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Last week, I was shocked to find out that someone I love dearly is not a fan of Suze Orman.
Sure, we’re all entitled to our own opinion blah blah blah… but in this case, I just couldn’t make sense of it at all!
How can one win a debate against taking personal responsibility for one’s finances, empowering others (especially women) to have a fiscal education, and having a healthy relationship with money that runs a distant second to the relationships we have with loved ones?
If you can’t get behind that philosophy, what is wrong with you?!
In case you aren’t a devotee of Suze – or perhaps you know so little about her that you think her name is pronounced “Sooz” – allow me to give you a brief biography: Suze grew up in a lower-income Midwestern family; graduated from college and moved to Berkeley, California; began an illustrious career as a waitress; borrowed $50,000 to open her own restaurant, and then lost it all in a bad investment; began a career at Merrill Lynch and got all the money back to repay her lenders; started her own financial firm; authored seven NY Times Bestselling books; now hosts her own Emmy-award winning TV show, and is beloved by millions of Americans including Dr. Phil and Oprah.
I have such a soft spot in my heart for this true American success story …and not just because she began her career in my hometown!
You Want A BA In Social Work? Denied!
Last year I dragged my then-fiance to a wealth seminar that featured Suze Orman as the keynote speaker. You would have thought I was a sorority girl waiting in line for Dave Matthews tickets or something… I couldn’t wait to hear Suze speak! Her no-bullshit approach to taking personal responsibility for your financial decisions and getting your accounts in order (and spending in check!) resonated clearly with Patrick and we now catch her show every Saturday night. (OK, I lied… we Tivo it and watch it every Sunday).
A recent show highlighted student loans, and featured clips from a commencement speech which Suze delivered to the 2010 graduating class at Bentley University earlier this year. I tried to pilfer the video, but alas… Bentley has protected it, and you may view it here. (Locate the second video “Undergraduate Keynote” for Suze’s words of wisdom.)
What I can provide you with are the Cliff Notes, and boy did she give those graduates a swift kick in the pants! The advice is so good for Gen Y, that I had to share it with all of you. The following bullets are all from Suze Orman’s speech:
- If all you are focused on is your paycheck, you are doomed to fail. Money alone will never make you happy. NO money will surely make you miserable.
- If you get a job and are supposed to come in at 8:00, arrive at 7:00. If you can leave at 5:00, stay until 6:00, 7:00 and 8:00. If you don’t need to work the weekends, come into the office anyway.
- Show up to everything you do with no yawns and no slouches. Come to work with vitality. You will then be in the driver’s seat.
- As you begin to draw a paycheck, think twice about everything you do with every penny that you have.
- You will think you deserve a fancy car and a nice vacation. You shouldn’t take a vacation for ten years!
- Go after it with everything you have with a power inside you that you cannot fail.
- Be the master of your financial destiny, or you will resort to having to do something just to pay the bills.
- Live a life of financial integrity.
Sure, this is wonderful advice to the 21 and 22-year-olds entering true adulthood and beginning new careers. But it’s also timely for those of us in network marketing.
How About "Sponsor Me" Instead?
I began my business as a 24-year-old that had quickly become disenchanted with my post-college career path in corporate America. The beginnings of my business were slow-going and extremely humbling. I made financial decisions I regretted later and took the liberty to put my social life ahead of my goals on many occasions.
But it didn’t take long to be hit with the financial reality of working for myself. Unlike my previous job, in network marketing I did not get paid for simply showing up.
Like Suze recommends, I began to “arrive early and stay late” to work on my business. I did not take vacations, unless I had earned them from my company’s promotions. I became savvy about my expenditures instead of figuring that every business expense was a write off. Instead of parlaying my old behaviors from my job into my business, I began treating it like a multi-million dollar business. And sure enough, it began to respond like one.
The difference between treating a job with these philosophies and being in business for yourself is that in business we are working for our own futures, goals, and dreams. We make a profit that will be a means of attaining everything we desire. In a job, we only work for a wage. And this makes it tremendously easier to get out of bed and into the (home) office by 7:00 AM…
How about you? Whose financial advice do you heed?
Please comment below by sharing what you agree or disagree with… I’d love to hear!
27. July 2010 at 11:41 am
Hi Melissa
I love Suze…she as a lot of wisdom and she says it the way it is!
