"I am not going to suggest that every 22-year-old take eight years to find the path they want to pursue. But at the same time, I hope you are kind to yourself. That you give yourself the time and space to figure things out. If there is a 22-year-old out there reading this and feeling adrift, I have this to say to you: Been there, done that. And look at me — it all turned out better than fine, right?"
After seven years working as waitress, Suze Orman landed a job as a trainee stock broker, at the age of 30. Today, she is a multi millionaire said to be worth US$35 million.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Suze Orman has stood firmly against traditional financial services since she first started publishing her self-help books in the 1990's. And over the years, she has encouraged her followers to use common sense when it comes financial matters, like avoiding overspending and undersaving.
Orman often jokes that a financial broker will “make you broker.” Her biggest pet peeve with financial advisors is that most are only looking to sell products.
But even Orman admits that not all financial advisors are bad.
Bad vs Good financial advisors
Suze Orman warns that working with a financial advisor who earns all of his or her money through commission on the investments you buy and sell will never have your best interests in mind. These advisors will only be interested in getting you to do a lot of buying and selling.
Whether you realize it or not, many financial advisors still get hidden kickbacks” from their brokers. This means that a large portion of your commission is given to them from their broker. So, even if advisors don’t explicitly work on commissions, they may still receive these hidden kickbacks. That’s why Suze Orman recommends working with advisors who only charge an upfront, flat fee.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Get educated on Social Security benefits
You need to know when to take social security and when not to, and how Medicare works. When do you start taking money out of your account?
Have a will to minimize complications later
If you haven't told your kids what [they're getting when you die], they'll fight over what you have. No matter what age you are you now need a will. You need a living trust.
And you need to be sure that your spouse has the very same things — even if you think it's way too soon for that type of conversation.
Get your paperwork in place today to protect yourself tomorrow. You need to know that you have everything about your affairs [in order] so you don't become a burden.
The less money you have. The more you need it.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
If you lose a spouse or a loved one, you'll get lonely. You'll want to see your kids more. You really have to understand the loneliness factor.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
How much do I need to retire is a stupid question. The real question is, 'What is the best way I can save for my retirement?'
Own your own home. Get rid of your debt. Live below your means but within your needs.
Compound interest and investing
When you invest money and your money earns money, and that money starts to earn money, it compounds like a snowball down a hill," said Orman. "It's a financial snowball effect."
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Women have been thrust into an entirely new relationship with money that is profoundly different from anything we have ever encountered before. The shifting roles of women at home and at work have dramatically changed where and how money interacts with a woman's life.
Becoming truly powerful in a lasting, beneficial way is never done at the expense of others; it is done for the good of all.
Women are the bedrock of their families, of their communities -- so many are dependent on us. If we stand strong and know who we are and what we can create, we will easily be able to hold up those we love and those who need a helping hand.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
A true powerhouse such as Jillian Michaels does not really need to be mentored — she just needed a sounding board for her already great ideas. Her problem was too many great ideas all going in different directions.
Jillian also needed to understand one key fact: Let others think what they want; they are going to think that anyway. People love to build you up — and then once you get to the top, they love to tear you down.
In business, not everyone you work with does things for the right reasons. When you are a person like Jillian who does things out of integrity, it hurts when you are bitten in the back by others.
Jillian is tough; I am tough, but it all comes from a soft place known as the heart. At times, Jillian was portrayed as a lot meaner and tougher than she really is. That would bother her. Jillian needed to get tougher in those areas. She needed to define herself and not let others define her. As soon as she got that, she was on her way — and still is.
In mentoring it is not enough to look successful on the outside — your success has to bring you peace on the inside. You can't teach others to be financially free if you yourself have not done so. One’s rise from a seemingly hopeless situation gives others hope. As long as others have hope when they see you, then you have done your job. And as long as you do what is right instead of doing what is easy, you never have to care what others think. Remember: the elephant keeps walking as the dogs keep barking.
The key to being a good mentor is to help people become more of who they already are — not to make them more like you.
As for me, my mentors have been people who I would never want to be like. They may have big personas, but who they are on the big screen is not who they are in real life. I always wanted to be the same both on- and off-screen.
Everyone in life can be your mentor whether they know it or not.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
