If you’ve ever felt awkward talking about money, world-renowned personal finance expert Suze Orman is here to tell you — that ends now. Know Your Value founder and “Morning Joe” co-host Mika Brzezinski will back that up: “Know Your Value exists because of Suze Orman.”
The two trailblazers took the stage at the Forbes and Know Your Value 30/50 Summit in Abu Dhabi on Thursday, where they laid out their best advice for women of all ages to secure a brighter financial future.
It was the first time in four years that Orman spoke in front of a live audience. The best-selling author and award-winning host underwent spinal cord surgery in 2020 for a rare tumor, and subsequently had to learn to walk and speak normally again.
“Nobody ever thought that I would take stage again and be able to speak because it affected my vocal cords,” Orman told the audience. “And I was scared to death … I was afraid to come up here because I didn’t know if it would hold or not … I was afraid to walk up the steps, believe it or not. [But] you have to face your fears in life, which is why I came.”
Orman is no stranger to overcoming adversity and rising to the occasion. Until the age of 30, she had been living paycheck to paycheck as a waitress making $400 a month. That lasted for seven years, until she became a broker at Merrill Lynch, helping clients of all backgrounds establish retirement plans.
This is Suze Orman’s biggest secret to financial success
It wasn’t until she reached her 50s that she launched her Emmy award-winning personal finance program, “The Suze Orman Show,” in 2002.
Now, at 72, she is one of the most influential financial advisors in the country, twice named to the Time 100 and ranked among the World’s 100 Most Powerful Women by Forbes. She’s a bestselling author 10 times over and currently hosts the popular podcast, “Women and Money.”
The same year she had surgery, Orman also co-founded SecureSave, a venture-backed startup focusing on helping people build emergency funds through employer-matched payroll deductions.
Orman — a 2023 Forbes “50 Over 50” honoree — has spent her entire career trying to help others, especially women, take control of their finances by understanding their relationship with money.
“Every single one of you has what it takes to be the masters of your own financial destiny,” she said. “I did not come from money. I did not marry money. I did it starting at the age of 30. There is no excuse big enough to keep you from who you are all meant to be. So, if I could learn the language of money, don’t tell me that you can’t, either.”
Here are the biggest takeaways from her remarks at the 30/50 Summit:
Don’t depend on your partner to take care of you
Orman: “The name of [my] podcast is ‘Women and Money’ and everybody’s smart enough to listen. It is very important that we include men — non-binaries — whomever it may be in the conversation because many of you that are in relationships with men, if you exclude them, you are then setting yourself up for failure.
Because if you think they know what they’re doing with money I’m here to tell you, they are nothing more than financial fakers. If you do not take care of yourselves, then you have nobody to blame but yourselves for possibly ending up one day watching what you have created not be there anymore — you mark my words on that.”
Stand in your truth, put yourself first
Orman: “I am standing here on top of the mountain that I have created and I’m looking back on my 50s … on my 30s … and the reason that I’m able to stand in my truth and be the powerful woman that I am is because I took care of my own money — I put myself first.
I didn’t work for a corporation [where] everything that you do is for them. You’re now raising money for your own companies — I have my own company — you raise money, you do all of this stuff.
But the question becomes what are you doing for yourselves? What are you putting away for yourself? And don’t think that one day you won’t find yourself possibly in a situation where you created all this stuff but you are still powerless and penniless when it comes to your money.
So, I am asking all of you … stand in your truth [because] you own the power to control your destiny. And the only way that you can do that is to not be uncomfortable speaking about money … there is nothing wrong with money. Money is the foundation of your life whether you know it or not.”
Don’t let things define you
Orman: “These earrings I have are the same earrings that I’ve had on for 40 years. The same thing with [my] car — it’s 12 years old.
Don’t let money define you. Don’t let your clothes define you. Don’t let anything define you except how you feel about who you are. And that comes down to what? Knowing your value.”
Know your relationship with money
Orman: “Understand the role that you play in your own money … I want you to think about money as a physical manifestation of who you are. You’re the ones who go out and work for it, you’re the ones who get a paycheck, you’re the ones who decide to invest it, save it, or spend it.
So, when you’re talking about your money, you’re talking about you. And if your money is a chaotic mess, it’s because you are a chaotic mess. And you have to go within to see why you are doing without.
If you don’t understand the connection you have with your money, then you don’t understand the connection you have with who you are. And then you can’t be as powerful as you are meant to be.”
Plan for the what-ifs of life
Orman: “People have seen me as a very strong, very powerful woman – and you bet I am.
[But] four years ago, they found a tumor in my neck that had cut off 95 percent of my spinal cord. I was told that either it was a life-ending procedure — or definitely a lifestyle-altering procedure — and chances are, I would be either a paraplegic or quadriplegic when I woke up from the 12-hour operation.
It took four years — not being able to walk, not being able to talk — taking two hours to put on a jacket to do a [TV] appearance … and then crying as they would put on the makeup because it would hurt.
I kept thinking during all of these years, what would I have done if I didn’t have money? How would I have made it all those years because there’s no way I could have worked.
You have to plan for the what-ifs of life, and those what-ifs can happen at the least expected time. And when you have money that you have put away for yourselves, when you have gotten involved with your money, if anything ever happened to you then you won’t have to be worrying about that.”
Accept the adversity that comes your way — it will make your stronger
Orman: “…Adversity, poverty, struggle gives you the strength … to hold the success when it will come.
I look at my life today and I look back at all the things that I’ve been through … And I thank God for every one of them, because it’s those adversities that have made me Suze Orman.
…There is no excuse big enough to keep you from being who you are all meant to be. Do not blame your past. Do not blame your lack of knowledge. Do not blame your situation that you’re in … You are not victims to your circumstances.
You’re all victors if you just decide to win at the self-love game, because when you love yourself and value yourself, and know you can’t count on anybody, you will make it to where you want to go.”
Maintain financial autonomy
Orman: “You entered a relationship as an autonomous human being — somebody who is able to pay your bills and do things on your own — and now all of a sudden, you’re part of a relationship.
Do not give up that autonomy.
You should all have your own accounts. Your partner should have their own accounts. You should all really understand how you feel about money if you’re going to be with somebody and marry somebody who is different than you financially speaking.
… Your money and you are one. If you see somebody spending money they don’t have, putting money on a credit card, going out, [gambling] or whatever, showing everybody things about their money — be careful. It says a lot of about the person that you’re with.
I’ve been [in my relationship] now for 22 years and we have separate accounts. We keep everything separate, what is mine is mine … I would never merge it. Does that mean I love the other person less? No, it means I love myself more.
I know what I have … I don’t have to worry, and neither does the other person, which then makes it an extraordinary relationship. We’re staying [together] because we want to, not because we have to.”
Get out of debt
Orman: “My greatest advice is to stay out of debt. Debt is bondage. You will never ever have financial freedom if you are in bondage. And if you are in credit card debt, you are paying for your present-day desires, but your costs will be your future-day needs.
So, if you find yourself in credit card debt, you really need to understand you’ve got to make a change because you never ever want to be in debt to anybody or anything on any level. S
Debt is the first sign that you’re doing something seriously financially wrong.”
Bianca Brosh