To
I.,
e
THE SCENE
Get
Control!
Popular financial expert tells how to
gain power over family spending.
Suze Orman
Robin Schwartz
Special to the Jewish News
Tips On Credit
Card Debt:
• Cut up all of your credit
cards now (keep one card
for emergencies, but
don't carry it in your wal-
let)
• Pay more than the
minimum payment every
month, as much as you
possibly can
• Pay off the credit card
with the highest interest
rate first.
• Negotiate the best
interest rates, even if it
means switching credit
cards every six months.
• For help organizing and
consolidating your debt,
contact the nonprofit
Consumer Credit
Counseling Service,
(800) 388-2227.
m
ore than 850 hands
went up simultaneously
in the sanctuary of
Temple Beth El in Bloomfield
Township, each person admitting
to a dirty little secret: debt.
The crowd gathered to get tips
and advice on family planning to
manage money for greater hap-
piness from financial guru Suze
Orman.
She is the author of five best
sellers, including The Courage to
Be Rich and 9 Steps to Financial
Freedom. She's also the host of
"The Suze Orman Show" on
CNBC.
"You have got to be the mas-
ters of your own financial des-
tiny:' Orman told the audience.
"You don't have to be powerless
in a seemingly powerless situa-
tion."
Orman, who is Jewish, knows a
thing or two about life without
money. She grew up on the south
side of Chicago with parents who
struggled financially. She gradu-
ated from the University of
Illinois, but took a job as a wait-
ress until she was 30, thinking
that was the best she could do.
Some long-time customers
pooled their money and gave her
$50,000 to open her own restau-
rant, but an unscrupulous broker
lost the money by putting it in
risky investments without
Orman's knowledge. (She later
sued and got every penny back,
with interest.)
Orman then decided to apply
for a job as a broker; seven years
later, she launched her own
financial planning firm. And the
rest is history.
"It is your birthright to have
financial freedom:' she told the
crowd. "You will never be power-
ful in life until you are powerful
over your own money."
How exactly to take control of
your finances varies from person
to person, but Orman believes
one thing is true for everyone —
emotion is tied to financial suc-
cess.
"How you feel about who you
are ultimately determines what
you have and what you keep:' she
said. "Fear, anger and shame are
the three internal emotions that
block your path to wealth."
Her philosophical approach
resonated with Rabbi Daniel
Syme of Temple Beth El. "I think
you have to love yourself before
you can be successful:' Rabbi
Syme said. "She translated that
image into a financial idiom,
which I never really thought of
before!'
Craig Eidelman, 27, of West
Bloomfield also came away from
the lecture with some food for
thought. "Starting out early and
having a good plan early on to
invest for the future — that's
what I need to do',' he said.
Orman's Oct. 18 lecture was
part of a speakers series spon-
sored by Metro Parent magazine,
Chrysler Financial and the
Michigan Education Savings
Program.
Orman gave numerous tips,
but said the number one thing
most people need to do is get rid
of debt. She said the average
American family has $9,000 in
credit card debt alone. "You can't
erase it until you face it," Orman
said.
"I think she points to a very
big problem we all have said
Richard Gibbs of Bloomfield
Hills, at the event with wife
Susan. "Too many people are not
willing to confront the biggest
issue in their financial lives,
which is too much debt."
After her talk, Orman signed
copies of her book, The Courage
to Be Rich, and answered some
questions one-on-one.
Jeffrey Basham, 21, of Ann
Arbor, who calls himself an
"Ormanite," was among those
standing in line. "I think Suze
Orman's advice is so relevant:' he
said. "I found so much wisdom,
not only for myself, but for my
whole family." ❑
For more tips and
financial resources go to
www.suzeorman.com .
• Never let this
happen again.
• After all of your debts
have been paid off,
apply the money you were
paying month after month
towards creating your
future.
t-7 AI it is ,
iOUN (
3ROKE',
— Suze Orman
Richard and Susan Gibbs of Bloomfield Hills
24
Jeffrey Basham of Ann Arbor
Craig Eidelman of Berkley
October 27 2005
"