What I appreciated about this book is it examined “the why” of poor financial decisions, indecisiveness and fear of finances that render some women incapable of properly managing their money. Like fellow PF guru Dave Ramsey, Suze teaches it is best to get out of debt and build an emergency fund. They both give low risk advice that is designed to help people eliminate debt and build wealth over time. However the similarities end there. Suze has done an excellent job of getting inside the female mind to address the root problem. She forces the reader to reflect on her own experiences, values and circumstances…not only with money, but with family and other relationships as well.
Once I decided to get my financial act together, one of the first books I read was Women and Money by Suze Orman.
She has managed to balance an “in your face” approach while maintaining compassion. She often says on her show face it to erase it. In other words, take responsibility and action. Don’t let the size of your problem overwhelm you to the point of financial paralysis. Do something, and start today. The book is divided into 8 chapters, though the meat is in chapter 6, the Save Yourself Plan. The chapter is by far the largest and most detailed in the book, it outlines concrete steps women can take to improve and stabilize their financial situation. Suze realizes that many that read Women & Money are not ready for action right away. Maybe they’ve read other finance books, but have yet to be provoked to action. To combat this trend, the first 5 chapters deal with how women feel about themselves.
Chapter 1: For Women Only
This short chapter serves as an introduction for what’s to come in the following chapters. Orman shares her reasoning for writing this book in an effort to relate to the readers. Personally, I enjoyed reading her motivation, however it felt more like a prologue or introduction than an actual chapter. It’s all semantics really, still good information none the less.
Chapter 2: Imagine What’s Possible
Imagine owning your home outright. Imagine knowing you’ll be able to retire comfortably someday. Suze states that when women develop a comfortable relationship with money scenarios like these and more can become a reality.
Chapter 3: No Shame, No Blame
This chapter is based on the concept that blame renders your powerless and shame holds you back. It’s a very effective chapter, and Suze even shares her own story which was very interesting.
Chapter 4: You Are Not on Sale
I was really able to relate to this chapter! On a personal level, I found myself in many of the scenarios. Suze shares several personal stories of women who have sold themselves short through their own businesses and in their professional careers.
Chapter 5: The 8 Qualities of a Wealthy Woman
The qualities are defined and allow the reader to reflect on whether they posses those qualities and why they are among the qualities of a wealthy woman. It’s a short chapter, but the information solidifies important characteristics.
Chapter 6: The Save Yourself Plan
This is the “meat and potatoes” and quite possibly could have been a book in itself. Now that the root problem has been addressed, Suze outlines a plan of action. The plan is based on core financial principals and assumes no prior financial literacy. There are 5 sections, the goal is to conquer 1 section per month. Each section begins with “I will be thrilled if” action steps giving the reader distinct measurements of progress. For those that want more detail, when you purchase Women & Money there is an access code to the Suze Orman website with further details, resources and information.
The Save Yourself Plan covers checking & savings accounts, credit cards and FICO scores, retirement investing wills, living trusts, insurance and more. This chapter is key to the entire book.
Chapter 7: Commitments
This chapter is all about moving forward and relationships. She discusses financial matters involving spouses, children, and aging parents. She also has a checklist for selecting a financial advisor.
Chapter 8: Say Your Name
Suze discusses humility vs humiliated as women shy away from recognition and their own name. To be honest, this was my least favorite chapter.
Overall, Women & Money was a great book and provided a lot of insight for me. However, I had to take the good and leave the parts I didn’t agree with behind. At some points, there was a “New Age” feel to it. For example, in the last chapter she talks about owning the power to control your destiny and makes references to unlocking yourself. Understand that Woman & Money makes no claims to be a Christian finance book, therefore I am not looking for Biblical accuracy, however, I have chosen to dismiss the areas that don’t align with what I believe. It does not negate the wealth (no pun intended) of financial strategy and advice.
Who should read Women & Money?
Women & Money should be read by any woman that does not feel confident in handling personal finance matters, or those that need a strategy for financial security. Personally, I have recommended this book to friends and have given away several copies when teaching at conferences.
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