( 4 reviews )
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Posted: Jan 7 2009
Haven't read the book, but cannot recommend any of Ms. Andresky's work after reading her blog, Econowhiner, for a few months. She dubs herself "Whiner" on the blog, and it's apt; unfortunately, either she or her blog persona has such limited insight into economic and business events that I'm surprised to see business/econ books with her name on them. Her posts are reliably anxious to bash Republicans near and far, and she maintains a trust-fund-liberal stance throughout, nailbiting about whether a bad economy, which is all the GOP's fault, will stop her from drinking good wines and going out for dinner. A sense that people are responsible for their own decisions, and their consequences, is notably absent. If the revelations about her own personal finances are real, then frankly, she's a personal-finance disaster, unable to control her own spending, and prone to making rash, all-or-nothing decisions. I'd sooner take personal-finance advice from my 5-year-old, who counseled me today to eat one raisin bagel now, and save the other for last. A more serious problem, to me, is the heavy hand with which Andresky edits her blog. Posts vanish if they substantially challenge her credentials to give advice on finding work and getting by in hard times. She has no such credentials, which explains why the advice is so poor. She's been protected through the last two major recessions by a salary-drawing, insurance-carrying husband, who did well enough to allow her to be a freelancing stay-home mom in comfortable NYC digs. Andresky is, however, a good interviewer, with access to people whose opinions are less emotional and reflect deeper understanding than her own. She's skilled at getting brief, lucid explanations of business and economic realities from her interviewees. I could recommend a book of her interviews, but I'd leave her analysis and advice alone.
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( 4 of 5 found this review helpful ) Posted: Dec 9 2002
The success of any business rests in the checkbook. If the cash flow isn't there, if the revenue isn't there, the business probably won't be there. Entrepreneurs, especially in start-up mode, are concerned about sales, cash flow, and profit---on the business side of the ledger. All that is important, but if the owner doesn't take care of the personal side as well, success will be shallow, fragile, and fleeting. Here's a book that gives you more answers than you want to hear. If you're an entrepreneur (own your own business), you may be in stage 1 (start-up and early days), stage 2 (stable and on a clear path to profitability) or stage 3 (profitable, stable cash flow, mature). In each phase, you have personal financial issues as well as corporate finance issues to address. You'll have a lot of questions looking for answers.What better expert to counsel you than the researcher and journalist who gained so much popularity as finance editor of Inc. Magazine and editor at Bloomberg Personal Finance. She's been a writer at Forbes, the New York Times, and the Wall Street columnist for the New York Observer. As you can imagine, Jill Fraser knows her topic well. She presents a tremendous amount of highly valuable information and advice in succinct doses that always seem to be just the right length. Reading this book is like sitting in that comfortable chair in your living room chatting with a knowledgeable friend.Want more? Fraser has brought a dozen well-known successful entrepreneurs to the party. They share their perspectives throughout the book, in focused commentary at the end of each section. I was impressed with the thoroughness of this book.Want more? How about an eight page index in the back of the book and a full-page index of hot topics in the front of the book? As you turn the pages, you'll find more little surprises as the author keeps delivering even more than you expect. I'd recommend this book for every business owner, regardless of your stage of development . . . as well as for people who are contemplating going into business for themselves. Wish I'd had this book twenty years ago!
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( 2 of 2 found this review helpful ) Posted: Feb 23 2002
Jill Fraser saw a hole in the market and she filled it. There are endless numbers of personal finance guides for people who work for someone. Likewise, there are numerous books on corporate finance issues. However, the high volume of calls Jill fielded at Inc. Magazine, reinforced her awareness that there were no guides to specifically help business owners with their personal finances. Jill Andresky Fraser, Inc. Magazine's well-known and respected finace editor, wrote this book as a personal finance blueprint for entrepreneurs.As they pursue their american dream, many entrepreneurs may compromise the financial well-being of their families. We've all heard not to put all your eggs in one basket, but its hard for business owners not to do that. Half-a-million men and women start businesses each year, adding to the ranks of 15-20 million who already operate their own companies across the U.S. Yet only about half of these small businesses will survive for four years or longer.Business owners receive pressure to put their company first, but Jill says "NO," you have to find a middle ground to value your family's goals and family's security and safety as you get your company running. She says that without ever bothering to articulate it; most business owners have a personal finance strategy that boils down to two words: my company. They often neglect to create a back-up strategy or safety net to safe guard their family's well-being. Entrepreneurs may not want to deal with the "mundane" but vital issue of "building a firewall" between one's personal and business finances until the business is solvent, goes public... or until it's too late financially! Fraser provides conservative strategies for coping with problems such as cash flow crises, extensive credit card debt, and the lack of family retirement and savings plans. She says to be sure you're always taking baby steps to protect yourself.The self-compensation strategy is a tough one. Jill Fraser suggests the following strategy: * As early as possible - ideally before the company ever begins operations, but if not then, soon figure out a minimum salary that makes sense for you. * Do some family bonding about the self-compensation dilemma. You'll win emtotional support thatwill strengthen you during tough early days. * Remember, this is temporary. Take a long-term view. * Examine your self-compensation progress every six months during this early stage. * When you're absolutely certain that there is no way your start-up can support even a tiny, token salary for you, reexamine this issue at the end of your operating quarter. Set a goal to pay yourself something as soon as it becomes feasible.Franchise owners can also benefit from this book. They are given a blueprint for running the business side of the company, but there is no guarantee that personal goals will be addressed.Mary Ann Campbell, CFP - MoneyMagic.com
