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The Money Class: Learn to Create Your New American Dream Hardcover – March 8, 2011
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Suze Orman, the woman millions of Americans have turned to for financial advice, says it’s time for a serious reconsideration of the American Dream—what promise it still holds, what aspects are in need of revision, and how it must be refashioned to fit our lives so that we can once again have faith that our hard work will pay off and that a secure and hopeful future is within our reach.
In nine electrifying chapters, Orman delivers a master class on personal finance for this pivotal moment in time. She addresses every aspect of the American Dream—home, family, career, retirement. She teaches us that in order to create lasting security we must learn to stand in our truth. We must recognize, embrace, and be honest about what is real for us today and allow that understanding to inform the choices we make. The New American Dream is not the things we accumulate, says Orman, but the confidence that comes from knowing that which we’ve worked so hard for cannot be taken away from us. In The Money Class, Orman teaches us how to take control over our present—right here, right now—in order to build the future of our dreams.
Whether navigating the complicated mix of money and family, offering the most comprehensive retirement resource available today, or delivering a bracing dose of reality when it comes to recalibrating our expectations and our goals, Orman educates us with her signature no-nonsense approach and laser-like clarity. She empowers us to live a life of integrity and honesty that will create an enduring legacy for future generations—a New American Dream that lies in truth, security, financial freedom, and peace of mind.
- Print length304 pages
- LanguageEnglish
- PublisherRandom House
- Publication dateMarch 8, 2011
- Dimensions6.4 x 1 x 9.5 inches
- ISBN-101400069734
- ISBN-13978-1400069736
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About the Author
Orman has written eight consecutive New York Times bestsellers and has written, co-produced, and hosted seven PBS specials based on her books. She is the seven-time Gracie Award–winning host of the Suze Orman Show, which airs on CNBC, and of the forthcoming Money Class on OWN: The Oprah Winfrey Network. She is also a contributing editor to O: The Oprah Magazine.
Twice named one of the “Time 100,” Timemagazine’s list of the world’s most influential people, and named by Forbes as one of the 100 most powerful women, Orman was the recipient of the National Equality Award from the Human Rights Campaign. In 2009 she received an honorary doctor of humane letters degree from the University of Illinois at Urbana-Champaign and in 2010 she received an honorary doctor of commercial science from Bentley University.
Orman, a Certified Financial Planner™ professional, directed the Suze Orman Financial Group from 1987 to 1997, served as Vice President—Investments for Prudential Bache Securities from 1983 to 1987, and was an account executive at Merrill Lynch from 1980 to 1983. Prior to that, she worked as a waitress at the Buttercup Bakery in Berkeley, California, from 1973 to 1980.
Excerpt. © Reprinted by permission. All rights reserved.
The American Dream. As a concept, it is so ingrained in our collective imagination that it doesn’t even need to be defined, right? Think about it: Did you ever need to have it explained to you? My guess is you did not and that even from a young age, you, like me, knew it represented a promise—of opportunity, of possibility—that came with being American.
But on closer inspection, it is not just an American impulse that the American Dream describes, it is a human one, and it unites us. No matter your socioeconomic, ethnic, or religious background, we all aspire to the same things: We seek to provide for our family and keep them safe, no matter what shape that family takes, no matter if we are talking about our parents or our children, a blended family or a family “by choice,” not blood. We want future generations to have even more opportunity than we ourselves have, a dream that is intrinsically linked with education and the advancement that follows from it. We want to live in a home that is secure in every sense—as a haven for our loved ones and as a wise place to have spent our money. We want the guarantee that our hard work will pay off, that it will support us financially, that it will allow us to achieve our goals, and that when it is time to stop working, we will reap the benefits of those years of dedicated service and live out the rest of our lives comfortably in retirement.
As universal as these desires are, we refer to them as the American Dream because for centuries this country has, for the most part, been able to make good on this promise of America as the land of opportunity. This belief has played a defining role in shaping our national psyche. It is at the heart of our Declaration of Independence—that we each possess “certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness.”
