Analysis Paralysis: What are the Best Financial Products for You?

Ok.  So you’ve  decided that 2009 will be the year in which you will commit yourself to putting your financial house together.   You’ve done a financial health check and discovered the vulnerable areas which need additional attention e.g  too much debt, too low a return on savings or onerous finance charges which could be restructured.   You’ve come up with an Action Plan which now needs to be implemented.

Then what?  Where do you go from there? 

The search for the best financial solution for YOU begins and quickly falters, faced with a gargantuan pile of leaflets and brochures from various financial institutions.  I wish there was a reputable Cliff’s Notes version,  wherein someone comes in,  sifts through the various products being offered and comes up with a crisp, concise, objective summary.  

Hmmmm…..welcome to the club of those stuck in analysis paralysis. 

There are a number of websites such as comparecards.com which act as product aggregators:  trawling the country to find financial institutions which offer the best CD rates, Online Savings Accounts/Checking Accounts, credit cards, mortgages, auto loans, insurance, personal finance calculators.   Go to them when searching for the best low interest credit card or for one which will allow you to balance transfer w/ no fee.  It is up to you to decide which structure is best for your financial situation.     Be sure to explore all the options available to you and most importantly, read the fine print before signing on the dotted line.    You might discover that the institution offering the best rates may not be giving you the best terms.

Not sure what is the best action point for your particular financial situation?  Grab a copy of Suze Orman’s 2009 Action Plan.   Go to the topic which worries you the most.  She cites numerous situations and suggests actions which you could take to improve your financial standard.  No matter what situation you’re in, you will find a plan of action and the answers to your questions about:

* Credit * Retirement *Savings and Spending*Real Estate*Paying for College* Protecting Your Family

 “In times of great stress, it is natural to react by making decisions and taking actions that bring instant relief.  When it comes to financial matters, often the decisions that calm us amid tumult are actions that can imperil our long-term security.” — Suze Orman

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Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

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Free Ebook: Suze Orman’s 2009 Action Plan

soI bet you are scared. Angry, too. And confused.

 These are the opening lines to Suze Orman’s 2009 Action Plan:  Keeping Your Money Safe and Sound, echoing the feelings in most households around the world.    In it,  she shares advice that we can all start using today to better manage our money and start living our best life.  Suze’s approach is forward, demanding and aggressive, but that may be what some individuals need to experience.   My 2009 Action Plan is designed to make sure we are ready for the unexpected—this year and every year forward. 

No matter what situation you’re in, you will find a plan of action and the answers to your questions about:

* Credit * Retirement *Savings and Spending * Real Estate *Paying for College * Protecting Your Family

The book normally sells of $9.99 but wonderful Oprah had Suze Orman on her show today, and as part of it they are giving out a free download of Suze Orman’s 2009 Action Plan.   Yup,  that’s right,  you don’t pay a cent.  You can find more information and the download link on this page, but it’s only available until 11:59 p.m. CT on Thursday, January 15.  Please note that the book is copyrighted. You may view and download the file, but you may not copy the file or share or forward it to any other person.  So download it now, read it later and make your own Action Plan tomorrow!

You must commit to actually taking action.  This is not a book to read or pondered.  If you care about financial security for yourself and your family,  if you want to do everything in your power to protect yourself and your future,  you will not get there with wishful thinking or procrastination.  You cannot sit this one out, hoping that the storm will pass and everything will be just fine.  If you do nothing,  I am sorry to say you may be in even deeper trouble in 2010.

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Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

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Free eBook: Women & Money by Suze Orman

What do you do when you lose everything in a heartbeat?  Oprah had Suze Orman on her show today, and as part of it they are giving out a free download of her latest book Women and Money: Owning the Power to Control Your Destiny. You can find more information and the download link on this page, but it’s only available until 2/14 at 8pm EST.  Please note that the book is copyrighted. You may view and download the file, but you may not copy the file or share or forward it to any other person.  So download it now, and read it later!

Thanks My Money Blog!

The greatest insight I’ve gotten out of Suze’s book: be as committed to yourself as you are to others. Say your name out loud: unleash the power of the woman inside and take control of your destiny. Sit down and write your definition of a rich life. Articulate your needs and wants and determine what steps are needed to get there.

Other takeaways:

Establish a healthy relationship with your money. It takes more to say no out of love than to say yes out of weakness.  How true!  Daggamit, how many of us have made ill-advised money decisions in order to save a (dysfuctional) relationship with family members, friends, lovers?

For stay at home moms: the one who brings home the paycheck doesn’t have the power to decide how it’s spent. The two of you who share that money have equal decision-making power. Give the relationship power over the money – do not make money more powerful than the relationship.

For moms: be honest with yourself and your kids. Involve them early and teach them to be financially responsible. Let them know how much life costs…. those happy meals add up.

For BFFs/daughters: money should not be a prerequisite for maintaining a relationship. Stop feeling guilty. Emotion does not build financial security.  For me, this is the hardest lesson to internalize.  How do you say no to a friend or a family member? Sigh.  This is often the reason why the hard earned money of many OFWs are gone within a few years.

Things I need to research:  Do we have long-term-care insurance?

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Motherhood has a very humanizing effect. Everything gets reduced to essentials. ~Meryl Streep

Subscribe to my feed or subscribe via email to get notified of my next post.