Celebrating Women’s Impact in Finance: Suze Orman

On this International Women’s Day, we take a moment to recognise the incredible achievements of women in finance, like Suze Orman. Suze is well-known for her knowledge of personal finance and helping people manage their debt. Her story is one of strength, empowerment, and spreading awareness about money.

Suze Orman’s Background

Suze Orman’s journey to becoming so impactful in finance is one filled with twists and turns. Born on June 5, 1951, in Chicago, Illinois, Suze’s early life was not easy. Raised in a middle-class family, Suze experienced firsthand the impact of financial struggles and the importance of money management.

After graduating from the University of Illinois with a degree in social work, Suze pursued various jobs to make ends meet. She worked as a waitress, where she learned the value of hard work and perseverance. Later, she even tried her hand at tree surgery, showcasing her willingness to explore different career paths in search of her true calling.

It wasn’t until Suze discovered her passion for helping people manage their personal finances that her life took a turn. 

Suze Orman and her Career Journey

Suze Orman’s journey into the world of finance began when she joined Merrill Lynch in the late 1980s. At Merrill Lynch, a big financial company, Suze worked as a financial advisor. She quickly gained a reputation for her knack for breaking down complicated financial issues and offering practical solutions.

After some time working in the financial industry, Suze decided to share her knowledge and expertise with a wider audience. In 1995, she published her first book, titled “You’ve Earned It, Don’t Lose It: Mistakes You Can’t Afford to Make When You Retire.” This book was a game-changer, providing clear and straightforward advice on retirement planning and avoiding common financial pitfalls.

The success of her first book catapulted Suze into the spotlight. People loved her down-to-earth approach to personal finance and her ability to break down complicated topics into easy-to-understand concepts. As a result, Suze continued to write more books, host television shows, and become a sought-after speaker on financial matters.

Her passion for financial literacy and her commitment to helping others achieve financial security have made her a respected and influential figure in the world of personal finance.

Tips from Suze Orman

Through her practical advice and straightforward approach, Suze has helped millions of people understand complicated financial challenges and build a solid foundation financially. 

Here are some key tips and tricks that Suze has shared over the years to help people manage their money wisely and achieve their financial goals. 

Build an Emergency Fund

Suze emphasises the importance of having an emergency fund to cover unexpected expenses like medical bills or car repairs. Aim to save at least six months’ worth of living expenses in a separate savings account.

To find out more about emergency funds, check out our blog post.

Live Below Your Means

Suze advises living below your means and avoiding unnecessary debt. Spend less than you earn and prioritise saving for your future.

Invest Wisely

Suze encourages people to invest in their future by contributing to retirement accounts. She also stresses the importance of diversifying investments to minimise risk.

Pay Off High-Interest Debt

Prioritise paying off high-interest debt, such as credit card balances, to avoid racking up excessive interest charges.

Create a Will and Estate Plan

Suze emphasises the importance of creating a will and estate plan to ensure your assets are distributed according to your wishes and to protect your loved ones.

Protect Yourself with Insurance

Suze advises having adequate insurance coverage, including health insurance, life insurance, and disability insurance, to protect yourself and your family from financial hardships.

Understand Your Money Mindset

Suze believes that understanding your relationship with money is essential for financial success. Identify any limiting beliefs or behaviours that may be holding you back and work to overcome them.

To know more about your money mindset, listen to our podcast episode with industry expert Laura Ann Moore.

Say No to Impulse Purchases

Avoid impulse purchases and unnecessary expenses by sticking to a budget and carefully considering purchases before making them.

Seek Professional Advice When Needed

Suze encourages seeking professional financial advice when needed, especially for complex financial matters like estate planning or investment strategies. Choose a trusted financial advisor who has your best interests at heart.

Inspiring Other Women

Suze Orman and her influence extends beyond personal finance; she provides hope and empowerment for people from all walks of life. 

Beyond offering financial advice, Suze actively engages in community outreach, using her platform to uplift and support others, particularly women and those facing financial hardships. She actively seeks out opportunities to give back to her community and support causes close to her heart. Whether it’s through charitable donations, volunteering, or advocating for social and economic justice.

Furthermore, Suze’s emphasis on women’s empowerment is particularly impactful in a field historically dominated by men. She currently has a podcast called ‘Women & Money‘ in which she speaks to every mother, daughter, grandmother, sister, and wife- and the men who are smart enough to tune in.

By breaking down barriers and paving the way for other women in finance, Suze serves as a role model and mentor, inspiring a new generation of female leaders to pursue their passions and make a difference in the world.

The Legacy of Suze Orman

Today, Suze Orman and her impact on finance is still felt all over the world. Her books, talks, and advice continue to help people manage their money and make smart financial decisions. 

As we celebrate International Women’s Day, let’s talk about incredible women like Suze Orman who have made a big difference in finance. Their stories remind us that anyone can take charge of their finances and build a brighter future. Let’s honour their legacy by learning from their advice and helping others along the way.