How truly terrifying, then, to take stock of the American Dream today and to question the truth of it—to wonder if it still exists in reality or if it has become an illusion, a myth. Take a look around: As of October 2011, nearly 14 million Americans were out of work; another 8.9 million were working only part-time because they cannot find full-time employment. That is nearly 23 million people who are struggling to make ends meet. Many of those lucky enough to still be employed in their 60s are looking to hang on to their jobs as long as possible because they simply cannot afford to retire—which also means there are fewer job openings for young people entering the workforce.
In many areas of the country, the dream of homeownership has backfired. Real estate values have deflated to such an extent that a record number of people owe more than their homes are worth. That’s not an American Dream—it’s a nightmare.
Because of the dire economic conditions of recent years, many parents are unable to afford the high cost of college tuition for their children. And there is a record number of student loans in default, making people question whether they ever should have taken them on to begin with.
The sum total of all these facts and figures? The home, the job security, the education, the retirement—the very standard of living that all of us took for granted for so long is completely under siege.
Whether we speak about it or not, we are grappling with the frightening possibility, the fear, that we no longer live in a land where effort applied to opportunity produces a better life. The doors leading to more and greater things, once wide open, now seem to be closing. It is hard to move up in an economy where there has been no job or wage growth over the past decade. Once a manufacturing powerhouse—“Made in the U.S.A.” was our calling card—we have ceded that engine of growth, and the jobs that go with it, to other countries as our own economy now relies on our ability to consume, not produce.
The impact of these economic shifts has been felt deeply within our homes. While the median household income for adults born in the 1960s is indeed higher than the income of their parents’ generation, much of that is a function of smaller household size and the fact that there are now likely two wage earners per household. It takes more of us working more to maintain our forward progress. Even so, the pace of our growth has slowed considerably. According to a study commissioned by the Pew Charitable Trusts, family income doubled in the postwar years, between 1947 and 1973, but in the three decades since then the increase has been a mere 20%. That statistic provides important context to why household debt relative to income more than doubled over the same period: For many, borrowing was a way to keep up with our parents and grandparents. To put it in more emotional terms, it is why so many of us wonder how our parents and grandparents seemed able to enjoy a higher standard of living even though their means were so much less than ours.
The meritocracy that underpins our economy and culture—work hard, move up the ladder—has also been weakening, as the distribution of income has become increasingly uneven. In the 1950s and 1960s, our national economic growth trickled down across a broad spectrum of income levels. Since the 1970s it has been more fractured, with much of the economic gains benefiting upper-income households. This concentration of wealth leaves the middle class, the heart and soul of this country, struggling just to hang on.
The epic financial crisis—and there really is no other way to describe it—that began in 2008 may have delivered a decisive blow to the stubborn optimism that we held on to in spite of the on-the-ground reality of how our financial lives have been marked by increasing struggle. For many, the crisis was a rude awakening; for others, it was a grim confirmation of the creeping anxiety we’ve been feeling about how we are going to make it all work. Either way, it is hard to find a family that was untouched by this financial disaster. It was a galvanizing moment for us as a nation—it has forced us to reckon with our beliefs in our country and our individual ideals.
Is it time, then, to pronounce the American Dream dead?
In many ways it pains me to say this, but in my opinion the American Dream as we knew it is dead.
But listen to me: That is not such a bad thing. The old American Dream has been in need of revision for quite some time; we have just been very good at avoiding that truth. It’s time to take that dream back into our hands and reshape it. It’s time to create a New American Dream that is based in honesty, authenticity, good intentions, and genuine need.
What is important to understand is that the American Dream is not something to put your faith in, to pray for, to embrace blindly, and hope that everything turns out okay—despite its long, dependable run. Rather, it is a concept, a loose set of goals that beg for individualization. The American Dream was never one-size-fits-all. The New American Dream asks you to fashion a dream that suits you—not one based on false premises and the expectations of others. It asks you to take measure of your own needs and understand what it will take to provide for yourself and those around you—your family, your community, and those less fortunate.
The truth is, we are on the threshold of an important moment. We can come together, right here, right now, and each one of us can envision our own New American Dream—a dream that is rooted in reality, not superficiality; in truth and integrity, not illusion and falsehood.
