Suze Orman: Why No Woman Should Rely on Men for Money Advice
Written by
Nicole Spector
Edited by
Chris Cluff
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Suze Orman has risen to a position of significant wealth — reportedly boasting a net worth of $75 million — but she didn’t start out rich.
She worked hard in her post-college years as a waitress before moving into a personal finance career that has garnered her a fortune. Part of Orman’s wealth has been amassed through investing, for which she strongly advocates. But Orman had one big challenge to overcome in order to get off her feet: Men in positions of power who viewed women as financial weaklings.
When Orman set out to become a stockbroker, she interviewed with a male branch manager who, Orman said, “actually shared his belief that women belonged barefoot and pregnant.”
Perhaps this despicable experience helped plant the seed that has grown into a passionate philosophy of Orman’s: Women should never take money advice from men. In 2018, Orman posted a blog on her website explaining her point of view, homing in on women readers who are married to, or in relationships with, men.
Don’t Be Blinded by Love
“You are absolutely nuts if you are letting that great guy handle all the big money decisions,” Orman wrote. “Love does not mean saying you trust someone to do what is smart and right. Love does not mean you have the luxury of letting someone else handle the stuff you find boring and confusing. And for those of you who are single at the moment, hiring someone, or trusting a friend or family member to take care of the money stuff, makes you just as wrong.”
Women Tend To Outlive Men
Orman pointed out in the blog post that women tend to live longer than men. This fact alone is reason enough for a woman not to rely on her man for financial decisions and control.
“Half of today’s 65-year-old women will still be alive into their late 80s. Are you financially prepared for that possibility?” Orman wrote. “And women live longer than men. Add in the fact that you may be a few years younger than your guy, and there’s a very good chance you will, at some point, be on your own.”
Learn About Money — Now
Perhaps you’re a woman who’s already in a committed relationship with a man where he steers the ship of finances. You don’t have to stay stuck. Start out by learning about money, and, in particular, your money. Get started ASAP, before your partner is gone.
“Trying to learn about finances or make sense of things when you are dealing with loss is the absolute worst idea,” Orman wrote. “On top of it, trying to take control of money issues when you are 65, 70 or older is way too stressful.”
Be Involved With Your Money Even If Your Man Is Awesome
Maybe you have the best, smartest and most feminist husband in the world. Doesn’t matter. You still need to be in control of financial decisions that reflect on or shape your life.
“I am not in any way suggesting that your husband or partner, or financial advisor, intended to make bad choices,” Orman said. “But I want you to pull up a chair and be involved in all decisions to make sure that they are the right decisions for your long-term well-being. And the only way that can happen is if you make the commitment to be involved with your money.”
For Starters, What’s Your Social Security Strategy?
If you’ve been married for some time and are hesitant to break out of the mold where the man navigates the money, start breaking loose by addressing your — and only your — plan for collecting Social Security benefits.
“As I have shared with you often, the best move is for the highest-earning spouse to try and delay taking Social Security until age 70,” Orman wrote. “That ensures the highest possible benefit. When a spouse dies, the survivor is entitled to one monthly Social Security check, not both. So by having the highest-earning delay to 70, you are ensuring that the surviving spouse will be able to collect the highest possible benefit.”
Be Kind to Yourself
Orman always champions being good and (smartly) generous with yourself. This case is no exception.
“If you are resisting connecting with your money out of fear (or loathing) I am asking you to be kinder to yourself,” Orman said. “By becoming an informed and active participant in your household’s finances, you are not just protecting your future, but just as important, you are liberating yourself from worry today. Taking the time to learn about your finances and understand the best choices to build lasting security is a gift of true generosity. You are investing in your well-being. How can you turn your back at that?”
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