Financial Self-Confidence For the Suddenly Single: A Woman's Guide (Book Review)

Judy C. Coleman

Financial Self-Confidence For the Suddenly Single: A Woman's Guide
By Alan B. Ungar, CFP

Money, money, money. Whether we like it or not, money is important and how it's managed after a divorce can make the difference between moving on to a new and better life or becoming mired in debt and despair. Alan Unger's book, Financial Self-Confidence For the Suddenly Single: A Woman's Guide, is a simply written, self-help guide to taking responsibility for your own finances. Although all the case studies in the book involve divorced or widowed women, the processes he describes are for anyone who wants to take responsibility for his or her own finances.

Unger describes many women's initial reaction to being left alone with their money.

"It's just too complicated!" "I don't understand money."

"I hate thinking about money."

"It's tedious and boring."

"I want somebody else to do it."

Many women want to wait until they have themselves together emotionally before dealing with their finances. But he warns that if you neglect your finances you may compound your distress. If you ignore it, your money very well may go away.

He gives eight simple, but important, rules to apply initially after the loss of a relationship through death or divorce.

• Don't remodel your house.
• Don't buy any life insurance.
• Don't invest because well-meaning friends have told you to.
• Don't invest in anything you cannot get out of very easily and at little cost.
• Don't spend money recklessly on nonessentials such as jewelry, new clothes, cars, or hobbies.
• Don't make costly decisions "for the good of the kids" if they are not good for you too.
• Don't give or lend money to relatives or anyone else even if you have a lot of cash.
• Don't borrow for longer than it will take you to read his book.

Unger leads readers through a series of steps to organize their financial records, understand their current financial status, set specific financial goals, and create a plan for attaining these goals. He also includes a chapter on understanding insurance and investing.

The book gives readers practical advice and techniques for taking control of their finances. And finally, for those persons who need or desire help with their finances his last chapter discusses how to select a financial advisor.

Alan B. Ungar's Financial Self-Confidence For the Suddenly Single: A Woman's Guide is available through the Bucks County Library and www.amazon.com.

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