Q. We’re expecting our first child this fall. How do we start planning a budget for our bigger family, while still paying off debt and the possibility of one of us not returning to work once the baby is born?
A. Let’s play baby. The average cost of having a baby today is about $1,300 a month. So let’s pretend you have already had a baby to see if you can afford to quit your job. Take 100 percent of the mom's salary and put it in the bank. Then take $1,300-$1,500 a month from the dad's salary and put that in the bank. If you can make it on what's left over from the father's salary, you know you can afford a baby without the mom having to return to work.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Thursday, May 29, 2014
Tuesday, May 27, 2014
Should parents pay for son's college
Q. We have one son in college, another about to go to school and a third hoping to attend law school. We also have an 80-year-old parent living with us. What is our financial obligation to our family members, especially while we’re both already working multiple jobs?
A. Why do you feel that you need to be obligated to pay for your children? We make it when we have to do it on our own. As far as your father goes, it’s an honor to take care of your parents, but kids? This isn’t about desire to help, it's about guilt. Say ‘no’ out of of love for yourself, versus ‘yes’ out of fear that they won’t love you.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
A. Why do you feel that you need to be obligated to pay for your children? We make it when we have to do it on our own. As far as your father goes, it’s an honor to take care of your parents, but kids? This isn’t about desire to help, it's about guilt. Say ‘no’ out of of love for yourself, versus ‘yes’ out of fear that they won’t love you.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Thursday, May 22, 2014
Married couple asks Suze for join credit score advice
Q. I’m getting married in a couple of months. What is the best way to combine our accounts and credit cards without hurting our credit score?
A. Combining your savings isn’t what’s going to hurt your credit score. What hurts your credit score is if you pay your bills late or if you spend too much on credit in comparison to what you have. The best way to save your FICO score is to pay your bills on time, don’t charge those credit cards and don’t worry about the rest in terms of savings. The real question is: Do you have a prenup? You should get a prenup when you're in a state of love, not when you're in a state of hate.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
A. Combining your savings isn’t what’s going to hurt your credit score. What hurts your credit score is if you pay your bills late or if you spend too much on credit in comparison to what you have. The best way to save your FICO score is to pay your bills on time, don’t charge those credit cards and don’t worry about the rest in terms of savings. The real question is: Do you have a prenup? You should get a prenup when you're in a state of love, not when you're in a state of hate.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Tuesday, May 20, 2014
Suze Orman: Student loans cannot be discharged
Q. My husband and I just bought a home and still have car and student loan payments. We want to start a college fund for my son, but should we wait until our student loans are paid off to start doing so?
A. Student loans are not dischargeable in bankruptcy, so I would not be starting right now until the student loans are under control.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
A. Student loans are not dischargeable in bankruptcy, so I would not be starting right now until the student loans are under control.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Friday, May 16, 2014
Should college student contribute to retirement plan
A. It’s never too soon. If you put $2,000 into a Roth IRA at 8 percent interest today, you will have $94,000 in 40 years. If you put $2,000 per year into a Roth IRA, you can have more than $1 million in 50 years.
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Wednesday, May 14, 2014
Suze Orman on Today show NBC: Prepare for retirement
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
Monday, May 5, 2014
The american dream is not necessarily owning a home
Suze Orman is a award winning certified financial planner and author of several books including 'The Road to Wealth'. She went from being a waitress at age 30, making $400 a month, to now having her own TV show and a net worth of $30 million dollars.
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