Make room, Suze Orman and Robert Kiyosaki.
Five women, known collectively as the Smart Cookies, are emerging as new dispensers of financial advice, especially for women in their 20s and 30s.
One of the Smart Cookies, Sandra Hanna, also known as the Savvy Spender, splits her time between Vancouver, British Columbia, and Denver, where her boyfriend lives.
Like many cultural celebrities, the women got their start through Oprah, whose debt diet series inspired them to start meeting in 2006.
The women went from stressed out and in debt to financially in charge. After they shared their success stories on Oprah’s show, a brand was born.
The Smart Cookies count more than 15,000 subscribers to their online community, have “The Smart Cookies’ Guide to Making More Dough and Getting Out of Debt” on bookshelves across North America, and host their own television show in Canada, with one planned for the U.S.
Their money groups, a cross between investment clubs and support groups where members get “real” about their financial failings, number more than 300.
“We created these spending plans about the things we really valued and loved in life,” Hanna said.
Hanna, 27, saved $8,000 living at home after college, only to see her savings evaporate and debt accumulate after she went out on her own.
Like many, the women showed the signs of success on the outside, but their financial lives were a wreck.
“You see these people who look like they have it all but are living a lie,” she said.
Hanna advocates regular reviews of expenses such as cable and cellphone bills to find “hidden” money.
The women recommend using public transportation and car co-ops, which can generate big savings, and negotiating on purchases, something retailers are more willing to do with the tough economy.
Hanna said she and her boyfriend were recently able to buy a dining-room table listed at $1,000 for $500.
Another strategy the Smart Cookies promote are “rather” cards that list spending priorities such as saving for a down payment on a house or taking trips with friends.
Whenever the urge to spend impulsively comes up, the cards help a person refocus.
Unlike advisers who encourage consumers to avoid credit cards, the Smart Cookies favor charge cards and have developed a partnership with American Express.
The charge cards must be paid off every month, allowing consumers to track their spending and rebuild their credit scores.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
Who are the Smart Cookies?
The group of five women, after getting their start on the Oprah show telling their financial success stories, now count more than 15,000 subscribers to their online community, have “The Smart Cookies’ Guide to Making More Dough and Getting Out of Debt” on bookshelves across North America, and host their own television show in Canada, with one planned for the U.S.
