Suze Orman's 2009 Action Plan: Keeping Your Money Safe & Sound
by Suze Orman
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Book Summary Information
Author: Suze OrmanBrand: PBS
Edition: Mass Market Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2008-12-30
ISBN: 0385530935
Number of pages: 209
Publisher: Spiegel & Grau
Book Reviews of Suze Orman's 2009 Action Plan: Keeping Your Money Safe & Sound
Book Review: Not Really an Action Plan
Summary: 3 Stars
I just finished reading Suze's new doom and gloom guide. You can easily read/skim through this book in an hour or two. It is obvious that this book was put together rather quickly as there is a lot of repetition. I think $9.95 is a fair price although Amazon could certainly offer some sort of discount. Overall, I found some useful tips here and there in the book but I am giving it 3 stars. The book is organized into the following chapters:
Credit
Retirement Investing
Saving
Spending
Real Estate
Paying for College
Protecting Family and Self
Within each chapter, Suze present various scenarios and what action to take with each (Q&A style). So in that regard, the title of her book is a little misleading since it is not truly a plan but rather a collection of various scenarios that you might encounter and what to do for each. Within each, you will find lots of repetition amongst her favorite topics including paying off credit cards, 8 month emergency plan, 401K, auto, home and FICO. A lot of this stuff is common sense and shouldn't just be something special to deal with now. And she spends way too much time on all the FICO stuff. In this book, Suze is really planning for worse-case scenario in that she expects this economic downtown to last 2-5 years versus many others who are a little more optimistic. That's fine, but some of her recommendations are rather drastic so don't plan to go out and kill your pet just yet. Probably the best part of the book is the chapter on Retirement Investing as this has some good general investment recommendations that don't just apply to retirement, although I would still see your investment specialist versus blindly taking Suze's advice on specifics to invest in.
BTW, the single best piece of advice in the whole book is to convert your existing retirement funds (Traditional IRA, SEP IRA, Rollover IRA, 401K, etc.) to a Roth IRA this year or next. I had already done this prior to reading her book. With the market down 40%+ this past year, many of us will have significant tax write-offs to offset most if not all potential taxes due to the conversion. Additionally, these taxes are significantly lower now because the value of these investments are way down.
I have spent a lot of time studying the techniques and advice of Ms. Orman as well as another well-known financial media celeb, Dave Ramsey. Both essentially focus on target audiences who for the most part have trouble managing their money and have gotten themselves into a heap of debt. The primary focus of both is to pay off those credit cards and establish an emergency fund you can live off of for the better part of a year should you lose your job. Suze has no problems with Credit Cards as long as you pay them off monthly whereas Dave doesn't believe in them (nor does he care about or even claim to know his FICO score). Like money, credit cards by themselves are NOT bad, but when they are abused then you can get in a lot of trouble. But you can also get into trouble carrying around envelopes of cash as Dave suggests (my friend lost over $1000 of his holiday cash set aside for gift shopping this way). And anyone who seriously thinks Dave's claim that a 12% long-term annual investment return in mutual funds over the long run can be expected, is just setting themselves up for trouble. Not even Warren Buffett would make such a claim. The bottom-line is that both Suze and Dave are very opportunistic individuals who offer generally good advice, but as always it is buyer beware. Don't be a lemming and don't always drink the kool-aid.
Summary of Suze Orman's 2009 Action Plan: Keeping Your Money Safe & Sound
2009: The Year You Can?t Afford to Make Any Mistakes with Your Money.The credit crunch, the stock market freefall, the staggering toll of home foreclosures and job losses: The economic crisis that struck in 2008 has left no one untouched and everybody reeling. Seemingly overnight, the financial landscape has undergone seismic changes that suddenly have you asking all kinds of questions: Are your savings safe? Should you continue to invest in your retirement account? Should you keep your home if it?s worth less than what you owe or should you sell it? How do you pay your bills if you?ve just been laid off?
The nation?s go-to expert on financial matters, Suze Orman, believes that 2009 is a critical year for your money. There are safeguards to put in place, actions to take, costly mistakes to avoid, and even opportunities to be had, so that you are protected during the bad times and prepared to prosper when things take a turn for the better. No matter what situation you?re in, you will find a plan of action and the answers to your questions about:
* Credit * Retirement
*Savings and Spending*Real Estate
*Paying for College* Protecting Your Family
SUZE ORMAN?S 2009 ACTION PLAN delivers honest, straightforward guidance?what to do, when to do it, and how to do it?as only Suze Orman can.
2009: The Year You Can?t Afford to Make Any Mistakes with Your Money.
The credit crunch, the stock market freefall, the staggering toll of home foreclosures and job losses: The economic crisis that struck in 2008 has left no one untouched and everybody reeling. Seemingly overnight, the financial landscape has undergone seismic changes that suddenly have you asking all kinds of questions: Are your savings safe? Should you continue to invest in your retirement account? Should you keep your home if it?s worth less than what you owe or should you sell it? How do you pay your bills if you?ve just been laid off?
The nation?s go-to expert on financial matters, Suze Orman, believes that 2009 is a critical year for your money. There are safeguards to put in place, actions to take, costly mistakes to avoid, and even opportunities to be had, so that you are protected during the bad times and prepared to prosper when things take a turn for the better. No matter what situation you?re in, you will find a plan of action and the answers to your questions about:
* Credit * Retirement
*Savings and Spending*Real Estate
*Paying for College* Protecting Your Family
SUZE ORMAN?S 2009 ACTION PLAN delivers honest, straightforward guidance?what to do, when to do it, and how to do it?as only Suze Orman can. Amazon.com Exclusive: Suze Orman's 2009 Action Plan
How to Prepare for the Unexpected
If in late 2007 you were told that over the next twelve months housing would crater to 20% below it's all-time peak, unemployment would rise from below 5% to nearly 8%, stocks would fall nearly 50%, and a gallon of gas would spike to more than $4 (and then drop below $2) you would probably have shrugged it off as just a whole lot of doomsday-scenario crankiness. But that's exactly what we all had to live through and continue to grapple with in 2009.
The lesson is that the unexpected can happen. In fact, sometimes a whole lot of unexpected happens all at once (see: 2008). No one can control external events, but you do have absolute control over the most powerful tool: your will to make the smart and right choices that will insure your financial security, no matter what happens. As I have said for years: Hope for the best, plan for the worst. If you plan for life's ?what if's? there's no need to panic when the news turns bad. An emergency cash fund is your security when a recession causes rising unemployment. A long-term investment strategy that employs a mix of stocks and bonds makes it easier to get through scary bear markets; living within your means, rather than running up credit card and HELOC debt leaves you better able to weather financial storms.
My 2009 Action Plan is designed to make sure you are ready for the unexpected?this year and every year forward. I most certainly hope things get better for us all, but in the meantime I want to make sure you have a plan in place that will protect you no matter what ?what ifs? lay ahead.
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