I don't know about you, but after the market crash in 07-08, I wasn't looking for lots of wisdom about how to save and invest properly. What I was looking for was a way to make some money.
The back cover of Suze Orman's, Action Plan: New Rules for New Times reads: "Times have changed and the rules have changed, but financial security is still the goal. Do you know how to get there?" I was hoping to open the cover and be directed to a sure-fire way to make more money.
The frustrating thing about Suze Orman's book, and many of the other personal finance, self-help, books on the shelf, is that it does not help guide me toward any tangible, hands-on way to actually make more money. Obviously, Suze would say that is not the purpose of the book, and of course, she is correct. I wish there were a book on that shelf that just says: "go do this, and you'll make a lot of money!"
That notwithstanding, Action Plan does a great job of identifying the important points with regard to adjusting to the "New Times," which obviously refers to the new "economic" times. The entire book is based on the premise that the most important goal is to get rid of debt and rebuild savings. The last chapter, "Kids & Money," very appropriately encourages us to teach our kids good financial habits to help prevent them from experiencing the pain that we brought upon ourselves by not paying attention to basic rules of personal finance.
Action Plan addresses current legislation regarding savings instruments, 401K and IRA withdrawals, and other savings and investment strategies. It offers a good explanation of FICO practices and how they impact our credit ratings; provides some sound advice about how to build our retirement plan; and tells us what to do if we are already retired or close to retirement. Its job-loss strategies center around "hoping for the best, but preparing for the worst."
Three universal rules govern the advice in Action Plan: New Rules for New Times:
"Let go of the past." Keep our eyes on the road ahead. We can't move ahead as long as we continue to hold on to the past."Plan on Moderation." Live within our means. We should expect to be on a financial roller coaster for the next four to five years."Respect risk." Before the bubble burst no one was asking "What is the risk?" That has changed with the new economy, and we need to be more aware of our exit strategies.Not surprisingly, Action Plan - New Rules for New Times offers no quick fix. If it did, we wouldn't believe it anyway. There is no quick fix. The bottom line is that "There are bad times and there are good times, and history tells us that over time, the good times out-weight the bad." It is up to each of us to take the steps necessary to insure our own financial security.
Suze Orman correctly reminds us that worrying about our future won't fix anything. Taking proper action will.
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