Thursday, May 22, 2008

Financial Advisor Suze Orman: Women and Money Book Review

Financial Advisor Suze Orman - Women and Money: Owning The Power to Control Your Destiny

In my last few posts I have been reviewing a financial advisor by the name of Suze Orman (not suzie, susie, or suse) and her 9 Steps to Financial Freedom Book. Although not a huge fan of financial advisor Suze Orman I do agree that as a financial advisor she does give out good enough information to help people in their quest for financial peace and financial freedom. I think that there are clearly better financial advisors out there but that following Suze Orman's financial advising can be sufficient.

Today I wanted to write a post specifically for all of you females readers out there (And for any men who want to see what their wives might be reading). I am going to give you all the best review I can on the financial advising book Women & Money: Owning The Power to Control Your Destiny by financial advisor Suze Orman.

I think that Women & Money is a very important financial advising book that should be read by all women that do not have experience in handling or helping with their families personal finances. Women need to educate themselves on the mechanics of personal finances so that if there is a divorce or their husband passes away they will be able to take control of families financial situation. Women also need to take a more active role in their families personal finances simply because having two heads instead of one always works better.

Financial Advisor Suze Orman does a sensational job with Women & Money and it is something that all women should read. In this book financial advisor Orman talks about the complicated and often dysfunctional relationship that women often have with personal finances. Financial advisor Suze Orman does a great job of using a non condescending and very insightful tone in giving out very useful financial advising information to her readers. Financial advisor Orman goes into detail about how Women often leave all of the financial planning to men but need to be more involved. She talks about how women are just as capable as men when it comes to personal finances and financial planning but they often chose not to be involved in it.

In the first half of Women & Money she goes into great detail about why women often do not handle personal finances and financial planning despite being just as capable as men. Financial advisor Suze Orman gives out several potential reasons for why this happens including that women feel that coveting money is wrong and women are more team-oriented. Often times when asked most women say that they feel insecure about their financial position but at the same time they are doing nothing to change it. Financial advisor Suze Orman says that this is usually because women are embarrassed to admit that they want a lot of money and see coveting money as wrong. Financial advisor Suze Orman also says that women are also usually more team-oriented and worried about everybody doing well instead of just focusing on themselves. This issue often comes up during salary negotiations when women are employed and contributes to the disparities we see in pay between men and women.

The first half of the financial advising Women and Money book is based around the psychological and mental aspects of personal finances and financial planning. It is based mainly around attitudes women have toward personal finances. This section of financial advisor Suze Ormans book is not much of a financial advising book but more of a self-help section that teaches women to understand the who,what, when, where, and why about personal finances and financial planning.

The second half of Women & Money is where the real meat and potatoes of financial advising comes into play. In this half it talks about what the author calls the "Save Yourself Plan". This plan is a 5 step financial advising plan that is intended to help women get their personal finances in order. The fives steps in this plan are each simple and easy steps that anyone can follow with just a little effort. Suze sets up a time table of five months to implement this financial advising plan with a goal of finishing 1 step each month. Financial advisor Suze Ormans 5 step financial advising plan to save yourself is a great plan that would work well for anyone, no matter what financial situation they are in.

The first step in this financial advising plan is "Checking and Savings Accounts" In this step the author tells here readers to setup a higher-yield savings account.

Step two is called "Credit Cards and FICO Scores". This financial advising step includes checking and building up/establishing your credit score. In this step the author also includes the suggestion of paying down your bills and debts.

Step three is called "Retirement Investing". In Step three the author goes into detail about the importance of starting to save for retirement. It includes financial advice about 401K's, IRAs, and Roth IRAs.

The fourth step is called "Must-Have Documents". In the fourth step financial advisor Suse Orman's plan goes into detail about wills, living trusts... All the good stuff that needs to be done.

The fifth and final step Suzie gives her readers is "Protecting Your Family and Home". In this final step financial advisor Suze Orman goes into detail about the importance of life insurance, renters insurance, home owner's insurance, and personal liability insurance.

Overall I think that this book is a great read for anyone who is looking for financial advice information about personal finances. I think that this book can help many women to realize the importance of understanding personal finances and help them see why they should be involved in their families financial decisions. The best part of this financial advisor book is the second half, which gives women an actual plan for taking control of their personal finances.

If you are interested in more information about this financial advising book or financial advisor Suze Orman please visit the Suze Orman website.

In my next post I will go into more detail about financial advisor Suze Orman's 5 step plan to save yourself.


P.S. If you are interested in getting your own personal financial advisor email me and I will give you a short list of the best financial advising companies out there.


Mark R. said...

I really do like some of Suze Orman's advice but I would have to agree that Dave Ramsey's stuff is quite a bit better.

Anonymous said...

When are you going to do the post on details about Orman's "Plan to Save Yourself"?