Suze Orman's Women And Money - Book Review

This article is a short review of Suze Orman's book Women & Money: Owning The Power To Control Your Destiny. Women & Money is a very good book that I would recommend to all women who do not have experience in the area of personal finances. This book is very basic and simple and is not something for women that already have a lot of experience with personal finances. For others that do not have experience they must realize the importance of educating themselves on the basics of personal finances. They need to be prepared to take control of their financial situation just in case an unexpected situation like death or divorce comes about. Women also need to take a more active role in their families personal finances simply because two minds working on something are always better than one. In this book Orman does a great job of explaining this and also giving women ways to become more involved.

In Orman's book she starts out by talking about the dysfunctional relationship that women often have with money. She does a very good job of using a level yet authoritative tone in giving out practical and useful financial advice Suze goes into great detail about why women often leave the handling of money to men and also why women should be more involved. Suze mentions that women are just as capable as men in handling money but that they often choose to leave the job to men. In this book Suze gives out a few reasons why women often leave personal finances to men including that women feel that coveting money is wrong and also that women are more team-oriented. Suze says that women are usually scared to admit that they want a lot of money because they feel that it is wrong. Suze also says that often times women end up making less than men because they are more team oriented and concerned that everybody makes a good and even salary rather than fighting for every dollar they can get added to theirs.

The first half of Women & Money is based solely are the psychological and mental aspects of personal finances. It is centered around the attitudes and perceptions that women have toward money. The first half of the book is not much of an actual financial planning tool but still does do a great job of preparing women to learn the actual mechanics of personal finances.

The second half of Women & Money includes the meat and potatoes of personal finances. In this part of the book Orman gives her readers a step by step plan for how to actually get their personal finances in order. This plan includes Orman's 5 step "Save Yourself Plan". In this plan Suze gives out 5 very simple steps that anyone can easily follow in order to take control of their personal finances. Suze also sets up a time schedule of five months to implement this plan with a goal of finishing 1 step each month.

The first step in Orman's plan is to establish a checking and savings account. In this step Suze suggests that her readers setup a bank account that they have complete access to and suggest that it be a high yielding savings account and a standard checking account.

The second step in Orman's plan is to check your credit score. Here Suze suggests that each women find out what their score is and if needed they should take the necessary steps to improve/establish it. Suze also touches on the importance of paying down your debts here.

In the third step Suze talks about the importance of investing for retirement. Here she goes into great detail about how important it is to begin saving for retirement. This chapter includes information on 401K's, IRAs, and Roth IRAs.

In the fourth step of Orman's plan she talks about all of the importance must-have documents. Here she goes over wills, living trusts, and much much more.
The fifth and final step in Orman's plans talks about protecting your home and your family. In this last step she talks about the importance of renters or home owner's insurance, personal liability insurance, and life insurance.

Overall, I think that Orman's Women & Money book is a good read for any women that are looking for information about personal finances. This book could help many women to realize thee importance of taking an active role in personal finances and help them to see why they should be involved in family money decisions.

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