Book Review: 7 Lessons We Can Learn from Be Financially Smart by Nita Menezes

(Oct 2024, Gurgaon) When Nita Menezes invited me to be part of the panel at the launch of her book, Be Financially Smart, The Modern Woman’s Guide to Money, I didn’t think twice. The subject of women’s financial independence has always been so close to my heart and is also the central theme of our magazine. So, it was a privilege to speak at the event, discussing the stories and struggles of a woman’s financial life and highlighting how media can play a transformative role in shaping women’s financial narratives. The gathering was a blend of inspiration, camaraderie, and purpose, beautifully hosted in the exquisite warmth of Ryba, a Mediterranean restaurant nestled in the heart of Gurgaon. We shared our experiences and anecdotes around the various topics covered in the book.

As I read the book, I found it an empowering and pragmatic guide tailored to help women take control of their financial lives. Through clear explanations, actionable advice, and relatable anecdotes, Nita encourages readers to overcome financial myths, develop a growth mindset, and achieve long-term security. This is more than just a financial handbook; it’s a manifesto for self-reliance and confidence in navigating the complexities of personal finance.

Triggered by her own life’s example as she fell into a trap of some bad investment decisions and losing her money, Nita took on the journey of spreading financial literacy and coaching to women and writing this book. Menezes emphasizes that financial independence is not just about managing money—it’s about reclaiming power and security in a world where women often face systemic challenges. By breaking down financial jargon and demystifying essential concepts, she makes personal finance accessible to readers from all walks of life and leaves us with some crucial lessons.

Here are 7 lessons we can learn from Be Financially Smart- The Modern Woman’s Guide to Money:

1. The importance of financial literacy

Given a shocking revelation by a study by Standard & Poor that 80% of Indian women are financially illiterate, Menezes argues that financial literacy is a skill every woman must cultivate, regardless of her income level or marital status. Women can make informed decisions and avoid costly mistakes by understanding basic principles—budgeting, saving, investing, and debt management.

2. Overcome money mindset barriers

Nita, in her career, discovered that women fear making independent financial decisions. This is due to societal conditioning. She explores common psychological barriers, such as fear of investing or guilt around earning, and provides exercises to help readers reframe their mindset, fostering a positive relationship with money.

“Let’s collectively change the narrative, fostering a culture where financial conversations are not just welcomed but celebrated,” – Nita Menezes

3. Build an emergency fund

Sharing an example of her friend who not only lost her husband but was also laid off from her work, Nita emphasizes the importance of a safety net to protect against unexpected life events. Her advice on setting achievable goals and prioritizing savings highlights the value of preparation and resilience.

4. Invest wisely, start early

A key takeaway is investing early to take advantage of compounding returns. Be Financially Smart simplifies complex investment strategies, making them accessible for beginners while encouraging informed risk-taking.

5. Know your financial rights

The book educates women about their rights regarding property, inheritance, insurance, and financial settlements, empowering them to navigate legal and financial systems with confidence.

6. Plan for retirement

Nita stresses the necessity of starting long-term financial planning, particularly for women who may face unique challenges such as career breaks or longer lifespans. She provides detailed steps to build a robust retirement plan and introduces the concept of Mutual Funds SIPs, a systematic Investment Plan.

7. Recognizing Financial abuse

A very crucial portion of the book is the financial abuse that women go through. Most of the time they aren’t even aware or if they are aware they are afraid to talk about it. She shares real-life examples of women to explain how to recognize this abuse and overcome financial abuse.

“..Financial abuse involves a range of tactics designed to exploit and control, reaching far beyond the realms of monetary transactions…this can range from controlling access to bank accounts to coercing victims (women) into surrendering their hard-earned money”, - Nita Menezes, Be Financially Smart

Be Financially Smart for Women is more than just a guide; it’s a confidence-building tool that inspires women to take charge of their financial journeys. By focusing on empowerment, education, and actionable steps, Nita bridges the gap between financial theory and practical implementation.

Checklists, case studies, real-life stories, action points, knowing your net worth and growth strategies, finding your guide, Be Financially Smart is a Bible for women who want to be financially independent. But it begins with knowing and being financially smart.   

Whether you’re a young professional starting your career, a mother managing family finances, or someone rebuilding after financial setbacks, I highly recommend you add this to your 2025 list.