Book Review: Women & Money by Suze Orman ~ Plus Tips & Resources! (she: Teresa) (2024)
by Mariel
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How are everyone’s New Year resolutions coming? I don’t know about you but it seems like once January fades away, my goals tend to fade with it. I am determined this year however to stick to at least one of those throughout the year!
For the last several years I have had one thing on my mind: MONEY! It seems to be a constant determination of mine to get out of debt and to have a proper savings account. When it comes to the financial world however, I feel completely lost! Sure, I run my own checking and savings account, I pay my bills on time, and I work hard to receive my bi-weekly paychecks. Still however, my future is constantly on my mind and I know that I can be doing better.
It was this topic that was on my mind a couple of months ago while browsing the library books on CD as I prepared for a somewhat lengthy road trip. I searched for a book that would make me basically rich over night and would help me to suddenly be in the know about everything money related. The book that stood out to me was called, “Women and Money,” by Suze Orman.
I have always known that I was a little bit ignorant on the subject of investing but I thought that I was otherwise doing pretty well when it came to my personal finances. The more I read this book however, the clearer it became just how much I needed it! I knew almost immediately that I had chosen correctly. For starters, the objective of this book is to break down all things financial into not only understandable language but also into step by step instructions as to how exactly to move forward so that you and your family are taken care of now and in the future.
Before you blow this off and tell me that your husband takes care of the finances, let me share something with you that stood out at the preface of this book. Suze claimed that we as women are nurtures. True? Yes. She says that it is in our nature to nurture, and then she asks the question that I want you to ask yourself: “Why don’t we show our money the same care and attention that we shower on every other important relationship in our lives?” She goes on to explain, “Because we don’t have a relationship with our money. Correction: We do have a relationship with our money. It’s just a totally dysfunctional one.” As much as we try to deny the fact, money will always be a significant part of our lives and it’s time we gave ourselves a little more credit and stepped up to the task of repairing any past damages and setting ourselves and our families up for a better and more stable future.
Don’t be intimidated by the length or content of this book. I love the way that Suze Orman breaks down her goals into a month by month plan. She gives a new set of tasks monthly which could take you at least through the first half of this year. By next year at this time you will be well on your way to a more secure future through investing properly, paying off debt correctly, improving your credit score, obtaining the proper documents and insurance in case of death or disability, and you will be armed with a future plan of action to keep your relationship with money a healthy one.
Since reading this book myself, I started onto my new financially healthy path by checking out my credit report. I’m going to give you this task to start you off and then I’m going to advise that you get a hold of this book and give it a read. Make sure however that you have a pencil and some post it tabs handy because you will want to mark it up for future reference (I ended up buying the hardcopy after listening to it on CD).
Go to the annual credit report website and make sure that you look up the Experian report. This is the only place you can actually get a FREE credit report once a year and through my own experience and the advice of some experts, I found that Experian is the one most often looked at. I could not believe what I found on mine. If there is anything in red, those things negatively affect your score. I had two things in red that I had NO IDEA were on there. They were completely bogus yet were pulling my score way down! So, I learned that you can and should dispute these. I had a third one that I knew about but was told to dispute it anyway. I did. I feel much more powerful for taking charge and doing something about my situation. You can too!
Here are a few websites that I also thought gave helpful tips on how to make money on the side or from home: (The last two led to other fabulous money saving tips as well. Making a little cash and saving a little might help to pay off a little extra debt!)
What are some things that you have done to improve your credit score and get out of debt? Does anyone make money on the side to put solely into a savings account or into paying off a debt? What other books do you recommend on this topic? Next up for me is Dave Ramsey’s “The Total Money Makeover.”
Ultimately, Women & Money is a call to action for women to prioritize their financial well-being, educate themselves, and advocate for their financial futures. By doing so, women can achieve greater independence, security, and peace of mind in their financial lives.
Per Carfax, cars lose 20% of their value in the first year of ownership and retain just 40% of their original value after five years. “Your goal should be to buy the least expensive car. Period,” said Orman. “That should steer you to a used car rather than a new car.”
In the essay, she asserted: A woman must have money and a room of her own if she is to write fiction. Woolf argued powerfully that at the time (the 1920s) women did not lack the talent or inclination to write; they lacked the opportunity, being expected to fulfil roles of domesticity and nurture in the home.
The book goes into all the details of womanhood and explains all the functions of a woman. The topic is dealt with great sensitivity and vividness. Osho talks about relationships, family, motherhood, birth control; all the issues that are central to the existence of a woman. A woman should not try to ape a man.
Suze Orman, the popular financial guru, goes so far as to say that “everyone” needs a revocable living trust. But what everyone really needs is some good advice. Living trusts can be useful in limited circ*mstances, but most of us should sit down with an independent planner to decide whether a living trust is suitable.
ATM slips can be tossed once you've checked them against your monthly bank statement. Utility bills and phone bills can be shredded after you've paid them unless they contain tax-deductible expenses.
Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.
"If you don't have at least $5 million or $10 million, don't retire early," Suze asserted. Orman's assertion that individuals need "at least $5 million to retire early" stirred a mix of reactions, with some viewing it as excessively cautious while others validate her perspective.
In that case, you need to consider groceries, utilities, and other household expenses. To afford a $100,000 car, it's probable you need to make $300,000 a year conservatively after taxes. For this example, we use our car payment calculator and approach it using the price of the car of $100,000.
Paying off your car loan is a big opportunity to progress on other financial goals. If you keep the car you have and don't take out another loan, you can put that money toward vacation savings, retirement funds or other debt.
Suze Orman loves to advise Americans on what they shouldn't do with their money — but is the Bahamas-based multimillionaire out of touch? “I refuse to eat out,” the finance personality told The Wall Street Journal in an interview. “I think that eating out on any level is one of the biggest wastes of money out there.”
Suze Orman has risen to a position of significant wealth — reportedly boasting a net worth of $75 million — but she didn't start out rich. She worked hard in her post-college years as a waitress before moving into a personal finance career that has garnered her a fortune.
Gilman's first book, Women and Economics, published in 1898, addressed the marriage question indirectly. Women and men, she argued, were both essential for economic survival. Dependent on men and confined to the home, women remained helpless to protest mens' decisions.
'Money' by Rob Moore is a guide to mastering the art of wealth creation. It provides practical tips on how to increase income, manage debt, and invest wisely.
The story of John Self and his insatiable appetite for money, alcohol, fast food, drugs, p*rnography, and more, Money is ceaselessly inventive and thrillingly savage; a tale of life lived without restraint, of money and the disasters it can precipitate.
Money illusion posits that people have a tendency to view their wealth and income in nominal dollar terms, rather than recognize their real value, adjusted for inflation. Economists cite factors such as a lack of financial education and the price stickiness seen in many goods and services as triggers of money illusion.
Hobby: Reading, Ice skating, Foraging, BASE jumping, Hiking, Skateboarding, Kayaking
Introduction: My name is Cheryll Lueilwitz, I am a sparkling, clean, super, lucky, joyous, outstanding, lucky person who loves writing and wants to share my knowledge and understanding with you.
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