Finally another book review! One benefit of driving two and a half hours a day for work is that I am able to listen to as many morning radio shows and books as I like. I haven't previously listened to books on CD or recording, so this is a first for me. I found that I like making good use of my time, but I hate not being able to highlight or make notes in the margins. I was stuck with voice memos. I'm very thankful no one will ever be hearing those.
The book I recently finished is titled The Richest Woman in America: Hetty Green in the Gilded Age by Janet Wallach. The voice was pleasant and the story engaging. It was a great combination of history, biography, and financial tips/tricks.
Hetty's life spanned a time period of overall great expansion and opportunities for America. Her Quaker roots guided her and her family's life. Her father's ambition for a prosperous business was because he wanted to leave his family wealthier than the previous generation. Hetty received more than enough money to support herself and her future family, but she did not settle. She also believed that her mission was to do good and to increase her wealth and meaning in the world, so she used the thousands she got as an inheritance and when she died was worth $100,000,000.
She invested heavily and never owed anyone anything. Her primary investing strategy was to "buy when everyone else is selling and to sell when everyone else is buying." Warren Buffet would later use this investing theory. She also stuck out her investments for the long haul. She didn't cash in her bonds at the slightest turn in the market.
One aspect I admire most about Hetty, is that she was a woman who knew exactly what mattered to her. She always cared for her family and friends. She remained loyal to those who were truly genuine friends. She did not indulge in society life, which would have been her "normal place." Instead she took an office on Wall Street and worked all day managing her funds.
I do really need to look into more investing options. Hopefully, I can get over my fear of losing money and know that in the long run it is a great opportunity. For now, Hetty's advice to "watch the pennies and the dollars will take care of themselves" will be at the forefront of my mind this month.
I'd definitely suggest this book as new way to learn more about personal finance. Also, it would be a quick read on paper. Check out your local library for some free options and let me know your thoughts on Hetty's story.
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