Yellow's Green

The Adventures of Money Blog.

Sunday, May 28, 2006

Review - 9 Steps to Financial Freedom

9 Steps to Financial Freedom by Suze Orman. Read it. Especially Ch. 3.
This book actually did have something different to say than the other finance/budgeting books I've read so far, and I think it makes a great companion book to "All Your Worth." AYW is a good guide for specifics on how to set up a budget, and balance, deal with emergencies, etc. This book dwells more on different aspects, but really compliments the whole idea.

She begins very much the same way "7 Stages" did, by asking you to look at the money messages you tell yourself based on childhood experiences. But, she doesn't get as hippy-dippy about it and moves on quickly to more practical advice.

Chapter three, which is all about "taking care of those you love" (as she puts it), is how this book was referred to me in the first place. I knew we need to get a will put together, and I finally found a notebook with advice on the subject I had been given several years ago. This book was in the list of recommended readings.

If you are married, if you have kids, if you have any money or debt and there is ANY possibility that you will die (oh, hey, that means ALL of us!) than chapter three of this book should convince you that putting together your will, revocable living trust, and an advance directive with power of attorney for health care should be a top priority if you haven't done it yet.

Another thing that I REALLY like about this book is that she tells you to trust yourself. She give some tips for experimenting, getting started with investing on your own, and then also gives advice for how to find professional help if you're still to nervous to do it on your own. She makes great arguments for why brokers probably won't be any better than you will be with handling your investments.

I currently have a stack of Suze Orman books from the library. I am going to follow her advice (and am already following some of it). I'm going to set up a trust for Erik and I... our net worth is currently very small - but at the aggressive rate we're saving, it should eventually grow to a healthy sum. I don't want Erik, Jasper, Myself, or any of the rest of our family left with unneeded expenses and worries should any of us pass away. I'm going to continue to save aggressively, and begin to invest independently.

There were some parts of the book that made me giggle. She certainly dates herself whenever she mentions the World Wide Web or America Online. :)

I have work to do!


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