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 All I know about Suze Orman is that she has written a crapload of books about managing money, being wealthy, taking control of your wealth, sitting on top of your money and generally being well-off. She's got a television show I've never seen, five NYT bestsellers I haven't read, and she's apparently a buddy of Oprah's. I have never picked up any of her books, despite the fact that I am wretched with money, because part of the reason I'm wretched with money is that I am afraid of it. I'm afraid to look at what I actually have and what I've actually done, and see that I'm in far deeper shit than I have ever imagined. It's terrifying, and it's easier to skate along the surface and just assume everything is going to be alright, and then go buy shoes. Who needs a retirement fund? Not being sure of the future, ten years from now or tomorrow, is no way to live. And when I was looking for books on budgeting, I ran across Women & Money, flipped to the jacket, and read, "If money is the difference between a future of security and comfort and a future of doubt and fear; if money is a major factor in your personal happiness; if money is a reflection of how you value and perceive yourself...why don't you take better care of your money?" And that is a damn good question. Why do I let something so important go so completely to hell? It's a pretty big chunk of Maslow's Hierarchy of Needs, the need for security--right above breathing, food, shelter. And I'm willing to be that it's a very big part of the reason I am not entirely a confident, secure person, and not living exactly the life I want to lead, not able to concentrate entirely on the things I want instead of the things I need. Money is an incredibly charged, incredibly emotional topic, and as I work through the introduction of the book, in which Orman discusses women's relationships with money, I am still surprised at how much I recognize myself in there, and I am frustrated, that I have let myself get to my advanced age being so naïve and careless with my finances. But that's what the book is supposed to do, right? Point out the problems, and then offer a raft of solutions. On Friday, we'll talk about the introduction and the philosophy behind Orman's plan, and then next week, let's talk about the plan itself. And what we're going to do with all our new-found money. 6 CommentsLeave a comment |
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My BF and I were in Oprah's audience the day Suze talked about this book, so we each got a free copy. Barring that, I don't know that I would've picked it up on my own, but I read it over a weekend and I'M SO GLAD I DID! Tons of good information and tools and good dose of "just get up and do it" for thrown in for good measure. A must read and I'm so glad you chose it for the EWBC.
Another I would recommend is by David Bach (another Oprah friend) and his "Smart Women Finish Rich."
I too bought several books on money for women, mostly for opinions on investing and retirement planning. Most were boring, dull, and uninspiring. "Smart Women Finish Rich" was very thought provoking, and it was written in a style that was almost conversational, and very easy to understand.
Bach (and others in the genre) make the point that no matter how well women do, we all have a common fear: "Will I end up a bag lady?" ie, no money, no place to live, etc.
I firmly believe that by facing fears about money, we can do something about it.
Read "All Your Worth" by Elizabeth Warren and her daughter. It's eye-popping. A little more academic than Orman, but incredibly accessible, with some budget advice and worksheets that I find more helpful than Orman's advice (I read all this stuff).
I trust Dave Ramsay a lot more than Suze Orman (mostly because she encourages credit cards and places a LOT of worth on your credit score, which can really take care of itself if you use cash... okay, long conversation). I do own her Money Book for the Young Fabulous and Broke, though. I just figure there's nothing much different in Women and Money. Let me know if there is. :-)
I second the recommendation for "All Your Worth". It's particularly good for those who need more structured guidance, down to what percent of your income to save and spend and how to break down your goals to make them achievable.
Something to keep in mind is that Suze Orman does tend to lean towards the - you can do it all yourself mindset. While I am totally not opposed to that view, I think that one way to avoid feeling overwhelmed is to sit down with a financial adviser who can give you a lot of context in a one hour meeting versus having to do a lot of legwork on your own before getting the same context. Financial advisers aren't nearly as expensive as they used to be and if you're looking to start reviewing where you are and where you want to be just having an initial meeting can start you down the right path. I think at that point it's totally reasonable to then maintain and track progress using other resources.