I just finished reading the book, “Women & Money” by Suze Orman. Reading it is really an understatement…I actually devoured it in one sitting.
I don’t know why I have never been that keen on Suze Orman. I seem to be more drawn to Mary Hunt & Dave Ramsey’s writings, but I saw this book and figured it might be worth my time to read it.
It was definitely worth my time, as we have been contemplating writing a will for some time, but just have not had the financial means to tackle this. I would really like to have all of this in place, in the event that something should happen to us, but paying a lawyer is just not in the equation for us right now.
Suze Orman recognizes that many people can’t afford to have this paperwork in order and offers her own will planning software, available on her website for a mere $13.50! The software (according to her website) includes:
- An easy-to-answer questionnaire that will automatically
select the correct must-have documents for you - Audio and visual explanations taking you paragraph by
paragraph through the four must-have documents - 10 electronic guidebooks, that cover all aspects of your financial life
- Free automatic updates, so your documents will always be current (Internet access required)
It’s like having your own financial planner and personal trust attorney at your fingertips!
- Personalize – Fill in the questionnaire, and the program will automatically select and populate all the essential documents to fit your unique situation.
- Print – Listen to or read a step-by-step explanation of what you need to know. Then print out the relevant documents.
- Protect – To complete the process, follow the instructions that print out with your documents. (In some cases, forms will need to be witnessed and notarized.) Then store them in a safe place.
I am planning to try out this software for our family and get these documents taken care of. There is nothing more frightening than knowing that our financial documents are not in order and this could jeopardize the financial future for our children.
We are in our late twenties and pray that nothing ever happens to us. Unfortunately, life is uncertain and it is important to do this for our children and for our own peace of mind.
Other than that, much of the advice given was to teach women how to understand money and all of the financial terminology and accounts that should go with it. She encourages women to start taking action and has a five month plan to get your finances back in order. Some of it I skimmed over, as it related more to a woman who is in the work force, but a lot of it applied to me.
Her encouragement to save money was taken a step further because she partnered with Ameritrade to get women to open an account and start a nest egg for their future. You will need to actually purchase the book to get the code needed to activate this offer, but with the book cost being under twenty dollars, it would be worth it to make the investment.
If you set up an account between now and 03/31/2008 and automatically deposit a minimum of $50 each month into the account, after twelve months the Ameritrade company will deposit a $100 into the account to reward you for your saving.
I have yet to establish a nest egg for myself, another worrying factor for me. I am not working so I do not have the benefit of a 401K or a paycheck coming to me. I am not sure how long I will be staying home, but I would like to be proactive about my finances and get something established for myself sooner rather than later.
I am wondering how many of you have a nest egg for yourself? How many of you have a will in place for your family? Are these financial matters taken care of or are you sitting around worrying about them too?
I hope you will check out this book. It is a great read for all women and has a great plan for getting your financial life back in order!
Amy we do have a nest egg as I worked for a company that matched dollar for dollar what I put into a 401k. Plus I had a pension plan they provided. When I medically retired we rolled over the pension plan to a IRA and the 401 rolled over to a money market IRA which allows me access to the money if needed before I attain the age of 59 1/2. Our wills are in place and I have a security box that is clearly marked will, life insurance policies. passwords to my computer for online bill paying and etc in the event something happened to me. My girls will be able to help their dad with everything and him not stressed out about finding where everything is.
Vicki(Wheezymom)
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My girlfriends were just talking about thier wills, they beleive that on-line ones aren’t legally binding? Does anyone out there have legal expertise and could answer this for me? Jakesmom
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According to her book, these documents are legal and binding in all of the US. I don’t know about other countries though.
Quicken also offers will planning software…
Maybe someone else will have more information for you!
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We’ve been wanting to get a will completed as well – something about those sweet little girls just makes me want to have everything in place. I’ve never heard of the software – and honestly, the idea of paying a lawyer was worrying me too!
We do have retirement accounts and savings – but it would be nice to know that everything was spelled out in writing!
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Thanks for this info. Getting a will drawn up has been on my list for too long now. I’ll check into Suze’s software … and maybe do a little research on doing your own will. That certainly would be cheaper than hiring an attorney.
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Everyone who has dependants should have a will and have it done professionally by a lawyer. It’s not that much, I only paid like 100.00, (yeah it was 10 yrs. ago) but well worth it for peace of mind. That included five parts, such as living will, and all that other stuff. Also have life insurance and IRA.
It’s hard enough when someone dies, but having everything taken care of ahead of time, when the moment comes, it will surely take the burden off and let them have a bit more peace and lots less to worry about. One of the final things you can do for your surviving family members.
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I was never drawn to Suze Orman either yet had the same experience with this book. We have a will as well as a living trust – HIGHLY ENCOURAGE you to have the entire thing completed, not just a will. We used tax return money after my son was born three years ago and paid a lawyer. I am a stay at home mom, 35 years old. We don’t have scads of extra money to set aside each month. My husband certainly has more savings and retirement than I do as it’s built into his paychecks. I’m totally motivated to re-examine my shopping habits, meal planning, etc. so I can get myself into priority status as far as savings. I am pretty frugal already staying at home but I know there are better choices I can make, every little counts. I have some savings from previous work life but I haven’t been contributing since I stopped ‘working’. It’s scary to think about LATER without some preparation, financially. You really don’t know what’s coming in life. We also took out insurance policies as well. It’s great, once you do this stuff, it’s done. Sigh.
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