People you love would be ashamed to know you overextended yourself to give them a gift that isn't affordable. And for all the other people in your life you don't deeply care about, a gift is not necessary. A heartfelt note is all that is necessary.
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, October 31, 2016
Monday, September 19, 2016
Having a fresh financial start
The foundation of a financial fresh start actually has nothing to do with money or specific financial dos and don’ts. The first, and most difficult, step is to absolve yourself and your spouse or partner of any guilt.
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, August 16, 2016
Five rules for buying a home
Rule #1: If you're buying a house, never let a mortgage lender tell you what you can afford.
A lender makes more money when you borrow more money. And most lenders don't really know everything about your finances; they just look at your income and do a quick calculation to tell you what they think you can afford. They don't know anything about how much you're saving for retirement or whether you want to help your kids financially with college.
You need to decide what you can afford to buy for yourself, based on your long-term goals. Always remember: The smaller your mortgage, the more money you'll have for other financial goals.
Rule #2: If you're buying a home, don't be a pushover.
In response to sharply rising home prices the past few years, lenders have been peddling all sorts of crazy types of mortgages. The worst, in my opinion, is a "negative amortization" loan, where the initial monthly payments are so low that they don't even cover your true interest charges; the result is that your balance just keeps growing. Choosing the right mortgage is the key to having real home security.
Rule #3: If you own a home, protect your equity.
I know many of you have seen the value of your home rise a bunch over the past few years, giving you more equity in your home. And many of you have tapped into that equity by taking out a home equity line of credit (HELOC). This is not wise because it converts equity into debt (the HELOC that you must repay). I don't recommend borrowing against the equity in your home unless it's for an absolutely necessary expenditure like repairing the roof.
Rule #4: Pay in full.
If you are at least 45 and have no desire to ever move, start paying off your mortgage. The best security move is to get your mortgage paid off before you retire. Just tune out the people who say it doesn't make sense to give up the valuable tax break that comes with a mortgage-interest deduction.
Most of the interest deductions happen in the early years anyway. Let's say you have a $200,000, 30-year fixed-rate mortgage at 6 percent. Your monthly payment will be $1,199 a month—or about $14,400 a year—for 30 years. In the early years of the mortgage, you'll pay mostly interest—at least $11,000 a year—so $11,000 of your $14,400 mortgage payment will be tax deductible. Now let's jump forward 20 years: Your yearly mortgage payment is still $14,400, but your interest payment will not account for more than about $6,000. The bottom line is that your interest tax deductions decline the longer you pay your mortgage. But we're not talking just about a tax write-off here: Nothing feels better than owning your home outright.
Besides, your mortgage is probably your largest monthly expense—so, if you get it paid off before you retire, you will have reduced the amount of money on which you'll need to live during retirement.
Rule #5: Be realistic.
We all know that real estate was on a tear until very recently; in some parts of the country, home values jumped more than 20 percent a year. That is not normal, and it is not sustainable. I want everybody to read this very carefully: Over the long term, you should expect your home's value to rise at a rate that slightly exceeds inflation. It's a solid investment, but not one on which you should expect to retire. Don't think that just because your home's value has had a great run you don't need to invest in your 401(k) and Roth IRA plans. Be better prepared than that.
A lender makes more money when you borrow more money. And most lenders don't really know everything about your finances; they just look at your income and do a quick calculation to tell you what they think you can afford. They don't know anything about how much you're saving for retirement or whether you want to help your kids financially with college.
You need to decide what you can afford to buy for yourself, based on your long-term goals. Always remember: The smaller your mortgage, the more money you'll have for other financial goals.
Rule #2: If you're buying a home, don't be a pushover.
In response to sharply rising home prices the past few years, lenders have been peddling all sorts of crazy types of mortgages. The worst, in my opinion, is a "negative amortization" loan, where the initial monthly payments are so low that they don't even cover your true interest charges; the result is that your balance just keeps growing. Choosing the right mortgage is the key to having real home security.
Rule #3: If you own a home, protect your equity.
I know many of you have seen the value of your home rise a bunch over the past few years, giving you more equity in your home. And many of you have tapped into that equity by taking out a home equity line of credit (HELOC). This is not wise because it converts equity into debt (the HELOC that you must repay). I don't recommend borrowing against the equity in your home unless it's for an absolutely necessary expenditure like repairing the roof.
Rule #4: Pay in full.
If you are at least 45 and have no desire to ever move, start paying off your mortgage. The best security move is to get your mortgage paid off before you retire. Just tune out the people who say it doesn't make sense to give up the valuable tax break that comes with a mortgage-interest deduction.
