In an effort to make sure that I’m on track with my finances, I picked up Suze Orman‘s Women and Money: Owning the Power to Control Your Destiny from the library as a book on tape. Essentially Suze spends half the book going over the pitfalls women face when dealing with money and describes her best method(s) to avoid them. The biggest point she makes: women will accept trades (of expertise), volunteer work or donations to charities as something they must do or cannot say not to rather than picking and choosing where to donate their time and expertise. Her point is to select when and where to spend your time. Because time is an extremely valuable commodity. Its a valid point. Women have always given their time and love in order to support their communities and beliefs. But promoting your ‘top ten’ list* in life isn’t the issue – the problem is when you overload yourself with things that would never make that list. The other half of the book i spent going over the basic financial moves she feels every individual needs to take to be financially secure. Many are basics like checking your credit reports, advice for paying off credit card balances, and a basic plan for retirement savings. The biggest ‘non-basic’ move, as far as I see it, is the suggestion to create a trust. Suze asserts that trusts allow for large savings since beneficiaries do no go through probate court to assert that an individual’s will was in line with their intentions at death. Its definitely not something I’ve thought about before.
Would I go out and buy the book? Probably not. Most of the advice is basic. If I ever need to be review the ideas I can always visit the library again to pick up the book-on-tape. That being said, it was a worth-while read because I made a few additions on my to-do list to help my credit worthiness and to make it a little easier for those deciding how the few pennies I’ve saved up can be used to finish paying off my student debt. Time to go enjoy life – I think I’ll start with some Strawberry Shortcake Cake I finished frosting before dinner.
*Suze makes no mention of a top ten list but its a good way to look at your priorities. Many people list religion, family and health as the most important things in life. After that, what makes the list? Friends? Good food? Healthy good? Home-made food? The list can be as specific and/or specialized as you want but its a good way to begin deciphering if you are doing something because you want to or because you feel you should be doing it.
- The Top 5 Personal Finance Books (apartmentguide.com)