Hailing from the ‘Windy City’ our WCW is a whirlwind to a windfall within the personal finance sector, having worked as an advisor for world renowned Merrill Lynch; before starting her own company. An author, financial advisor, degree qualified social worker, motivational speaker and television host to boot; I present to you Suze Orman.
In 1980, whilst working as a waitress Orman borrowed $52,000 from friends and wellwishers to open a restaurant. Still an investment novice, Orman invested that money through a representative at Merrill Lynch, who promptly lost the entire investment trading options.
Later, Orman trained as an account executive for Merrill Lynch and learnt that the type of investment the broker put her in, was not suitable for her needs (option trading-high-risk high-reward investment) deemed suitable only for high net worth individuals. After much. investigation as to how she could be so falsely misguided, Orman learnt that as her previous broker was the highest producing representative in the office, thus his actions went unchecked.
Needless to say, Orman went on to successfully sue Merrill Lynch while she was still employed at the firm (it is illegal to fire employees solely for filing a lawsuit against them) for a prior investment loss of $50,000.
After completing her training with Merrill Lynch, she remained at the firm until 1983, and left for a position far beyond the expected reach of an entry level account executive; as vice president of investments at Prudential Bache Securities.
After foraging her path to financial freedom despite poor guidance, Orman has since written numerous books such as: The 9 Steps to Financial Freedom, You Earned it Don’t Lose it,The Courage to be Rich, The Road to Wealth and many more. These aptly titled books are surely inspired by Ormans own experiences on her financial journey and aim to inspire her readers to boldly break away from being content with a ‘restbite’ salary on their financial freedom journey.
Now to my ladies, I’d urge you to read one of Ormans books or better yet, youtube some of her keynote speeches; I say this because Suze touches on some very valid points, that will allow us to acknowledge where men have mastered the art of finance; and learn from them rather than burden or begrudge them so often.
Here are 3 tips taken from a speech of Suze Ormans specifically addressing how to attain and maintain a healthy balance of your accounts and accountability.
- “You will never be powerful in your lives until you have power over your money”. How you feel about and act with money are crucial factors on how much you will attain. Women: We have a nature to nurture and will always give to ourselves last, we will also be the ones to give our last to ‘help another’, which often unintentionally leaves us at the mercy of another’s good will or acknowledgement. Men: Instinctively usually operate by rational, men know that ‘we must give to ourselves as much as we give of ourselves’. This allows men to make emotionally unattached decisions. Often times it will even be the reason most men strive for financial freedom, so that they can support and care for their family and friends with ease.
- “It is okay to want money, what you do with it; is up to you, money in abundance allows a freedom “
We must teach our children, especially daughters that the pursuit of money is not a braggadocios pastime that they must avoid, but rather a paving stone on the path to financial freedom. All to often young girls are to be ladylike and demure in all they do, this stance in terms of finances inadvertently does the following: exposes young females to accepting inferiority in the realms of success and power, it tells them that this is a mans world and in order to attain riches etc they must come from a him, and finally it says to a young lady that self love must be practiced behind closed doors, as expressing these wants and passions are uncouth and non lady like. This MUST change, teach your children that anything is possible; if they want it enough and work wisely enough to get it.
- “Richness starts with honesty, start with the truth”. I cannot help but think this one needs to be highlighted for today’s ‘do it for the gram’ generation. As many memes recently correctly stated: “Don’t go broke trying to prove to other broke people that you are rich”. That is as clear as it gets, the people who will be impressed by such antics are not what we’d actually equate to being rich in mind, body, spirit of financially. The true billionaires of this Earth, do not dabble in the look of things, they invest in the experiences their money can afford; which in turn creates an energy which attracts more to continue living each day in the now.
As I said, Ladies I think it’d be time worthy to tap onto one of Ormans videos before you tap onto the next youtube couple, make up tutorial and or vlog. To truly level up you must first be secure at ground level and honest about what it’ll take to elevate with class.
Men, most of you already know the above; rather than ‘flex’ your knowledge to your female counterparts, how about supporting and nurturing them to these new ideas and ideals.
Until next time be good to yourselves, kind to others and above all GROW DAILY.
Written by Karen Sherise