Most of the interest deductions happen in the early years anyway. Let's say you have a $200,000, 30-year fixed-rate mortgage at 6 percent. Your monthly payment will be $1,199 a month—or about $14,400 a year—for 30 years. In the early years of the mortgage, you'll pay mostly interest—at least $11,000 a year—so $11,000 of your $14,400 mortgage payment will be tax deductible. Now let's jump forward 20 years: Your yearly mortgage payment is still $14,400, but your interest payment will not account for more than about $6,000. The bottom line is that your interest tax deductions decline the longer you pay your mortgage. But we're not talking just about a tax write-off here: Nothing feels better than owning your home outright.
Besides, your mortgage is probably your largest monthly expense—so, if you get it paid off before you retire, you will have reduced the amount of money on which you'll need to live during retirement.
Rule #5: Be realistic.
We all know that real estate was on a tear until very recently; in some parts of the country, home values jumped more than 20 percent a year. That is not normal, and it is not sustainable. I want everybody to read this very carefully: Over the long term, you should expect your home's value to rise at a rate that slightly exceeds inflation. It's a solid investment, but not one on which you should expect to retire. Don't think that just because your home's value has had a great run you don't need to invest in your 401(k) and Roth IRA plans. Be better prepared than that.
Monday, August 1, 2016
People should come before money
You must first value people, then money itself. Then, finally, the things that money can buy. pic.twitter.com/0188OqJXmg— Suze Orman (@SuzeOrmanShow) July 30, 2016
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, July 25, 2016
Why I quit the Suze Orman show
For 13 years I loved my job hosting the Suze Orman Show on CNBC. I mean, seriously loved it. Every time I sat behind my desk and settled into my chair, I knew that was exactly what I wanted to be doing. I felt alive, vital and excited. I waited with anticipation (like a little kid about to get a present) to hear what question the caller was going to ask me.
It didn’t matter to me that as the years went by, many of the questions — OK, nearly all of the questions — I had heard before. I could feel that each question was vitally important to the person asking it, so I listened and responded as if it was the first time I had ever answered that question. My intention was to always make the caller feel important and respected. Sometimes people asked me if my on-set enthusiasm was an act. Anything but! The show was an incredible platform to share my passion and love for the one topic most people hate to talk about — money!
About a year ago, something started to change. I woke up one morning, and I knew that it was time to end the Suze Orman Show. There was no external trigger; just a feeling that I had shifted, not the workplace.
Could I have ignored that feeling and just keep on keeping on? Sure. But that would have been so disrespectful. To myself, and most of all to the viewers. I never wanted to give less than 100 percent. And let’s face it, if you stay on for the wrong reasons, your eventual exit will likely not be on your own terms. I wasn’t going to fall into that trap.
On February 20th, 2014, KT (my spouse, Kathy Travis) and I walked into the office of CNBC President Mark Hoffman and we told him it was time to wind down my show. Was it hard to do? You bet it was. Over the last year my mind kept saying, "Suze, just keep doing what you have always done. Don’t change now; stay with what you know." But my heart knew it was time for me to go. By taking the initiative to recognize I needed to move on, I have had the great experience of leaving without regret or acrimony.
I can think of no more important career advice than to listen to your gut and to own the power to control your future. If you hate your job, that’s on you. Yes, your boss may be a jerk, and the atmosphere toxic. And you can’t give notice next week because there are bills to pay. I get it. But that is not an excuse to stay there forever. You must move on. Maybe it may take months or a year to figure out your next stage, and your next job. What matters is that you are not resigning yourself to a less than ideal situation. Can you do it? Well, the truth is if you want to be happy, really happy, you must do it.
For me, now I am going to take a year or two off from TV and work on educational tools, classes, and apps that will make it easier for you to make the best decisions when it comes to your money. I am also going to take time this time to become as strong and healthy with my body as I am with my money. I am so excited to see what the future brings — I almost cannot wait to go to sleep at night just so I can wake up the next morning to see what gifts lie ahead.
As I write this, I have already taped my final show, and it was great. Here is what I know for sure: I will forever love my run at CNBC. But I also love knowing that I knew when to leave. On my own terms. That for me is priceless!
It didn’t matter to me that as the years went by, many of the questions — OK, nearly all of the questions — I had heard before. I could feel that each question was vitally important to the person asking it, so I listened and responded as if it was the first time I had ever answered that question. My intention was to always make the caller feel important and respected. Sometimes people asked me if my on-set enthusiasm was an act. Anything but! The show was an incredible platform to share my passion and love for the one topic most people hate to talk about — money!