MAKING CHANGE
I am a great believer in the power of perspective. Often when we find ourselves in a difficult situation we come to believe we have no options. We convince ourselves there is no way out. Despair and frustration take root and convince us that things are more desperate than they may actually be. When I’ve found myself in those situations in my own life, I have learned that a change in perspective can change everything. What seemed insurmountable can be overcome. Not without difficulty, but through ingenuity and dedication. We can make a difference when we think differently. If you have any doubt about the truth of that statement, think of any significant achievement throughout American history, from our founding as a nation built on those inalienable rights and freedoms, to the civil rights movement.
What we need first and foremost then, to erase the feelings of hopelessness and to ease our fears, is a change in perspective. Let us recognize what the American Dream no longer is, in order to give birth to a New American Dream.
We must abandon any vestige of the old dream that suggested it was delivered on a silver platter as a matter of national birthright, and that our economy would forever be the rising tide that lifts all boats. The dream I am asking you to create—this New American Dream—is a very individualistic pursuit. It calls upon you to take stock of the challenges we face as a nation with an economy that is still struggling to recover from the effects of a crippling recession. And then it calls upon you to take stock of your own life, your own needs, your own security. We must transform ourselves from dreaming society’s dreams and putting our faith in a false and misleading sense of entitlement, to being a society where each of us strives for dreams that are personal and realistic and that are in the best interests—in the truest and most honest sense—of us and our family. I am calling upon each of us to rethink the very way we dream.
Product details
- Publisher : Random House; 1st ptg. edition (March 8, 2011)
- Language : English
- Hardcover : 304 pages
- ISBN-10 : 1400069734
- ISBN-13 : 978-1400069736
- Item Weight : 1.18 pounds
- Dimensions : 6.4 x 1 x 9.5 inches
- Best Sellers Rank: #703,047 in Books (See Top 100 in Books)
- #1,876 in Budgeting & Money Management (Books)
- #2,942 in Motivational Management & Leadership
- #3,458 in Business Motivation & Self-Improvement (Books)
- Customer Reviews:
About the author
Suze Orman has been coined America’s favorite financial advisor by The New York Times, and “a force in the world of personal finance” and a “one-woman financial advice power house” by USA today.
A #1 New York Times bestselling author, two-time Emmy Award winner, host of the popular Women & Money podcast, magazine and online columnist, writer/producer, and one of the top motivational speakers in the world today, Suze Orman is undeniably America’s most recognized expert on personal finance.
The single most successful fundraiser in the history of PBS, Orman has received an unprecedented eight Gracie Awards, which recognize the nation's best radio, television, and cable programming by, for, and about women. Twice named to the TIME 100 and ranked among the World's 100 Most Powerful Women by Forbes, Orman was the host of The Suze Orman Show on CNBC for 13 years (now available to stream for free on Amazon Freevee) and a contributing editor to O: The Oprah Magazine for 16. Some may say, however, that her true claim to fame is having been spoofed on Saturday Night Live four times.
Orman's incredible journey to becoming America's most recognized expert on personal finance began as a young broker at Merrill Lynch, helping clients of all backgrounds create a financially secure retirement plan. Orman was an account executive at Merrill Lynch from 1980 to 1983, served as Vice President-Investments for Prudential-Bache Securities from 1983 to 1987, then directed the Suze Orman Financial Group from 1987 to 1997.
Currently, Orman hosts the popular Women & Money podcast, serves as the official personal-finance educator for the United States Army and Army Reserve, and is a special advocate for the National Domestic Violence Hotline, bringing her message of awareness and empowerment to women who have suffered financial abuse. On her days off, you will find Suze and her wife, KT, spending time out on the water in the Bahamas, following their newfound passion for wahoo fishing.
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Dear Suze,
Thank you so much for the opportunity to give you my thoughts on your new book, The Money Class. I feel honored and privileged to do so. You are an American Icon and an extraordinary Financial Expert. Your advice and counsel have truly helped millions of people.
In short - I loved your new book. Once again you have delivered to your fans a primer on managing money in current times. I am impressed with all the detailed advice you provided on everything from Family, Career, Buying a Home, Investing and Saving for Retirement at all stages of life. Everyone will find something of great benefit. I also went to your web site and reviewed the tools and financial calculators that accompany the book. They are terrific, easy to use, and a wonderful bonus that goes along with purchasing the book. Anyone who follows your advice and direction will be successful not only with their money but also with their life.
