Good Read: Women & Money

SuzeOrman

A few years ago, I was obsessed with learning all that I could about personal finance. I turned to websites and books to help educate myself. One huge motivator was the book Women & Money by Suze Orman. The book stresses about the importance of saving and explains how to obtain a secure financial future. I think it is a great read for anyone, especially those who are just starting out, or who simply need a money wake-up call. Here are two helpful lists to consider that I took directly from her book.

21st Century Truths:

    • Social security has lost its value and we will have to rely on our own retirement strategies much, much more than our parents and grandparents
    • With the divorce rate over 41%, women will be solely responsible for managing their money. There are a number of single-parent households.
    • Money is the number one issue in marriages
    • On average, women live 6 years longer than men and will need more in retirement

Save Yourself Plan:

Checking & Savings Accounts

    • Checking
    • Savings
    • MMA

Credit cards & FISCO scores

    • Pay off credit card every month
    • Know the difference between good and bad credit
    • Check your credit report annually

Retirement Investing

    • Start saving anything for retirement
    • A little today will add up a lot later on
    • Roth IRAs are unbeatable retirement accounts

Must-Have Documents

    • Create a Will
    • Have a revocable living trust with an incapacity clause
    • Transfer ownership of your assets into the trust

Protecting Your Family & Home

    • Choose the right life insurance
    • Purchase renters or condos insurance

Beyond

    • Knowledge = Power = Control
Advertisements