About a year ago, something started to change. I woke up one morning, and I knew that it was time to end the Suze Orman Show. There was no external trigger; just a feeling that I had shifted, not the workplace.
Could I have ignored that feeling and just keep on keeping on? Sure. But that would have been so disrespectful. To myself, and most of all to the viewers. I never wanted to give less than 100 percent. And let’s face it, if you stay on for the wrong reasons, your eventual exit will likely not be on your own terms. I wasn’t going to fall into that trap.
On February 20th, 2014, KT (my spouse, Kathy Travis) and I walked into the office of CNBC President Mark Hoffman and we told him it was time to wind down my show. Was it hard to do? You bet it was. Over the last year my mind kept saying, "Suze, just keep doing what you have always done. Don’t change now; stay with what you know." But my heart knew it was time for me to go. By taking the initiative to recognize I needed to move on, I have had the great experience of leaving without regret or acrimony.
I can think of no more important career advice than to listen to your gut and to own the power to control your future. If you hate your job, that’s on you. Yes, your boss may be a jerk, and the atmosphere toxic. And you can’t give notice next week because there are bills to pay. I get it. But that is not an excuse to stay there forever. You must move on. Maybe it may take months or a year to figure out your next stage, and your next job. What matters is that you are not resigning yourself to a less than ideal situation. Can you do it? Well, the truth is if you want to be happy, really happy, you must do it.
For me, now I am going to take a year or two off from TV and work on educational tools, classes, and apps that will make it easier for you to make the best decisions when it comes to your money. I am also going to take time this time to become as strong and healthy with my body as I am with my money. I am so excited to see what the future brings — I almost cannot wait to go to sleep at night just so I can wake up the next morning to see what gifts lie ahead.
As I write this, I have already taped my final show, and it was great. Here is what I know for sure: I will forever love my run at CNBC. But I also love knowing that I knew when to leave. On my own terms. That for me is priceless!
Monday, April 25, 2016
Term life insurance vs Whole life vs Universal Life
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, April 18, 2016
Put money in annuity if contributions are matched
My 27-year-old kid just got a "real" job as a Union carpenter. With that job comes an annuity. How much should he be putting into that annuity weekly ?
Suze Orman: I would only be putting money into the annuity if they match his contribution. Otherwise, he is far better off doing his own individual Roth IRA where he can max out at $5,500 a year. If they do match his contribution, he should only contribute up to the point of the match, and then take any extra money and put that toward any student loan debt he may have, credit card debt he may have OR an emergency fund!
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.
Suze Orman: I would only be putting money into the annuity if they match his contribution. Otherwise, he is far better off doing his own individual Roth IRA where he can max out at $5,500 a year. If they do match his contribution, he should only contribute up to the point of the match, and then take any extra money and put that toward any student loan debt he may have, credit card debt he may have OR an emergency fund!
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, April 11, 2016
Investing Q&A with Suze Orman
What are some good strategies for investing with my Roth other than stocks?
Suze Orman: With a Roth IRA at a discount brokerage firm, you could buy individual bonds and/or any investment that they may offer. But at this point in time, stocks, especially those that pay a nice dividend and it's a good company — it's a great way to go.
In this up and down market, what would a moderate risk level diverse portfolio look like?
Suze Orman: It would absolutely have dividend paying stocks in it to curve the bite of a down turning market. For at least, you're getting income while the market is on this roller coaster ride!
What do you think about trading exchange-traded funds (ETFs)? Isn't it a good way to make some quick bucks?
Suze Orman: No! Trading anything is never a good way to make quick bucks. True wealth is built over acquiring a large position of stock in great companies.
I'm in my forties and would like to retire in about 15 years. I have been contributing to my 401k since I was in my twenties. Should I keep my investments in high risk or lower risk?
Suze Orman: Keep investments in high risk.
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.
Suze Orman: With a Roth IRA at a discount brokerage firm, you could buy individual bonds and/or any investment that they may offer. But at this point in time, stocks, especially those that pay a nice dividend and it's a good company — it's a great way to go.
In this up and down market, what would a moderate risk level diverse portfolio look like?
Suze Orman: It would absolutely have dividend paying stocks in it to curve the bite of a down turning market. For at least, you're getting income while the market is on this roller coaster ride!
What do you think about trading exchange-traded funds (ETFs)? Isn't it a good way to make some quick bucks?
Suze Orman: No! Trading anything is never a good way to make quick bucks. True wealth is built over acquiring a large position of stock in great companies.
