Review of #1 Suze Orman's "2009 Action Plan - Keeping your Money Safe & Sound"

@cornyman (1128)
Germany
January 15, 2009 7:30am CST
Hello mylotters, last week i came across this ebook from No. 1 bestselling Author Suze Orman. She has already written many books about getting financial independent and helped many persons managing their struggling finances. In this book she writes about any topic that is of interest in the actual financial crisis. She made the chapters as Action Plans (like New Year's resolutions), for example 1st Action Plan is about how to handle the actual credit crisis in case you have debts/mortgages. The second Action Plan is about the retirement, which strategies are useful to avoid a further decline of investments. The third Action Plan is about Saving with the new rules from the FDIC-Insurance, Money Market deposits and so on. The forth Action Plan mentions how to cut down your Spendings and find ways how to save insurance costs and so on. In the 5th Action Plan (Real Estate) you can inform yourself how to modify your mortgage, short-sales, foreclosures. She also provides you with First-Time buying tips and pre-retirement tips. 6th Action Plan - Paying for College All about loans you can get from different sources or how to look for a private student loan. 7th Action Plan - Protecting Your Family and Yourself Situation of being/getting jobless, Life and Health insurance issue The last chapter is an outlook for the coming years - The Road ahead. It's a good ebook for everyone who like to get some additional tips for safe investing, how you can do it and where you should do it. It also helps persons how are in severe positions with her debts to look for other possibilities or for persons with her 401k-Accounts which possibilities can be taken. For persons outside of the USA (like me, i'm from Germany) it's informative too because of the many tips she give for safe investments, background informations in the beginning of the book about the financial crisis and the American way of life/spending.
2 people like this
9 responses
• United States
16 Jan 09
Hello corneyman, and thank you for reviewing this book for us. I appreciate the time you spent not only reading, but the writing of the review had to have taken quite some time. Financial matters aren't my strong suit, but I was smart enough to learn quite a few years ago not to build up credit card debt, save money, buy a house, and do without things I really didn't need. We do live in a society that is credit oriented, and often times you can't even rent a car without a credit card. I don't any credit cards myself, but have on occassion had the need to rent a card. Boy, the hoops you have to jump through. They wanted me to provide 3 utility bills reflecting no past due balances on them before they would accept my visa check card. At the time I had about $8,000.00 in my checking account, and hadn't received a bill from my utilities in quite some time because I pay my bills in advance. When you pay in advance, you don't get a bill. So, I didn't have one to show them! I asked them if it would be okay to go to my account online, and print a screen showing my account had a zero past due balance. Of course, they said that would be acceptable. But, in the long run, I felt I shouldn't have to prove myself to them, and didn't rent the car. I did however, learn a very valuable lesson from that, and will enter into such transanctions more prepared if the need arises again. But, back to what you were saying, although I don't spend my money on designer clothing, I do like to own jewelry. I believer that gold, diamonds, etc are a long lasting investment that increases in value. So in addition to money market funds, retirement funds, and saving, I'm building my jewelry collection.
@cornyman (1128)
• Germany
16 Jan 09
Hello LuckyLadyD, it's a pleasure to make a short review on this book. Sometimes the banks are quite generous with the credits for the big companies (which they often loose in the end) but very bad to the normal customers who want a credit card or a small credit for something. Jewelry and gold has two sides. Gold should be bought in coins if possible. For exchanging it perhaps in the future with food or some other items, gold chains are not that much worth because you pay the costs for producing this fine art. The second point: It doesn't give any interest directly, perhaps when the price rises in the future :-) Have a great time in myLot!
@cornyman (1128)
• Germany
24 Jan 09
This time in short The banks and the CEO/CFOs caused all this financial crisis. They gave credits to persons who couldn't afford it in the future. They only looked on their quarterly earnings and how much commissions and interests they could cash in on their balance sheet and income statements. They gave the persons new mortgages as soon as their value of the homes climbed 10 or 20% each year, so that the bank could cash in again and again each quarter. It was the same like in the years 1999-2001. At first everyone looked for a share which promised that they would earn money from the internet in some years (a lot of money!) and suddenly everyone wanted that piece of share. OOps, after 3 quarters with more and more losses the shares crashed because no more sufficient money there to finance the company. Same happens now, the only difference the house owners get the least help, just the banks who caused it by giving more money out than they had themselves, get sponsored by every government now. All paid from the peoples money in the future, at the moment we all lend this them. The only chance to get rid of these enormous government debts is when we get a big inflation from the end of the year 2009 on!
• Singapore
15 Jan 09
I have read several of her books. And I really like them. She makes some things much easier for laymen to understand. Most of them echo the same things though. I wonder how this is going to be different. Is it free?
1 person likes this
• Singapore
20 Jan 09
Hi cornyman, Just wanted to say thanks for the link. I managed to download it eventually. I have not started reading it yet, but it does look more or less similar, but there are some things I'd be looking out for. In her earlier books, she recommended some banks and financial institutions but they have gone bust now. So i'm looking forward to what she has to say about that. Thank you again!
1 person likes this
@cornyman (1128)
• Germany
16 Jan 09
Hello Sydney, i really forgot that you said you read a lot of books in your previous discussion. For next time i know it and send you as fast as possible a PM about a new book from her. Hope it was still available. Yes, i think that's common with the books about finances. They will have much in common because sometimes you have to show the beginner again the things that we already know. She wants to make the books for the majority of the USA , are the books which she designed for the women different than this book (more cautious or trying to convince them to take more risks in investing?)? Enjoy reading the book and have a good time in myLot!
