Suze Orman's 5 tips on what women must know about money

[movie zombie]

i certainly don't disagree with this:

http://shine.yahoo.com/secrets-to-your-success/five-things-womens-must-know-money-220500889.htm

 

[kenny]

I have no comment on Orman's work but I find her almost as annoying to watch as Nancy Grace.
I cannot watch either of them.

 

[lulu]

I love her. But the link is broken.

 

[movie zombie]

missing an "l" at the end:

http://shine.yahoo.com/secrets-to-your-success/five-things-womens-must-know-money-220500889.html

 

[Tacori E-ring]

I totally agree with having three accounts. I am so glad I have my own. I have too many friends that feel trapped or resentful b/c they don't have access to their own money.

 

[justginger]

I am a very, very financial-minded person -- and Suze Orman drives me nuts. But I don't think it's HER fault I can't stand her. I think it more accurate to state that I can't stand the fact that there are women who NEED TO BE TOLD THESE THINGS. They are common sense. Money makes the world go round, you need to save or you can't retire, don't spend more than you earn, get rid of debt as fast as possible. I don't understand how she's managed to get RICH by telling other people how to not be so bloody stupid.

 

[MichelleCarmen]

I totally agree with having three accounts. I am so glad I have my own. I have too many friends that feel trapped or resentful b/c they don't have access to their own money.

Yeah, it's really hard for women who are SAHMs because they don't have "their own" money. That said, I've always had my own bank account that I stick $ into even when I'm not working.

 

[makemepretty]

Yeah, as a SAHM there is not enough money for three accounts, let alone the one. I can't ever see myself being so selfish as to keep money in a "my" account while bills go unpaid or needs go unmet. A family is supposed to work as a unit. I've always chuckled at those "how to cut expenses" articles in women's magazines because I never had those expenses to begin with(getting your hair done, buying Starbucks, upgrading your car, paying your housekeeper/babysitter). It reminds me of those other articles that state instead of eating a chocolate bar have a tootsie roll or instead of eating potato chips have a piece of celery. The comparisons are always pretty unrealistic as is the advice.


That article basically said: Hey ladies, keep some money so you can walk out anytime you want to! That's why she gives financial advice, not marriage advice. She doesn't seem like someone who would be an awesome long term partner. I could see her splitting the check at every meal.

It's common sense stuff to try to save, not get in debt and have more money than goes out.

 

[smitcompton]

Hi,

I like Suze Orman. I have only known a half dzs women in my life who understood money and what it can do. Thank goodness my mother was one of those women and always had her own bankaccount. This carried into my brothers marriage where he gives his wife a part of his bonus each yr to put into her own account, (its a lot). When she wants something that he is unwilling to pay out of the household accounts, he tells her if you want it , you pay for it. This was about a new bathroom that he said they would not get a return on when they sold the house. She decided not to do it.

I strongly believe women should have their own money. I don't believe most women want the job of planning their financial life.
I've been told by some they don't want to constantly think about money as if that would be an unseemly thing to have to do. The over emphasis of money in their life seems to be a way to avoid dealing with life. I personally have never found anyone to take money advise from me so Suze ormans show gets a good audience who may take to heart what she is telling them. I agree on all points with her.

It takes change and thats hard for all of us. It seems simple but not for lots of people. I'm going to be crude here. In the 60's when Womens Lib was evolving we used to call that saved money our FU money. Yes, we were crude then. I have changed though.

Thanks,
Annette

 

[movie zombie]

while i agree that a family should and must work as a unit, i also believe that many women stay in relationships because they can't afford to leave. i think this interview started earlier and what is in the link is part of an ongoing interview. having worked with abused women, i know that many stay because they cannot afford to leave. i also know from personal experience that before i filed for divorce, i did a budget to know if i would be able to support myself. her advice is sound, imo. difficult to pull off as a SAHM.....i also know that as i have been there and done that.

the other important part to this interview is the 5 important documents to have in place. i have a few i need to get done!

 

[Haven]

I am a very, very financial-minded person -- and Suze Orman drives me nuts. But I don't think it's HER fault I can't stand her. I think it more accurate to state that I can't stand the fact that there are women who NEED TO BE TOLD THESE THINGS. They are common sense. Money makes the world go round, you need to save or you can't retire, don't spend more than you earn, get rid of debt as fast as possible. I don't understand how she's managed to get RICH by telling other people how to not be so bloody stupid.

This made me laugh because I agree! I do like being reminded of things that I *know* to be true every now and then, but I've watched her show a few times with DH and we always shake our heads at the people who call in. This isn't rocket science, people!

I think her popularity comes more from the fact that people get stuck in financially destructive habits, and they just need someone to straight-talk them out of them. (Reminds me of the people on The Biggest Loser who know they should eat less and move more, but they don't change it until they're confronted with that trainer woman who perches on treadmills and screams at them as they run.)

I agree with her first four points, but three checking accounts does not work for us. I manage our entire financial lives, and I am all about efficiency. I need things to go into and come out of one account so I can keep track of everything. I batch everything I do--open mail once a week, pay bills once a week, etc. I need to batch our finances so *I* can manage them. It just works for us.

