of any personal responsibility. In that regard, Resnick never discusses volunteer work or continuing education for financially dependent women. By not addressing women's
own potential for self-sufficiency she overlooks the fact that we can, in fact, be our very own best asset.
This book was very hard for me to rate. As a stand-alone book, and for financially dependent women, it would be a 3.5. With a supplemental book, I believe that it could be a must have for any financially dependent woman.
Resnick intertwines her personal story with that of her clients, including a lot of solid advice. Her life story is a very interesting one. She was dependent on her husband, then after her divorce, on her father to provide for the needs of herself and her two children. After her father's death, she was left to fend for herself. It never occurred to her to get a full time job until she was 40 years old.
As far as good points to this book, there are many: this book was published in 1998 and like many personal finance books of its time it is stock market-centric. Of course, the recent tax law changes are not included. I liked the fact that Resnick doesn't talk down to her readers, even though they are women who, presumably don't know much about finances. Also by telling her story, she connects with her
readers in a way that is more personal way than someone who has not had the same challenges.
I did feel a few key discussions were missing from the book. As a money manager, she should have seriously discussed asset diversification, not just in terms of stocks and bonds but tax-exempt investments (like bonds) and real estate. In the few paragraphs in which she mentions real estate, she refers to it as "speculating" but neglects to mention the tax advantages of owning real estate, especially one's own home. But then again, I have the benefit of hindsight.
She neglects to mention that women insist they be included in a spousal IRA, provision of the Taxpayer Relief Act of 1997. The exact women she discusses could benefit from women the act by insisting that they have their own retirement money set aside. If you want to read more about Spousal IRAs, feel free to start here.
For her section on estate planning, she tells her readers following her father's death (and source income) "I was desperate. If only my father planned for his death more wisely." Her feelings while incredibly honest are completely void of any personal responsibility. In that regard, Resnick never discusses volunteer work or continuing education for financially dependent women. By not addressing women's
own potential for self-sufficiency she overlooks the fact that we can, in fact, be our very own best asset.
This book was very hard for me to rate. As a stand-alone book, and for financially dependent women, it would be a 3.5. With a supplemental book, I believe that it could be a must have for any financially dependent woman.
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