The trouble that most people have is, they want everything NOW even people with good double incomes they still spend MORE than what they make.
My husband and I took a financial class about 7 years ago. We are debt free living within our means which allows me to stay at home and build my network marketing business without pressure!
Many people think they know how to spell “Entrepreneur”, but the fact is, it’s more than owning a business it’s being responsible with the money that your business makes.
Now that I’m typing about this Ha! Ha! One thing that really bothered me is when I was taking a business class at the University over ten years ago, the biggest problem that business owners had was NOT holding out their taxes and coming up way short when uncle Sam comes knocking at their doors thus going into a hole.
As entrepreneurs being responsible with our money will make us or brake us IF we choose not to be responsible!
Great post!
Debby
27. July 2010 at 12:35 pm
thanks for sharing your financial background and education debby. there’s much to-do for the successful businessmen and women, but you are a responsible business owner too, and that deserves a lot of credit! here’s your virtual medal!
28. July 2010 at 12:13 am
Hey Melissa,
Thanks for a great post. Unfortunately I have never seen Suze before as I live in England (you don’t pronounce it Sooz??) but I love her story!
I really wish they taught money management in school. It is a life skill that people need to learn.
My daughter has just graduated and is having trouble getting a job. I love the photo with the graduate in a ‘hire me’ hat!!
Sue
Sue Collier´s last blog ..Email Marketing – The Money Is NOT In The List!!
28. July 2010 at 7:54 am
i figured suze would’ve made it to the UK by now! her books definitely pertain to investing for americans, but her business plan books would be applicable to all entrepreneurs. good luck to your daughter!
28. July 2010 at 3:05 pm
Now here’s a post worth debating!
While I love Suze Orman and greatly admire her guts and forthright approach – I have to admit that I feel she grooms people into the very employee mindset that I’m trying to rid myself of.
In my opinion she is overly cautious and restrictively traditional. Yes, her advice on putting people before money, and watching your income vs expenditure like a hawk is unshakably sound, but still smacks to me of fear and lack-programming.
There was an interesting ‘feud’ between Orman and Robert Kyosaki on Twitter a while back http://abcnews.go.com/Business/suze-orman-robert-kiyosaki-twitter-dispute-financial-advice/story?id=10001293
So while I do agree that over-delivering on any work you do is an admirable trait, I would much rather be putting that effort into a business of my own, rather than lining the pockets of an employer.
One almost needs to balance the conservatism of Orman with the entrepreneurial savvy of Kyosaki.
Working your butt off for yourself!
I do hope other readers will share their opinions ~ this could develop into a fascinating conversation!
Bliss and blessings
the goddess known as Jacqui
Jacqueline Gates´s last blog ..31DBB Day 1- or How to Run Several Challenges at Once Without Losing your Mind
29. July 2010 at 10:20 am
thanks for the discussion here and on FB jacqui… wonderful!
28. July 2010 at 11:24 pm
Hi Melissa,
it seems interesting that a lot of people are prepared to work in a normal job well beyond their calling as you describe so well.
Wouldn’t it be nice if more people would get it that they need to do the same in their home business instead of expecting it all to happen in a few hours a week.
Thanks for your post.
To your Success
Yorinda
Yorinda´s last blog ..Joy is the Goal
29. July 2010 at 10:06 am
agreed! if only every networker began treating their business with the same discipline they bring to their jobs…
31. July 2010 at 10:40 am
Suze’s advice is great and practical. I agree with Yorinda, those same principles need to be applied with home business and not just for people with jobs. Excellent post!
Young And Fabulous´s last blog ..My Hot Mom Of The Week- Erin Amundsen
31. July 2010 at 11:33 am
thanks Cherrie! i know Suze’s advice is aimed toward the typical employee, but we as business owners can EMPLOY ourselves with similar discipline. kudos to you for balancing business and parenting and your job–you are an inspiration!
2. August 2010 at 7:39 pm
I much prefer Loral Langemeier http://lorallangemeier.com/ to Suzie.
I used to prefer Suzie until I met Loral.
I agree with Jacqueline, Suzie really does teach the old “slave camp” mentality, Loral teaches on how to make more.
Carla McNeil´s last blog ..Saturday Morning Article
3. August 2010 at 7:40 am
thanks for the comment carla, i love this robust discussion!