Book Review: Women and Money

You may have seen her on Oprah, or you may have read one of her earlier books: The Money Book for the Young, Fabulous and Broke and The 9 Steps to Financial Freedom, just to name a few. In case you haven’t, Suze Orman has continued to enlighten millions of women through her books, online columns, motivational speaking, and television and radio show. In her newest book, Women and Money, Orman shares the humble beginnings of a Suze very contrary to the Suze Orman we know today: the embarrassment of a speech impediment that restricted her to the bottom of her class and haunted her until she left college prematurely because of an unfulfilled language class requirement. While working as a waitress she later conquered her fear and earned her degree. With dreams of starting her own business, after asking her parents who could not help her financially, she lost a $50,000 investment under faulty advice. With a new fire of determination, she started working the very same establishment where she lost her money and sued them. Consistent with her teaching, Suze Orman has “[rewritten] the story history has handed [her]” (28).

Through Women and Money, Orman teaches Finances 101, not only enlightening women about their financial matters but also empowering them to take control of their finances. Orman first exterminates destructive attitudes and practices that women are guilty of, for example, always putting others before themselves. Historically women have maintained a passive relationship with money, but in a time when single mothers, divorces and widows prevail, it is essential for women to assert power in their own finances. She then instills the attitude of a wealthy woman, listing 8 qualities every wealthy woman displays: “A wealthy woman absolutely has money, but she also has happiness, courage, balance, and harmony. A wealthy woman is generous, clean, wise, and therefore beautiful” (45).

With the 5-month Save Yourself Plan Orman assigns hands-on exercises that should not only help you steer your current financial situation in the right direction but will also provide damage control for what is to come. While it may not all seem immediately relevant to those of us without homes and children, it is great to become familiar with the information and prepared for when the time does arise. Not only does she give great recommendations of where to seek guidance, like bankrate.com, she also provides supplemental information on her website for those at the head of the class.

Although Orman delicately explains each topic, she certainly uses tough love, sternly emphasizing the importance of the lesson. She acknowledges that financial repair is neither easy nor instantaneous. She holds your hand through the first steps and equips you with a final review before pushing you off into the ultimate test of applying the lessons to achieve financial prowess.

Suze in many ways is right, not all women, but most women do tend to have a dysfunctional relationship when it comes to dealing with their money. I finished this book with a clearer understanding of why myself and many of my friends need to manage our financial responsibilities in a whole new way. Below are important tips that Suze gives readers to help them have a better relationship with their money;

1. Know Your Worth!

Being overworked and underpaid is not acceptable for anyone. Ms. Orman points out that woman tend to ask and receive much less than men do in salary requirements. She advises that you consistently keep up a list of all the accomplishments you’ve made at work and present them to your boss every year. It’s important that you are not afraid to speak up and know what your time and efforts are worth.

2. Cleanliness

Ms. Orman notes; “When you don’t know where your money is,” she notes, “when you have no filing system for your important documents, when you dive into your pocketbook to pull out crumpled bills, when your car looks like a garbage can, when your closets are filled with junk and clutter — I’m sorry, but you cannot possibly be a wealthy woman.” Ladies keep your money organized, have a file for every bill and document!

3. Save Yourself Plan

The “Save Yourself Plan” is a step-by-step plan of managing the financial basics of everyday life such as checking and savings accounts, must have documents, credit cards and credit scores and protecting your family and home. Ms.Orman emphasizes that it is important that you at least know how to do the basics of financial responsibilities yourself.

4. Get Rid of the “Bag Lady Syndrome!”

Ms. Orman points out that “more than 50 percent” of women suffer from “Bag Lady Syndrome,” a growing fear that one day they will end up homeless and are giving away their services at a discounted rate. The Bag Lady Syndrome includes a list of “uncomfortably familiar” scenarios of women asking for less than they deserve such as: the corporate executive who accepts a 3 percent raise when she deserves at least double that or the professional who bargains her own services for someone else’s services she doesn’t really need because she is afraid of hurting that persons feelings.

5. The 8 Qualities of a Wealth Woman

The most important lesson Ms.Orman gives in the book is for women to remember to apply eight specific qualities when it comes to dealing with their personal finances; again they are: Harmony, Balance, Courage, Generosity, Happiness, Wisdom, Beauty, and Cleanliness. If you remember these eight qualities along with the other tips above your financial future will be guaranteed to be bright!

-Lady D & Mia

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Lady D