Love Is Not Enough: A Smart Woman's Guide to Money

by Merryn Somerset Webb

Let’s face it! Prince Charming and his bank balance just aren’t coming to bail us out financially. ‘Love Is Not Enough’ – the definitive lifestyle, financial bible for sassy women – will teach you not to care, and show you how to face the financial future with both money and confidence.Money may not buy you love but it certainly helps with life's other little luxuries. From shopping sprees to pension plans, ISAs to investments, money plays a crucial role in our present and future comfort. We may not like to admit it, but diamonds – or cold, hard cash – really can be a girl's best friend.So why, when women have much to celebrate, are we reluctant to talk about it? Why, when we have more wealth in our own names than ever before, do women take less interest in money than men? And why do we still feel that demonstrating an interest in finance is somehow…unfeminine? Because let's face it – for most of us, Prince Charming and his bank balance just aren't coming. If we want to secure our futures we're going to have to do it ourselves.The good news is that it's not hard to do. Dealing with our personal finances is much, much easier than the financial industry would have us believe. Women tend to make better investors than men too – our instincts, so to speak, are on the money. All we need is a bit of know-how and the confidence to put it into practice.Combining years of financial expertise with a healthy dose of scepticism and an easy sense of humour, Merryn Somerset Webb's sharp, witty and appealing guide to personal wealth for sassy women provides the answers. Whether you're drowning in debt, negotiating a higher salary or tackling the thorny issue of a pre-nup, just one read through and you'll be in a position to sort your finances out for good, transforming them from a constant worry into a source of peace of mind.Merryn Somerset Webb studied History and Economics at Gonville and Caius College prior to becoming a Daiwa scholar and completing an MA in Japanese language at The School of African and Oriental Studies, London University. In 1992 she moved to Japan to continue her Japanese studies and to produce business programmes for NHK, Japan's public television station. A year later she took a job as an institutional broker at SBC Warburg. Returning to the UK in 1998 she became a financial writer for The Week magazine before taking on the role of launch editor for the respected financial weekly Moneyweek. Today she continues to edit Moneyweek, has columns in the Sunday Times and Saga Magazine and is a frequent radio and television commentator on financial matters.

Genres: Nonfiction, Business

256 pages, Kindle Edition

First published May 1, 2007

Reviews

[Liz · Rating 3 out of 5]

This gets three stars, not for the content, which I thought was mostly excellent, but for the slapdash version I read on my Kindle. I have no idea if there are as many typos in the paperback copy, although I sincerely doubt it. I certainly imagine that the layout worked better on the printed page. No effort seemed to have been made to fix layout problems in the ebook version, which means that the text jumps from one subject to the next, and sometimes back to a previous one, with little warning and no layout hints.

As I said, I thought the content was good, and it's great to see a book so UK-specific in its details. It has dated, though, and I'd love to see an updated (properly formatted this time) version for the post-financial-crisis world.

The author does a lot of straight-talking about what women need to do to get money, and to look after it once they have it. It's an important message. I know many women who, while not expecting any Prince Charming to come along and save them from financial obscurity, don't do anything to rescue themselves, either. In this book, Webb provides a step-by-step guide to this process, including the challenges that women face (such as being offered crappier deals by employers, banks and car sales staff). It's a great read for anyone looking to get a handle on their finances and then go about changing things. Just...maybe get the paperback edition instead of the ebook.

[Victoria · Rating 4 out of 5]

Really good and informative in a no-nonsense way about how/why to manage your money, from a woman's view. But best was the weird/shocked looks men gave me on the tube while I was reading it...

[Melody Ball · Rating 5 out of 5]

In Love Is Not Enough: A Smart Woman’s Guide to Money, Merryn Somerset Webb offers actionable strategies to help women navigate financial hurdles like pay gaps, career breaks, caregiving responsibilities, and societal expectations. Below are key strategies highlighted in the book:

1. Addressing the Pay Gap

• Negotiate Salaries:
Learn to confidently negotiate pay and benefits. Research industry standards to understand your worth and advocate for fair compensation.
• Push for Promotions:
Seek opportunities for career advancement and leadership roles, even if it feels intimidating.
• Understand Workplace Benefits:
Maximize perks like bonuses, stock options, and retirement contributions offered by employers.

2. Overcoming Career Breaks

• Plan Ahead for Breaks:
Save and invest specifically for periods out of the workforce, such as maternity leave or caregiving breaks.
• Keep Skills Updated:
Pursue part-time courses, certifications, or freelance work during career breaks to maintain employability.
• Network Continuously:
Stay connected to professional networks, as relationships can help with re-entry into the workforce.

3. Managing Caregiving Responsibilities

• Seek Financial Support:
Explore options like tax credits, government benefits, or employer subsidies for caregiving.
• Share the Load:
In partnerships, negotiate an equitable division of caregiving and household responsibilities.
• Budget with Flexibility:
Adjust financial goals to accommodate caregiving costs while still prioritizing long-term savings.

