Wealth of Choices
THE ISSUE
During the last quarter of the twentieth century, the American economy has been as volatile as the world economy. In just twenty-five years natural monopolies and oligopolies, such as single long-distance phone services, lone hospitals, and exclusive airlines have begun to diminish. Consumers have increasingly more choices, especially with the growing world of e-commerce. In addition, a record-breaking number of women have been thrust into the workplace drastically altering the demographic of professional and non-professional firms.
The aforementioned economic shifts can be combined to help define the concept of the New Economy. The New Economy marks a change in the American economic system that impacts everyone in society. It is the dawn of an era in which prices are no longer etched in stone and everything is negotiable. Those who possess relative familiarity with financial concepts can reap great rewards.
Alan Murray, the Washington bureau chief of The Wall Street Journal, shows us through his book, The Wealth of Choices, how to prosper in this New Economy. Chapter by chapter, Murray analyzes the economy, shares profitable tactics, and tackles issues such as health care, education, and careers. His advice on personal finance, investing, and retirement, is a guide to financial bliss from young adulthood through the golden years. With the New Economy comes new technology and Murray conveys the importance of understanding the link between financial and technological advancements. In The Wealth of Choices, Murray asserts that some of the "old rules" of finance can be bent and others can be broken. He also offers his list of do's and don'ts. The Wealth of Choices is a template that can be utilized by women of all socio-cultural groups. It effectively empowers women as consumers, educates women about investing, and provides useful tips for lifetime financial planning.