About the philosophy you espouse in the book; I loved your clarion call to "Stand in your Truth" about your money. This is both brilliant and critical. For years, people have been able to "lie" to themselves about their money by leveraging home equity and credit cards. For a short time, everyone could appear richer than they really were by taking money from their future and spending it in the present. When the bubble burst, people found themselves in trouble. And when layoffs proliferated and new job opportunities shrank, the trouble grew even worse. The thesis of your book to be true to yourself and live below your means in order to protect your future is a very necessary one.
Finally, I was touched by your deep care and compassion especially in the final chapter. It IS damn hard to write a book that conveys sobering truths to people who are already suffering. It never feels good to hear that the time of illusion is over and now we have to get back to basics....buying what we can afford, saving for our future, working longer since we now live longer.
I had only one minor quibble with your writing. You say we need to adopt a "New" American Dream. I think it isn't new, per se. It really is the same American Dream that our Grandparents and Great Grandparents had. You alluded to this in the last few paragraphs of the book. This real American Dream was corrupted over the past thirty years by, in my opinion, the rise of Deregulation, flattening of the Tax Rates, and explosion of Executive pay in the financial services industry. Our society was corrupted too. We now have a chasm between the Rich and Poor with the Middle Class very much in danger. It's time to wring out the excesses and negative incentives and go back to what made our Country great: a Society where all people could feel they were generally treated equally and with dignity by their Government and Corporate America; a belief that their personal American Dream was achievable if they managed their money well and worked hard for it. '
Suze, you have done a great service to your readers by telling them the truth. I wish our Government leaders would do this too. I hope your book can ignite a national dialogue on these critical issues. Congratulations on your New York Times #1 best selling book. I wish you much continued success with it!
The Money Class breaks those molds. Reading it made me feel warm and cared for, like I was snuggled under a thick blanket in front of the fireplace on a snowy day. More importantly, I felt like I was sitting down for a long chat with an old friend...the kind who really cares about me. Suze Orman doesn't sugarcoat anything. She stands in her own truth every day of her life by saying exactly what she thinks. As a small business owner who started a business in the recession of 1991, I found the "starting (and running) your own business" section refreshingly honest as she says straight out that the motivation for starting your own business can't be just because you can't find a job in a slow economy. She even talks about when it's time to recognize that it's time to shut down one idea responsibly so you can birth a new one.
The money lessons for young children in Chapter 3 took me back to Leave It to Beaver when parents and grandparents gave children experiences, not things. I don't remember toys my parents gave me. I do remember that my dad took me to the park every weekend to swing in those fabulous swings that go so high. I do remember popping popcorn and playing Parcheesi and Rook on Friday nights with my parents when the TV went out and my dad said there was no money to fix it. I do remember all the stories my grandpa told me about his days as a logger in the mountains of East Tennessee.
She connects financial products like insurance to relationships, not just creating wealth. Instead of just focusing on the financial reasons for owning long-term care insurance, for example, Suze emphasizes that long-term care insurance is really about taking care of the family and preserving dignity for all. If our children don't have the money to pay for our care, she says, they can wind up giving up a promising career which can compromise college savings for our grandchildren. Or they may have trouble maintaining a committed relationship because our care becomes their first priority. It's statements like these that let me know that Suze Orman cares about PEOPLE and not just about selling another million books. It's one thing to give helpful financial advice. It's quite another to add the inspiration and hope that Americans are searching for that there really is a New American Dream to be found for those who reach for it. A financial book that is an uplifting read. Imagine that.
The Money Class: Learn to Create Your New American Dream
Top reviews from other countries
Suze gives great and very detailed lessons to grasp and get your financial stability under control.
For European readers, the book can result long, since all the details on fiscal advantages that can/should be used in the US, are specific for the US citizens. This means, outside that country you have to do the work to research what exists in your own country of residence.However, at the very end of each chapter there is a summary. Therefore for non-US readers, I advice to read first the summaries and then dive down only in the chapters of your interest.
Biggets take away: don't count on getting much money from the pension fund in 20-30 years and start saving now! Learn how to take pleasure from it!