TV personal finance expert Suze Orman shares at least one thing in common with some members of the audience who will hear her speak later this month – she too plans to spend her retirement years in the Caribbean.
The two-time Emmy Award-winning CNBC television host, who will give a talk May 24 on personal finances and retirement planning, said she is going to retire in the Bahamas.
“I myself love the Bahamas. I’m building my own home in the Bahamas and my retirement years will be spent in the Bahamas – and anywhere else around there that I find enjoyable,” she said in a telephone interview Monday.
In her show, Ms. Orman takes calls from viewers and answers specific questions about how they should manage their debt, improve their ability to save money and generally handle their finances better.
She urged anyone who cares about money, or their future, “if they want to hear things that they have never heard before, how to make more of less, how to be powerful in the law of money, to find out what attracts money to you” to attend her presentation.
Ms. Orman said that the talk will depend on the needs of her audience.
“This is personal finance, not economics 101. I will give you the answer based on your personal situation. There is not one advice that suits all,” she said.
During the event, audience members will have the opportunity to speak directly to the financial expert.
“My normal audience is 20,000 to 200,000 people. This is going to be a night where you can ask me and I can answer; this is going to be a one-time event that you cannot miss,” she said.
Ms. Orman said she will cover topics including fear of money, credit card debt, pensions, learning how to save, and other common financial concerns.
“A lot of people will say ‘How do you expect me to save for my future when I don’t have the money to pay my bills today?’ Well, if you can’t pay for bills when you have a paycheck coming in, how do you expect to pay your bills when you don’t have one coming in?” she said.
She said to avoid getting into this situation, “They’ve got to be doing more than what they are doing; otherwise, they are not going to be able to keep up to the cost of living after the age of 60. Are you doing everything today to protect your tomorrow?”
Finances, emotional health linked
Ms. Orman believes there is a correlation between financial stability and emotional health.
“People first, then money, then things. You have to look within. Who you are is more important that what you have. Self worth ultimately determines net worth,” said Ms. Orman. “The first step to tackling your finances is finding out what is emotionally blocking you from being more and having more.”
She outlined how a lack of self esteem can negatively affect spending habits.
“When people feel less than, they spend more than. People spend money they don’t have to impress people they don’t even know or like. People think that things define who they are, the cars they drive, the clothes they wear, but you define the things you have. The things you have will never define you,” she said.
Ms. Orman, who is on the Forbes magazine top 10 list of the most influential celebrities of 2013, said she considers her job is to “transform your financial molecules, so that you get as much pleasure out of saving as you do spending, so that you feel hope even though you feel hopeless at this time.”
Ms. Orman’s talk will be at the Westin resort on Seven Mile Beach. Tickets are $40. For more information, email [email protected] or visit the British Caymanian Insurance Agencies office at BritCay House on 236 Eastern Avenue.