Podcast Episode - Broke No More

Financial Independence, Financial Planning, Financial Security, Podcast, Saving

January 13, 2019

Listen to Podcast Episode:

This episode explores the true reasons you feel broke regardless of how much money you make.

Podcast Transcript:

Welcome everybody to the second season of Women & Money. I am Suze Orman. And as you heard in the intro, this is not your ordinary finance show. And you may be wondering why Suze? So if you're new to to this podcast, here's what you have to get. There's all kinds of things that we can talk about when it comes to money. Is the stock market up. Should you invest in a Roth IRA. What should you do with your money. We will do all of those things. But I have forever said that money is the currency of life, and if something is going wrong with your money, it's because something is going wrong with your life. And that you can never ever ever fix a financial problem with money. So it's not your ordinary advice here, it's how we can work together as one and go far deeper into why aren't you the affluent, successful, secure strong woman that you were born to be when it comes to who you are and your money. And that's what goes on on the Women & Money podcast. Now, for those of you who are tuning in, and after last year's season you'll notice we have a theme song. And I love this theme song and if you love it you can go and get it on Spotify, it is by Effie And the title is Together We’ll Survive. So just let me briefly tell you about how this theme song became my theme song. So you may know that in September of last year, of 2018 I appeared at the Apollo theater. And I was so excited because this was a dream of mine to just once during my career, could I appear and fill the house at the Apollo in Harlem? Well, God willing, we did. We sold out the crowd. It was Wednesday night, it was going to be a Saturday performance and I had an intro film. Everything was exactly how it should be. And this fabulous music that had supported all the visuals that everybody was going to see. And Thursday I get a call that says we can't use that music. The people that decided that they were going to license it to us to legally be able to use it didn't want us to use it for various reasons. I'm like, what are you talking about? I have a show in just two days and everything has been geared the ending of the show, the beginning of the show. Everything has been geared to that music. It just didn't matter to these people. So now I'm like oh my God, what am I gonna do? And the Oprah Winfrey Network was the network that was sponsoring the show and they were going to put it on the television and by the way, you all can see it in its entirety. If you go to the Facebook watch site of Super Soul Sunday for Oprah, all of it is there. You should watch it. It is fabulous. You'll get even more of an idea of why the Women & Money podcast is so essential. But I'm working with them and we come up with all right, let's contact this person, that person and maybe they can write a song. And Effie is this incredible singer. Again you heard the song. Maybe we could play a little bit of it again right now. Come on, play it right here. Right now. Yeah, I like that song, but but Effie and the Oprah Winfrey network people within one night, put together this song, put it behind everything, the videos and the ending. And we did it. So, I love this song because for me it is symbolic that against all odds, no matter what can go wrong at the last moment, if you just don't give up, if you just stay focused, if you just go for it together, maybe not all by yourself, but together with somebody else who's who's there with you for you, you'll not only survive, but you will thrive. So every time you hear that song, think of it. Think of it as a song that can lift you up when you're down. Think of it as a song that you can do anything you want, if you just put your mind to it. Now we always want you to be part of the Women & Money podcast. So Sarah who is my co-host, I know I've been going on and on about Sarah before I even went to you. Tell everybody how they can be part of Women & Money. There's two ways to get involved with us so that you can get involved with your wallet. Asksuzepodcast@gmail.com, 877-545- SUZE. And that's how you get in touch with us, and we hope every single one of you does. For the first podcast of this season, I want to talk about being broke no more. It's not the money you make. It's what you do with the money that you make. That determines if you feel powerful or not in your life when it comes to money. Now money, you have to understand money, as you've heard me say before, is simply a physical manifestation of who you are. If you don't have a good relationship with your money, you don't have a good relationship with yourself and in relationships. All we're looking for in my opinion is a little bit of emotional acknowledgment. It's do you notice that I'm here. Did you hear what I had to say? Just give me some type of feedback. So I know that I'm relevant to you and that I mean something to you and that you mean something to me. And I just need that communication. The same is true when it comes to our money. We need that acknowledgement from our money that everything is okay. And if everything isn't okay, then we start to do things with money that make absolutely no sense. And the reason that you are broke or you feel like you are broke is because you are broken, you're broken. You don't have any power. Think about it, you have this electrical cord and you plug it in and everything lights up. You have power, everything's good. But then one day, the light doesn't go on. And you can't quite figure it out. The light bulb is good. The switch is good, what's going on? And there's a wire that broke in the connection, you know, to your outlet. And so now there isn't that connection with the power, so it's broken, so you don't have any power. And so the whole thing is broke. Is that convoluted when it comes to thinking about your money? No. It's the perfect example. Because when you yourself don't have a total connection with your money, which means. You go out and you earn it, but you stay connected. Because after you get that paycheck, you just don't put it in the bank and never look at it again. Or you just don't give it to somebody and don't check up what they're doing with it. Or you just spend it, and waste it. You get that paycheck, you then decide, oh I'm going to pay myself first. I'm gonna save at least this much money for me and for my future, I'm going to do this next, that next, and now you are in control of your money, versus your money being in control of you. But when you don't do those things, then all of a sudden you have a broken relationship with your money. You have what it takes to earn it, but you don't have what it takes to do anything else. If you are out there. And you have a car that looks like a garbage can, you have a broken relationship with money. Because if you can't respect what money can buy, you cannot respect money itself. If you are out there, and you have things in your closet that have price tags on it, boxes that you've never opened, things you know that you've never worn, you have a broken relationship with money. And again, when you have a broken relationship with money, you always feel broke. Now I get that this can be a little heavy. But I'm here to tell you, this is the key to turning your entire life around. So how do we go about, and fix our relationship with money? Look at money a different way. Stop feeling afraid of it. And that if you lose it, everything's gonna go down the drain, and everything like that. No, this show. The opening of the second season of the Women & Money podcast is all about how we're going to be broke no more. Suze I didn't want to interrupt you. So you were on a roll, but you're not telling people some something that's very, very important. And it's not that they just need to fix their relationship with their money, it's much bigger than that. Suze. I know you have more in, you come at me. It's not just that our relationship with money is broken, it's our relationship with ourself about what we think we deserve, and who we are is the true relationship that is broken. And that is the relationship that first has to be healed, before you can fix your relationship with money. Because it's not this exterior thing, it's an interior thing. So when we look at our relationship with money, we need to look at money as a mirror. And what is it reflecting back to us? Is it reflecting back to us that we don't care about us? We just care about what other people think about us. Is it that we think everybody else deserves the money that we're making, and we don't deserve anything. What is it that you're your money is reflecting back to you. If you have credit card debt, chances are you are spending more than because you feel less than. So that debt is reflecting back to you that you have no self-worth. And you're trying to define yourself by all these things around you. So that relationship with yourself is broken. Because you don't think that you are worthy. So here is where your journey begins, ladies. I want you to look within to see why you are doing without. I want you to really look at, how do you feel broken in your communication with yourself? And how does that show up in your money? I just want you to think about that. And then I want you to do exactly what Sarah's about to tell you to do, and we will discuss this on Thursday. Go girl. All right, Suze wants you to think about it, write it down or call us. You can write it down in an email at asksuzepodcast@gmail.com. Just remember that it’s Suze with an “E”, not an “IE”, S-U-Z-E, asksuzepodcast@gmail.com. Or give us a call at 877-545-SUZE. 877-545-SUZE. 7893. Tell us And we will listen. And we're gonna have a discussion about it on Thursday.

