Book Review: The Financially Empowered Woman

An investment club for women

Book Review: The Financially Empowered Woman

Tracy Theemes, author of The Financially Empowered Woman, and Kamal Basra own Sofia Financial Group in Vancouver, B.C. In addition to supporting their clients, they give back to the community by hosting workshops and gatherings, including the Sofia Wealth Academy. A few years ago gathered all my courage and signed up to attend. It was both nerve racking and enthralling to be in a room full of women talking about finance. My passion for finance was just beginning to grow at this point and this seminar opened my eyes to the possibility of living life without worrying about money.

Home grown talent

Every Canadian woman who gives a hoot about retiring with money in the bank should read, The Financially Empowered Woman by Tracy Theemes. It is the epitome of Tracy and Kamal’s vision for Sofia Financial: to support women in becoming financially strong and independent, by providing high quality education and financial advice.

“Empowerment exists when a person owns their story and their life, inside and out.”

– Tracy Theemes

I love this book for at least 5 reasons:

1. It’s absolutely digestible: Tracy shares information in a relevant and understandable way so that women gain confidence on their journey of financial empowerment. From your feelings about money all the way to managing your assets, there’s nothing off the table to discuss in this book! Tracy lets us know it’s OK to start where we are and grow from here.

2. It’s a feminist manifesto: Both this book and Sofia Financial are geared toward supporting & empowering women on their financial journey. In the foreword, Kamal points out that no one is talking about the gendered facts: “Women typically work part time at lower wages to balance our family responsibilities and still earn 70 cents for every dollar on our male counterparts. Pair that with the fact that women live longer and tend to be more risk averse- we’re left  in a troubling scenario where financial security becomes a challenge”. Chapter 4 expands on this by looking at money through the gender lens.

3. It’s about feelings: Tracy guides us through our complicated relationship with money by explaining the psychological, cognitive and behavioural factors that affect our feelings. Women of all ages can relate to Tracy’s stories and words of wisdom to work through our feelings about money. The overarching narrative addresses how, as women, to reconcile our values, love and relationships with money and power.

4. It’s about the journey: Tracy talks about our individual money journeys as being somewhere on the wealth continuum. This is the line that starts at being in debt to having a surplus to protecting wealth once it has been achieved. All the way from debt management to cash flow to building up your cash reserve, Tracy empowers us to get our house in order.

5. It’s Canadian: It is an uncomplicated and captivating guide to understanding money in Canada. Tracy outlines the facts by explaining asset classes: cash, fixed income and equities. She then goes on to review the ways that Canadians can use registered  (RRSP, RESP, TFSA, etc.) and non-registered financial plans. This is by far the best book for understanding the practicalities of Canadian personal finance.

You can learn more and sign up for workshops on Tracy and Kamal’s site. See you there!

This post originally appeared on themoneyedit.org by Lady Investor Kaila Pilecki.

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