@stephcjh (38473)
• United States
15 Jan 09
Thanks for the review. I'm glad you shared this with all of us. I know the economy sure is such a mess right now.
1 person likes this
@cornyman (1128)
• Germany
16 Jan 09
Hello stephcjh, as long as everyone can gain new knowledge and something that helps him managing his finances better, i'm glad for every publication that's available. And at the moment many persons have this problem when i read some of the other discussion in myLot (but they don't respond at the moment to this one ), so i can't help them. Hope you enjoy reading the book, have a great time in myLot!
• United States
15 Jan 09
Great review! I tried downloading the ebook from Oprah's website the other day, but it wouldn't open because I don't have Adobe Professional installed. I don't know why my computer is giving me such fits because this has never been an issue in the past - it seems whenever I go to a website with .pdf files lately, this has been happening. I'll keep trying, though, because this is information I feel I MUST have on hand this year!!
@cornyman (1128)
• Germany
15 Jan 09
Hello explorations, try to de-install the old Adobe Acrobat Reader software on your computer. Then restart your computer. Go to Oprah's website again and on the download-Page is a Link for downloading the new Adobe Acrobat Reader software, too. Download and install the new version and then download the ebook (perhaps a restart is necessary again). You don't need the Adobe Professional version. Enjoy reading the book and have a great time in myLot!
@cornyman (1128)
• Germany
15 Jan 09
Once again me, i just saw on Oprah's homepage that you can only download the free ebook until US-Time midnight today, around 11 hours from now on (i think)?!
@sharie16 (2212)
• Philippines
15 Jan 09
thanks for sharing those, it is very helpful much when it comes to our finances..we might not have chances to buy that book and for some reasons that it is not out in the market here in our country... have a ncie day! God bless!
1 person likes this
@cornyman (1128)
• Germany
16 Jan 09
Hello sharie16, you're welcome to share the discussion on this topic with us. Hope that you could gain some information about the book and if it would be available in a bookstore, you could have a look in it (just the interesting parts, i do the same normally instead of buying the book ). Enjoy the time in myLot!
• India
15 Jan 09
Hello my friend cornyman Ji, It is very nice to go through your discussion, but I feel sorry for dis-appointing you as I do not need any such professional knowledge on saving. I have always made my budgets surplus and have more than sufficient funds available for rset of our lives. My hubby is a pensioner and we have limited requirements. We are not fussy to acquire any thing, which may require lot of funds. But, your suggestion of book may help many here. may god bless you and have a graet time.
1 person likes this
@cornyman (1128)
• Germany
16 Jan 09
Hello maygodblessu44, it's true i wouldn't need it for myself, too, but i like to read these kind of books for general information. On the one hand, to know more about the system in America on the other hand to look which other possibilities she offers for safe investments. I'll never know what for this information can be good in some weeks/months/years . For luck, you're in a financial sound situation. I believe many persons who have retired some years ago will be in a similar situation like you, only the persons who want to retire in let's say 2 years have problems now in the USA because their retirement funds dropped dramatically. Have a good time in myLot!
1 person likes this
• India
17 Jan 09
Hello my friend cornyman Ji, I appriciate your feelings and now I do realize my mistakes. Thanks for correction. Truely sppeaking, iI know that you have read taht book in bits. Is there anywhere revealed that one can save by keeping-off from three professionals in Society . First keep-off from Doctor, Next Police and lastly lawers, your bill will be reduced half, and this is another way of saving or doing less work. may god bless you and have a great time.
1 person likes this
@teka44 (3420)
• Brazil
15 Jan 09
Hi cornyman. It is nice that you share this with the mylotters. It will be helpful for many people. I know that many of us know how to keep our finances in a good state but the tech informations of mortgage,insurance, etc will be nice to know. Have a nice day.
1 person likes this
@cornyman (1128)
• Germany
15 Jan 09
Hello teka44, i hope the persons who would need it the most would like to read this book. It seems really helpful in this difficult times when the banks want to sell the house for example or when you need a credit for a car or a student loan for your kid. Background informations about Mortgages can be at any time useful and if it's only because some of your friends want to buy a house or apartment. You will be helpful then for them, too or you just can lend them the book. Enjoy your stay in myLot!
@savypat (20216)
• United States
15 Jan 09
I'm gald you got to read this I really like Suze because she tells it like it is and doesn't candy coat anything. What we need right now is the truth not some pie in the sky picture.
@cornyman (1128)
• Germany
15 Jan 09
Hello savypat, I like not particular a specific author, i just like books i can get for free or books which give me knowledge that i can transfer to other persons, too, like to the members in myLot and monetize it. So the amount i have paid will be paid back by other persons like with every investment you make. Have a good time in myLot and enjoy reading the book!
• India
15 Jan 09
Well, everyone have to plan to save and carefully spend money in purchasing within the budget. So, one must read this Suze Orman's ebook to remain in safe side. One must have knowledge of insurance companies and other safe investments.
1 person likes this
@cornyman (1128)
• Germany
15 Jan 09
Hello apakhale123, unluckily there were and are many persons all over the world who made the fault (or the banks made also the fault to give them these credits) to take a big credit from the banks or just make too much credit card debts and have to pay additional over 15% interests on this debts. If they just could save more money with some insurances they could already payback some more of the debts. This is only one reason why this book would be a good choice of being read. Enjoy your time in myLot!