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In her book “Financial Feminist: Overcome the Patriarchy’s Bullsh*t to Master Your Money and Build a Life You Love,” Tori Dunlap, who is known for being the founder of Her First 100K, invites readers — mostly women — to take a deep dive into their personal financial habits. Here’s what I learned from listening to this audiobook on Spotify:
One of the most intriguing exercises she suggests is maintaining a money diary that goes beyond just listing your expenses; it also includes the reasons behind each purchase. This can lead to some interesting self-discoveries, like distinguishing between wants and needs. However, the book seems to cater more to individuals who are not in the very low-income bracket.
The author also shares practical advice, such as a script for negotiating rent increases. I appreciated that she spells out exactly what she has said in negotiations. However, her assertion that manifestation works might raise some eyebrows. I used to be a manifestation believer, but to be honest, positive thinking is easier when you have certain privileges in life that boost your chances of succeeding. While positive thinking is indeed beneficial, it may not necessarily translate into financial success.
The book also tackles some hard-hitting issues. It sheds light on the high-interest rates often associated with predatory lending, the racial wealth gap, and the gender bias in credit limits and financial advice. It’s startling to learn that people of color graduate with more debt — average of $7,000 — which only increases over time ($25,000 over four years), and that women often receive lower credit limits and scores. People of color also get worse interest rates when they borrow, which deepens the inequality. This fills me with rage.
The author also shares valuable insights into investment, comparing the higher fees of target-date funds with the lower fees of index funds.
She cites practices from “Big Magic” (which I’ve read and reviewed) to help eliminate fear and encourages readers to advocate for themselves in their careers. The book emphasizes the importance of negotiating salaries, with the author stating that women who don’t negotiate could potentially lose out on $1 million over their career compared to those who do. This is frustrating but I wish I was better at this. I wish I would have the energy to fight for better pay.
I think she is right that workers should be “as ruthless” as companies are, meaning don’t be loyal to employers who wouldn’t think twice about laying you off when they need to.
In conclusion, “Financial Feminist” is a thought-provoking read that encourages women to take control of their financial future. While its advice might not resonate with everyone, it certainly provides valuable insights and practical tips for those looking to improve their financial literacy. I also liked that she had sections from various experts who shared different perspectives.
Marette Flora is the founder of Floradise blog and personalized gift shop. Marette is a passionate storyteller and creator. She attended the Walter Cronkite School of Journalism at Arizona State University and obtained a bachelor’s degree in journalism and mass communication.
She is passionate about creating helpful and meaningful things.