I'm in my forties and would like to retire in about 15 years. I have been contributing to my 401k since I was in my twenties. Should I keep my investments in high risk or lower risk?
Suze Orman: Keep investments in high risk.
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, April 4, 2016
Investing in children's education and insurance Q&A
What do you think about 529 accounts for young children?
Suze Orman: LOVE them!
What is the best account to start for a child? Should we look for ones that gain most money?
Suze Orman: The best account for a child is a 529 plan. Be very careful of UGMA [Uniform Gifts to Minors Act] accounts. For any money in a UGMA account is counted again the child's eligibility for financial aid. 529s are the way to go!
How should I save money for my son's college? Was wondering if you recommend the 529NY saves plan? And are there penalties on it when taken out?
Suze Orman: No penalties, no taxes! As long as it's used for the child's education.
We are a single family income and we have a 6-year-old. I am worried that we aren't able to save for his college yet. If we could find $20-$50/month to put away where would be the best place to put it?
Suze Orman: From the sounds of it, you should get life insurance to protect this child if something happened to you or your spouse if you're married. You also need a living, revocable trust, because minors can't inherit money. Please make sure you have protected them in every possible way if something were to go wrong. If you've done everything to protect them, use a 529 plan!
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.
Suze Orman: LOVE them!
What is the best account to start for a child? Should we look for ones that gain most money?
Suze Orman: The best account for a child is a 529 plan. Be very careful of UGMA [Uniform Gifts to Minors Act] accounts. For any money in a UGMA account is counted again the child's eligibility for financial aid. 529s are the way to go!
How should I save money for my son's college? Was wondering if you recommend the 529NY saves plan? And are there penalties on it when taken out?
Suze Orman: No penalties, no taxes! As long as it's used for the child's education.
We are a single family income and we have a 6-year-old. I am worried that we aren't able to save for his college yet. If we could find $20-$50/month to put away where would be the best place to put it?
Suze Orman: From the sounds of it, you should get life insurance to protect this child if something happened to you or your spouse if you're married. You also need a living, revocable trust, because minors can't inherit money. Please make sure you have protected them in every possible way if something were to go wrong. If you've done everything to protect them, use a 529 plan!
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, March 28, 2016
Buying gifts: Cash vs Credit Card
Challenge yourself not to buy any gift with a credit card. When you're limited to cash or a debit card, you're much more likely to purchase only what you can afford
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.
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, March 21, 2016
Suze Orman sells NYC condo for $4 million
The Plaza Hotel and Suze Orman From the New York website: TV host, author and personal finance guru Suze Orman took a break from talking personal finance to take care of a bit of her own.
Orman sold her one-bedroom, 1,279-square-foot condominium unit at the Plaza Hotel on Central Park South for $4 million, Curbed reported. The asking price for the furnished unit – which features a chef’s kitchen, marble walls and bathrooms and smart lighting – was $3.995 million, reduced from $4.5 million in September.
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.
Orman sold her one-bedroom, 1,279-square-foot condominium unit at the Plaza Hotel on Central Park South for $4 million, Curbed reported. The asking price for the furnished unit – which features a chef’s kitchen, marble walls and bathrooms and smart lighting – was $3.995 million, reduced from $4.5 million in September.
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, March 14, 2016
Invest in yourself first
The best investment is you! If you have any credit card debt, car loan debt, student loan debt, that should all be paid off before you make an investment. It goes without saying, however, if you work for an employer that has a 401K that matches, that is the best place to put your money.
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.
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, March 7, 2016
Moving to new place with a lower cost of living
Question: I am 59 years old and am a widow. I am presently unemployed. My husband did not have a pension. I have no mortgage but am lacking an income. Should I take my husbands Social Security at a reduced rate when I turn age 60? I have a small pension but would make no sense to take that too early. I have some stock and receive dividends. What is your advice for me? I have been trying to get a job for over a year now with no luck. I have no medical insurance and am too young for Medicare.
Orman, Suze: If your social security (when you turn full retirement age) is larger than his reduced amount now, then I would take his reduced amount now to help you get by. When you turn 66 or 67, switch to yours. if you're really struggling that much, you might want to consider selling your home and moving some place where you can afford to buy something that's far less than where you're living now -- where you would be able to afford making your payments and getting health insurance.
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.
Orman, Suze: If your social security (when you turn full retirement age) is larger than his reduced amount now, then I would take his reduced amount now to help you get by. When you turn 66 or 67, switch to yours. if you're really struggling that much, you might want to consider selling your home and moving some place where you can afford to buy something that's far less than where you're living now -- where you would be able to afford making your payments and getting health insurance.