We had multiple accounts for about six months and it drove me crazy. Now, everything goes in one place, I can see it and keep track of it easily, and I know how much to move to our savings accounts, I can see if we're overspending, and it's easy peasy.

DH and I are on the exact same page as far as money is concerned, so I think that really helps. We never count how much the other spends; we have the same philosophies about spending so it's not an issue. If he were in charge of our accounts, though, that would be a disaster. When I met him he kept all of his bills and important documents in various shoe boxes underneath his bed. I think the first "gift" I ever gave him was a filing cabinet that I pre-filled with all the necessary labeled folders.

 

[Dancing Fire]

rule #1 in a marriage ...you must hide some from your SO just in case...

 

[GemFever]

I have to agree with MZ, Annette, and Suze Orman (though I never heard of her until this thread). There should be some independence with finances, and women need to think about money consciously and responsibly. Whether it takes a separate account to do that, or just having some kind of plan and system, whatever.

Btw, Haven, that is an awesome gift, imho.

 

[tyty333]

rule #1 in a marriage ...you must hide some from your SO just in case...

Yes...just incase you need a new piece of jewelry!

 

[Haven]

I have to agree with MZ, Annette, and Suze Orman (though I never heard of her until this thread). There should be some independence with finances, and women need to think about money consciously and responsibly. Whether it takes a separate account to do that, or just having some kind of plan and system, whatever.

Btw, Haven, that is an awesome gift, imho.

Haha--I don't think DH loved it! It sat unused for many years. I'm definitely the organizer in the family.

I have to say this thread makes me wonder if I just happen to know very financially responsible women. I don't know any women who are clueless about the family finances. We don't share specifics, but most of my women friends are like me--they're the ones in charge of paying the bills and managing all the accounts. Are there really women out there who are clueless about their family's financial situation? I wonder if it's a generational thing. I'm 31.

 

[justginger]

I'm 28, Haven - and I handle our household expenses as well. We don't even have THREE accounts, we have two. His and mine. He transfers me all but a bit, which he keeps for his own hobbies, and I sort out the rest.

I honestly don't know many women who don't handle their home finances these days.

 

[danners84]

Haven, I think financial responsibility is primarily in the company you keep, not necessarily generational. My good friends and I are financially savvy, know how to choose what we spend our dollars on so that we can live debt free and have money for the things we truly want. We are 28.

I remember when I started at my current job (a very female-dominated career) that the ladies at my table, especially the young 22 year-olds were hesitant to put anything into our 403B, let-alone the 6% needed in order to maximize our company's match. "But then my paycheck will be smaller!!." And they were still living at home rent free, college paid for by parents, with their only bills being gas, cell phone, etc. I worked while in college and started contributing to a 401k as soon as it was available to me. My friends that I grew up with are much the same way. My husband's best friend is dating a girl who is constantly complaining that she doesn't make enough money, but in the next turn is buying a new designer handbag, shoes, etc. Now I lurve me some things, too, but I don't love the feeling of credit card debt.

We have 3 accounts, and that is primarily because while my husband knows what he SHOULD do with money, in practice...not so much. So we have a percentage that goes to our personal accounts that we can spend on whatever we choose, and our joint accounts for bills and savings. And I manage the money. Because otherwise we'd be broke no matter how much we make

 

[MakingTheGrade]

I"ll admit that I'm not terribly financially minded, but only in the sense that I don't spend much time thinking about how to make my money make more money (i.e. stocks, investments, etc). When it comes to bills and bank statements, it's all good and in the black, but if it weren't for my hubby, our funds would just sit idle in checking accounts. I"m happy to leave it to him to handle our portfolio!

That being said, I have a personal account, but he doesn't. I just like knowing that I have a little bit of a rainy day fund, whether it's for jewelry or an extravagant present for a friend. I'm sure hubby wouldn't really care if I did these things from our main account, but I just like having a small balance to draw from freely, without sly smiles about my girly temptations! Hehe...

 

[Haven]

We have 3 accounts, and that is primarily because while my husband knows what he SHOULD do with money, in practice...not so much. So we have a percentage that goes to our personal accounts that we can spend on whatever we choose, and our joint accounts for bills and savings. And I manage the money. Because otherwise we'd be broke no matter how much we make

I have a friend whose husband is like this. They recently decided he needed to be on a cash-only system. It seems to be working for him so far.

I have no idea what I'd do if my husband spent unwisely, to be honest. I don't want to feel like I have to babysit my grown husband, so it would irk me to no end.

 

[Dancing Fire]

I'm 28, Haven - and I handle our household expenses as well. We don't even have THREE accounts, we have two. His and mine. He transfers me all but a bit, which he keeps for his own hobbies, and I sort out the rest.

I honestly don't know many women who don't handle their home finances these days.

rule #2...don't let the wife be in charge of finances.

 

[Autumnovember]

I'm 28, Haven - and I handle our household expenses as well. We don't even have THREE accounts, we have two. His and mine. He transfers me all but a bit, which he keeps for his own hobbies, and I sort out the rest.

