Book Review: The Smart Money Woman - How to Achieve Financial Freedom

The Smart Money Woman; An African Girl’s Journey to Financial Freedom by Arese Ugwu, is a moving account of a young African woman who describes her journey to financial freedom.

We meet Zuri, who has a luxurious lifestyle, a beautiful automobile, a stunning apartment, and a well-paying job, but no savings. When her car breaks down, she doesn’t manage to pay the service fees for the vehicle and her apartment maintenance fees, at a time she is on the verge of losing her job too. This is when her journey for financial freedom begins.

Less than 1% of people in Sub-Saharan Africa are born wealthy, and less than 10% are born into the middle class, but neither group is given any practical instruction on how to manage or grow their money. Because they haven’t learned how to save, they end up living from pay cheque to pay cheque, since they view their salaries primarily in terms of spending and not saving.

Despite having a well-paying career, Zuri begins to have financial difficulties, and so decides to keep track of her spending. She gradually learns how to manage her debt and makes sure she only borrows money to buy things that would increase in value.

After her mother’s home is damaged by fire and she lacks funds to restore it, she learns how to create an emergency fund with the assistance of her lover Tsola. When her friend Ladun loses her husband, who is the family’s sole provider, she is compelled to ask friends and relatives for financial assistance to cover the children’s school expenses for she can no longer afford her rent.

Having achieved financial independence, Zuri begins to consider creating a dependable budget that is based on her salary. She also adds that it’s important to have this dialogue about family finances since it’s virtually taboo in Africa to talk about money and assets in the context of what happens to the family’s income after the breadwinner passes on. When the inevitable occurs, conflicts within families arise.

She ends by stating that a Smart Money Woman combines the best qualities of a respectable African woman. She possesses a business and financial mind. She establishes new industries and jobs. She has no fear. She is a lady who has learned how to make money, keep and expand money.