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Suze Orman Blog and Podcast Episodes

Suze's Financial Strength Test

Answer Yes or No to the follow statements.

I pay all my credit card bills in full each month.

I have an eight-month emergency savings fund separate from my checking or other bank accounts.

The car I am driving was paid for with cash, or a loan that was no more than three years, and I sure didn’t lease!

I am contributing at least 10% of my gross salary to a retirement plan at work, or I am saving at least that much in an IRA and/or regular taxable account.

I have a long-term asset allocation plan for my retirement investments, and once a year I check to see if I need to do any rebalancing to stay on target with my allocation goals.

I have term life insurance to provide protection to those who are dependent on my income.

I have a will, a trust, an advance directive (living will), and have appointed someone to be my health care proxy.

I have checked all the beneficiaries of every investment account and insurance policy within the past year.

So how did you do?

If you answered yes to every item, congratulations. If you are working on improving on a few items, I say congratulations as well.

As long as you are comitted to truly creating financial security, I applaud you. If that means you are paying down your credit card balances, or are building up your emergency fun with automated payments, that’s more than fine. You are on your way!

But if you found yourself saying No to any of those questions, and you’re not working on moving to Yes, then I want you to stand in your truth. No matter how good you feel, you have some work to do before you can honestly know what you are on solid financial ground.

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