Women in Finance (Books) Week: Stereotypes Abound

One of my least favorite "tricks" listed in personal finance books for saving money is to "cut out buying your daily latte."

Pretty much everybody says it, and it makes me nuts every time. I don't know what kind of glamorous life these personal finance writers think I'm living, but I can assure you it doesn't include daily lattes.

In today's entry in Women in Finance (Books) Week, we have the latte issue right up front in the title: Nancy Trejos's Hot (Broke) Messes: How to Have Your Latte and Drink It Too. Trejos is a personal finance columnist for The Washington Post, which is amazing, because this woman has no idea how to handle money:

"In January 2005, when I was twenty-eight, I bought an overpriced condo during the height of the real estate boom with my then-boyfriend, later my fiance, and then had to sell it at a loss two years later after we broke up. When I turned thirty, I bought a Volkswagen Beetle that I really couldn't afford because I got sick of my old car and wanted to drive around in something cute...After another bad breakup in April 2007, I blew all sorts of cash on a crazy trip through California..." (p. 6.)

Now, I don't really care what this woman does in her personal life or with her money. But she is a PERSONAL FINANCE COLUMNIST for The Washington Post? How does something like that happen?

This book is also hot pink.

This book is basic in the extreme: use your credit card responsibly, live within your means, be smarter with how you handle your money, especially in relationships, etc. It's really more of a memoir (she also details her experiences working with a financial planner) than a how-to, and unless you really need an introduction to how to control your finances, there will be nothing here for you. And, of course, there's this really annoying bit on page 197, when Trejos is well into (supposedly) taking back control of her finances:

"Over coffee at Starbucks one morning, Christine [her financial planner] and I reviewed my contributions..."

Well, as long as it was coffee, and not a latte.

Comments

[Marcie]

Hmm, and to think I ordered this for my library! Too bad I didn't see your review beforehand... One can only hope she's learned from her mistakes.

[Amy]

Really though, isn't that common sense? I mean... these books are clearly targeted to a specific audience which does not include me. I make decent money but I definitely do not have a daily latte. Or eat out every meal. Or impulse buy a car. I may spend a bit much on books and travel, but still. I would like to see finance books for women that talk to us as if we are at least reasonably intelligent and realizing we aren't all rich. And written by those who actually have good spending / finance habits!

[Nan]

This is totally off topic but just came across this and thought it might interest you: http://www.guardian.co.uk/books/2011/jun/14/100-greatest-non-fiction-books -- I already gave them my suggested addition, The Song of the Dodo by David Quammen, in either science or environment. Amazing book.

[Citizen Reader]

Marcie,
Well, as long as people don't understand how credit card companies work, there will most likely be a call for this type of book, so don't feel too badly. If nothing else it's eye-catching!

Amy,
Of course (it's common sense). Trust me, I'm still looking for a decent personal finance book that doesn't assume I can't handle a credit card, yet also doesn't assume I have any idea what an "ETF" is. I've been told a million times (exchange traded fund) and still can't define those. Typical--I'm smart enough to get it but not smart enough to really get it.

Nan,
Thanks, I'll check out the link!

[bybee]

I can't wait to not read this.

[Citizen Reader]

Bybee,
I'm going to go ahead and suggest you not read any personal finance book with a pink or purple cover. If they're going to conform to stereotypes for women, the least we can do is notice them and save ourselves some time.

[Savvy Working Gal]

I used to be an avid reader of finance books. I found they either give obvious advice - ditching the morning latte, recommend minimalism while making your own shampoo or are over my head. I haven't read one that come up with anything new in a long time. If you come across a good one let us know. Suse Orman's books aren't bad though a little too basic for me.

[Venta]

"Typical--I'm smart enough to get it but not smart enough to really get it."

This not only applies to me & personal finances (beyond the "don't buy a latte every day), but it also describes how I feel about my knowledge of the Wall Street fiasco. I can understand the individual terms but not how it all worked together. Sigh...

[Teresa]

Your rants on the Starbucks tip always make me laugh. I believe I've seen the same advice given repeatedly in diet books (along with "take your lunch to work instead of eating out").

I seem to recall that the lead character from the Shopaholic series wrote a personal finance column. Perhaps WaPo was trying to capitalize on the popularity of those books by hiring someone like her for their column?

It's not (usually) about personal finance, nor is it specifically geared to women, but the best information I've hands down that I've ever gotten on markets and Wall Street and so on is from Planet Money on NPR. They seemed pitched precisely for the "smart enough to get it but not smart enough to really get it" crowd.

[Citizen Reader]

SWG,
Yes, I know from reading your blog you're quite up on the business books. It's amazing how many you have to slog through to find a good one, isn't it? I too don't mind Suze's advice, but you're right, still a little basic (and too tagliney--"the new American dream," whatever). If I find a good one I'll let you know!

Venta, m'dear,
Yes, that statement applies to most of my daily life. Although I'm very thankful for what little brain power I have, trust me.
Now, have you read Matt Taibbi's "Griftopia"? It's depressing as hell and a bit detailed--but it does give a fairly good look at the (sad) big picture.

Teresa,
Always glad when my rants can provide amusement. I have to air them somewhere, Mr. CR has heard all my rants one too many times.
Ugh, diet books. I don't even bother.
Never read the Shopaholic series but I wouldn't put anything past newspapers, they're trying very hard just to stay in business.
Thanks for the tip on "Planet Money"--as far as authors go, I like Jonathan Pond (I think he does a program or some such on PBS).

[Nan]

As a recovering journalist I can take a stab at explaining how someone with terrible personal finance habits can become a columnist on the subject for a major paper: She is a clever writer, or at least one influential editor perceives her that way. And they think it would be cool to have someone approach the subject having been there, on the wrong side of the equation, because this must mean she really understands her audience. The Post, especially, prides itself on cleverness and being a little unconventional (there's a better word but I can't think of it) -- that's the whole ethos of their Style section. If she were a good enough journalist, it could work -- it might be fun to hear from someone who's learned better the hard way rather than the preachy sensible good advice you might get from sensible people. But it doesn't sound like she pulled it off.

[Unruly Reader]

Hmmmm. I always thought those Shopaholic books were farfetched -- about a personal finance writer who's deep in debt due to uncontrolled sprees of shopping. Maybe there's possible truth to it. (This makes me all nervous.)

[Sarah]

Um, the Washington Post. The sad demise of a once-great newspaper.