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Tips from financial expert Suze Orman
A couple of years ago, I was in my local library looking for books to better educate myself about money. I came across a book The Road to Wealth, by Suze Orman. The book is a comprehensive guide to your money, and the author looked friendly, so I checked it out. I read it from cover to cover, and loved everything Suze was teaching me. A couple of months later, I can across this hardcover book at a rummage sale, and bought it for 25 cents (retail $29.95). This book is one of my best money references for life.
Suze Orman is one of the best writers on money that I know, and a #1 New York Times best selling author. She has been featured on CNBS, Oprah, and The Today Show. She speaks candidly, has a pragmatic approach to money, discussed emotional roadblocks to saving and dealing with money issues, and did not come from any family money - she succeeded on her own.
Consequently, whenever my partner and I ponder over spending or saving money, we ask ourselves these 4 words, "What would Suze say?" Suze believes in a debt-free foundation - paying off all high-interest debt first (credit cards, loans), paying yourself (saving), and paying off lower interest loan last. She believes in educating yourself on money and finances, and I truly believe her books are an excellent reference.
Eating Out - (Suze Scenario #1)
I love to eat out, but hate spending too much money. I eat out rarely, and would prefer to cook at home. However, if it is a special occasion, and we had the choice between having an early bird dinner (usually between 4pm-6pm) for $10 a meal, or eating after 6pm for $24 a meal, we would ask ourselves:
- What would Suze say?
- Answer: Early bird dinner
Trial Offers - (Suze Scenario #2)
Our bank occasionally offers 30-day offers for trying out an offer. With that trial period, we are offered a Visa gift card (basically: cash), that we will receive in the mail in a week or two. As a result, we sign-up for the trial offer, wait for the free $30 or $40 gift card, then cancel the trial offer.
- Again, we ask ourselves, what would Suze say?
- My answer: I want it.
- My partner's answer: I want it.
- Resolution: We use if for groceries, or something we can share, lol.
Marlo's 2008 Tax Rebate Plan Hub
My research and opinion on the rebate, the facts on the rebate, with updated links right from the source - the IRS!
Tax Refunds Expenditure - (Suze Scenario #3)
We will be receiving our 2011 Tax Refund (and remember in 2008 we received a Tax Rebate of $600 per couple; $300 per person)? Do we spend it on a vacation or something for the house? Since I am practical, I am going to deposit the check in my checking account, and use it for normal household bills. I would love to buy new curtains for the windows, or a new lawnmower, but I do not really need to buy those things.
- What would Suze say?
- Answer: Pay off any debt first, think before you spend.
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Every time you think about spending money, ask yourself if you really need it. I suggest you read at least one of Suze Orman's books, and then you will understand what I mean by "What would Suze say?"
I recommend starting with The Laws of Money, The Lessons of Life: Keep What You Have and Create What You Deserve. According to Amazon.com, "The 5 Laws of Money are vital principles that you need to know whether you are old or young, male or female, with or without money, a novice or a veteran investor."
Strive to be better educated when it comes to saving and spending money - the Suze way.