4. Investing Early and Often

• Start Investing:
Even with small amounts, begin investing in stocks, bonds, and retirement accounts to build wealth.
• Learn the Basics:
Take courses or read resources about investing to build confidence in making financial decisions.
• Diversify Investments:
Avoid relying on a single source of income or asset (like property). Spread risk across different types of investments.

5. Securing Financial Independence in Relationships

• Maintain Separate Accounts:
Keep individual accounts alongside joint accounts to ensure personal financial autonomy.
• Understand Joint Assets:
Know the legal and financial implications of jointly owned assets, such as property or shared debts.
• Use Prenuptial Agreements:
Discuss and formalize financial arrangements in relationships to protect personal wealth.

6. Planning for Retirement

• Prioritize Pensions:
Contribute to pensions or retirement funds even during lower-income periods.
• Plan for Longevity:
Given that women often live longer, calculate retirement savings to last longer than average.
• Leverage Tax-Advantaged Accounts:
Use Individual Savings Accounts (ISAs), 401(k)s, or similar schemes to maximize savings.

7. Navigating Cultural Expectations

• Reject Stereotypes:
Challenge societal norms that suggest money management isn’t a “woman’s role.” Take active control of finances.
• Build Confidence:
Make financial education a priority, dispelling myths about the difficulty of managing money.
• Seek Expert Help:
If overwhelmed, consult financial advisors who can guide long-term financial planning.

8. Reducing Debt and Spending Wisely

• Avoid Lifestyle Inflation:
Resist pressure to overspend on housing, weddings, or social status markers.
• Eliminate High-Interest Debt:
Focus on paying off credit cards and other high-interest loans quickly to free up resources for investing.
• Budget with Goals in Mind:
Use specific, measurable goals to create and stick to a realistic budget.

These strategies encourage women to proactively tackle the systemic and personal challenges they may face, empowering them to achieve long-term financial security.

[Annabel · Rating 4 out of 5]

Despite the ‘chick lit’ package it comes in, actually contains a lot of technical information (e.g. operational details of investment products) and is usefully systematic in approach and frank in tone. Some content has dated since its 2007 but most is still relevant. It seems to have been the first ever UK-specific collection of personal finance advice for women - Heather Macgregor’s came much later. Hopefully there won’t be a need for this genre at all soon, but this book would still be very useful if updated and repackaged as a guide for ‘millennial investors’.

[Uzoamaka · Rating 3 out of 5]

I'm finding that most of these women's guide to money books are dated, written for the time they're published as the statistics quoted will be out of date when printed. However this book had some useful tips and quotes that were valuable as first time reading them.

[Cammy · Rating 5 out of 5]

A great read - needed this in my early 20's.

[Holly · Rating 4 out of 5]

Highly recommend!! Offers some good ideas about savings, pension, how to decide to rent to buy. Also as an American, the British system through me so this offers a handy guide to it all.

Though not just useful for women, i think it is good at pointing out and showing some ways where women have spent their money especially in terms of their families or household expenses which are thought provoking. Also, for all of you ladies that are married, stay at home mums etc, make sure you and your husband are putting equal amounts away in your pension. If you aren't, it's startling the differences small amounts make now that will be amplified later on.

This was written in 2006, hope the author re-issues a newer version. Considered giving it 3 stars because it is just a finance book, but considering so many are dry I wanted to up the rating a bit.

[Trudy Cutts · Rating 5 out of 5]

This is a great book ! I was quite sceptical at first and didn't think it would include as much information but actually it does a surprisingly good book with straight forward no nonsense advice ..forget all the complicated leaflets and booklets you get to do with all manner of advice , this is instead a clear and easy to understand guide this has useful website addresses which you can go to provide you with further help and assistance
More importantly , what this book does do is make you think if there are things you could do to improve or sort out your finances a must have book for all women

[Deirdre Mc Carthy · Rating 5 out of 5]

Excellent practical guide

Good tips and links, advice is counter cultural in some ways (mums - keep up your career, ditch the scented candles and replace with a belief system, spend wisely over your lifetime rather than leaving a large money pot in your will) but as a 47 year old reader the points made chime with my life experience (e.g. start early even if small with pensions and they will accumulate due to compound interest). This book makes stock market investment accessible and understandable to me and is presented as an alternative to investment in property. Worth the investment of your time to read this..

[Jo · Rating 3 out of 5]

Not as good as I'd hoped. It was an OK book, some chapters had some very useful information, but the author made a lot of assumptions, mainly that all women expect Prince Charming to come and pay for everything for them. I don't think this is often the case anymore.

[Mandy · Rating 3 out of 5]

Though very interesting - this book has already dated. Interest rates of 5%? Where! Tell me quick! I also had the feeling that at 47 I had missed the boat - the information seemed aimed at an audience of people in their 20's and 30's.