Suze Orman is a well known author. She has written many good books some of them are bestsellers but I am going to share with you a book which I liked very much. Some of the things she suggest in this book is not related to finance but to all the aspects of our life. This is finance related book in which the author has given the women the Mantra which I liked very much i.e “No Shame No Blame.” The author repeatedly stated that you can begin to manage your finances at any point of your life. That point may be your lowest point but never forget the Mantra “No Shame No Blame.” The book is targeted at woman since in our society many of the woman are still not control of their financial life.
The author has stated the 8 Qualities of Wealthy Woman:
1. Harmony- Your thoughts, feelings, words and actions should be one.
2. Balance-State of Emotional and Rational stability in which you are calm and able to make sound decisions and judgments.
3. Courage-Ability to face danger, difficulty,uncertainty or pain without being overcome by fear or being deflected from a chosen course of action.
4. Generosity-Generosity is when you give the right thing to the right person at the right time and it benefits both of you.
5. Happiness -It is a state of well-being and contentment.
6.Wisdom- It is the knowledge and experience needed to make sensible decisions and judgement or good sense shown by decisions and judgement made from accumulated knowledge of life.
7. Cleanliness -It is a state of purity, clarity and precision cleanliness is about respecting the importance of order and organization.
8. Beauty- Beauty is what you can create when you incorporate the other 7 qualities in your life to become Confident Woman.
The author has asked the woman to take control of their own financial life by taking full responsibility of their finances.
The author has given “Save Yourself Plan” in 5 Months for every woman:
Month 1: Checking and Savings Accounts- In this month the author has asked the women to make themselves aware and make use of Checking and Savings Accounts. The important point here she said was every woman even if she is stay at home mother must have her own Bank Account.
Month Two: Credit Cards and FICO Credit Scores- In this month the author has asked the women to know all about their credit cards.
Month Three: Retirement Investing- In this month the author has presented various investment options and stressed the importance of Retirement Planning.
Month Four: Must-Have Documents- In this month the author has make women aware of the most important documents like WILL and Revocable Living Trust with incapacity clause of their financial life.
Month Five: Protecting Your Family and Home- A woman is the crux of the family. It is always a woman who takes care of each and every member of family. In this month the author guides how woman can take care of the family financially.
At the end of completing all the checklists of all these months the author stated that
Beyond the Plan: Knowledge = Power = Control
She has also stressed on commitment to follow all these steps and a promise to oneself to manage their financial life. The author has asked the women to “Make a promise to yourself.”
The book is good read for newbie to improve their financial life.