I honestly don't know many women who don't handle their home finances these days.

rule #2...don't let the wife be in charge of finances.

There is absolutely no way I'll be handling the finances minus some bills once I get a job in my career. I know exactly where my checks have to go and which bills I'll be responsible for. My husband is older than me and much wiser in that department. If anything, he schools ME in that area.

My dad was always the one handling the bills but my mom ALWAYS knew about the financial situation. Nothing was ever a secret and she always had a say when it came to money.

 

[isaku5]

My mom who was very financially savvy told me to always have a bank account in my name only and always to carry cash (no cc back then) when I was on a date. DH and I each have separate chequing accounts from which we pay routine expenses. As well, he has a business (current) account.

We have a joint account for larger items and the myriad of taxes we pay.

I would NEVER leave my finances to him. He has absolutely no expertise in that area and doesn't want to learn

He is the sole owner of his business and I refuse to attach my name to any business-related document. Up until recently our home was in my name alone.

One more thing: When we go out for a pricey dinner or to friends' homes, I make sure that I have $$$ and a cc.

It has worked well for most of the years we've been married and I highly recommend it.

 

[sonnyjane]

I'm a big Suze fan as well... I have three of her books and watch her every Saturday night.

My husband and I only have two bank accounts, not three. I pay my bills (my groceries, my cell phone, my loans, my gas, my share of the rent) and he pays his. If we owe the other something, we will transfer it to the other's account. As long as all bills are being paid and savings/retirement goals are being met, our remainder is ours to do with as we like

 

[Abril]

Suze Orman generally gives sound advice. We've outgrown her show, however, as the investment advice is not that sophisticated. But for the basics of finance, Suze is solid and more versatile than Dave Ramsey who mostly focuses on getting out of debt.

 

[Dancing Fire]

Suze Orman generally gives sound advice. We've outgrown her show, however, as the investment advice is not that sophisticated. But for the basics of finance, Suze is solid and more versatile than Dave Ramsey who mostly focuses on getting out of debt.

i don't agree with one of her advise...she tells me to save,save,save till i am 70 yrs old... ...what the heck am i gonna do with the money when i am 70 yrs old...

 

[isaku5]

Suze Orman generally gives sound advice. We've outgrown her show, however, as the investment advice is not that sophisticated. But for the basics of finance, Suze is solid and more versatile than Dave Ramsey who mostly focuses on getting out of debt.

i don't agree with one of her advise...she tells me to save,save,save till i am 70 yrs old... ...what the heck am i gonna do with the money when i am 70 yrs old...

You can pay for your care at the retirement home

 

[Dancing Fire]

Suze Orman generally gives sound advice. We've outgrown her show, however, as the investment advice is not that sophisticated. But for the basics of finance, Suze is solid and more versatile than Dave Ramsey who mostly focuses on getting out of debt.

i don't agree with one of her advise...she tells me to save,save,save till i am 70 yrs old... ...what the heck am i gonna do with the money when i am 70 yrs old...

You can pay for your care at the retirement home

or buy a RED 2dr sport car...

 

[danners84]

We have 3 accounts, and that is primarily because while my husband knows what he SHOULD do with money, in practice...not so much. So we have a percentage that goes to our personal accounts that we can spend on whatever we choose, and our joint accounts for bills and savings. And I manage the money. Because otherwise we'd be broke no matter how much we make

I have a friend whose husband is like this. They recently decided he needed to be on a cash-only system. It seems to be working for him so far.

I have no idea what I'd do if my husband spent unwisely, to be honest. I don't want to feel like I have to babysit my grown husband, so it would irk me to no end.

Ha, it would irk me too. Hence the separate spending accounts! And I MAY exaggerate a little about how bad he is. He's still a no credit card debt, don't buy things you can't afford guy, he just loves to spend money fixing up his old money-pit car. If the money was coming out of the joint account, I wouldn't be having it. And he loves that car, so if we have our own petty cash, I don't really need to worry about how much he's spending on whatever he's spending it on. I guess guys could have the same view on sparklies. Perhaps we really have things set up this way so that I can buy jewels without a fuss from him

 

[Haven]

danners--Say no more. My father is a car guy, I totally get it. We called our family garage the money pit in my childhood!

 

[smitcompton]

Hi again,

Since more than half the country is in debt and has trouble managing their finances I wouldn't think this was a generational problem.


I'll tell another story. A person I am friends with inherited a large sum of money( over a million category) She was 45 yrs old, a college graduate, mother of 3 children, and just handed the money to her husband to take care of. He does, and she shops and spends, with no debt and well within her means.

As we becme better friends I told her of my philosopy that a woman should have money of her own. She did nothing until another inheritence came her way and with determination she kept 25,000 for her self in a separate account, of course telling her husband.

She tells me she has never felt more independent than with her own bank account. She took a trip to Paris without needing to go to the husband for money. She just loved it. She has a wonderful marriage, but this did something for her. She still doesn't pay bills but understands what a little jingle in your pocket can do.

What ever works for you to keep solvent, do. Oh, my sister in law on the other story was a stay at home mom.

Annette