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, February 29, 2016
Fear and panic can cause you to make bad money decisions
Question: I am taking early retirement next year because it is a defined benefit and I am concerned the company might change it to a 401k. My plan is more than others at the company because it has a cost-of-living increase. I have no credit card debt, only five years left to pay off my mortgage. I am scared [that] it's not enough, but I know i can get by. I also have the opportunity to work for other companies, just not as much income, but a friendlier and honest environment. Is my plan for no debt and happy life worth it?
Suze Orman: How do you have a happy life if you quit and you're scared to death?! When operating from fear, you will ALWAYS make financial mistakes! Are you sure if they take the defined benefit away next year that you'll lose it? I don't think so! They're not going to just give it to new employees. Check it out more carefully, but as long as you're afraid to do something, it's better to do nothing than something that scares you.
Suze Orman: How do you have a happy life if you quit and you're scared to death?! When operating from fear, you will ALWAYS make financial mistakes! Are you sure if they take the defined benefit away next year that you'll lose it? I don't think so! They're not going to just give it to new employees. Check it out more carefully, but as long as you're afraid to do something, it's better to do nothing than something that scares you.
Monday, February 22, 2016
Cut your credit cards but dont close the account
30% of your FICO score is made up of your debt to credit limit ratio, which essentially means how much you owe on all your credit cards in comparison to the credit limit that you have on all your cards. History only accounts for 10% of your FICO score.
So, closing down your credit cards is the worst thing you can possibly do! Once you've paid off a credit card, just cut it up, but don't close it down! This, of course, assumes you're not paying an annual charge for these credit cards. If you are, that's reason enough to close that credit card down. It makes no sense to keep any of your credit cards at department stores open.
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.
So, closing down your credit cards is the worst thing you can possibly do! Once you've paid off a credit card, just cut it up, but don't close it down! This, of course, assumes you're not paying an annual charge for these credit cards. If you are, that's reason enough to close that credit card down. It makes no sense to keep any of your credit cards at department stores open.
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, February 15, 2016
Zero percent balance transfer can help relieve credit card debt sometimes
I have credit card debt about $15,000. Should I pay it off by taking money out of my trust or get a loan from a bank or credit union?
Suze says: "No! Don't do any of that. Why don't you just simply do a balance transfer to a credit card at a 0% interest rate for 21 months? Really start focusing on paying it off every single month. "
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.
Suze says: "No! Don't do any of that. Why don't you just simply do a balance transfer to a credit card at a 0% interest rate for 21 months? Really start focusing on paying it off every single month. "
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, February 8, 2016
Student loan debt can be garnished from your social security money
I cannot pay my tuition and living expenses. Is there any way to lower or work off college debt? I am 58 years old.
Suze Orman: You have to understand that student loan debt does not go away. They have the legal authority to garnish your social security check.
So, you have got to get the word "can't" out of your vocabulary. You might want to think about getting a job at a non-profit organization because if you do, you then can pay back your student loan debt under the IBR method and after 10 years, it's totally forgiven. Then, at 68, if you want, you can claim full social security. No student loan payment + extra income from social security should help you a lot!
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.
Suze Orman: You have to understand that student loan debt does not go away. They have the legal authority to garnish your social security check.
So, you have got to get the word "can't" out of your vocabulary. You might want to think about getting a job at a non-profit organization because if you do, you then can pay back your student loan debt under the IBR method and after 10 years, it's totally forgiven. Then, at 68, if you want, you can claim full social security. No student loan payment + extra income from social security should help you a lot!
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, February 1, 2016
Calculate which credit cards to pay off first
How do I determine which credit card to pay off first? Should it be the one with the least balance and work my way to all others? Facing credit card debt can be overwhelming, but I want to pay them all off.
Suze: Add up all your minimum payments that are due. Add 20% to that figure. So, let's say you owe $300 a month for the minimum payment due for all your credit cards — 20% of that is $60. You are to pay the minimum payment due this month every month from now on, even if the min. payment due next month is less. You are to add that $60 to the highest interest rate card you are paying. When that card is paid off, you take that entire amount plus that $60 and you add it to the second highest interest rate card that you are currently paying. Keep rolling down like that. In my new online course, it will show you exactly how to do it. So, make sure you download it now!
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.
Suze: Add up all your minimum payments that are due. Add 20% to that figure. So, let's say you owe $300 a month for the minimum payment due for all your credit cards — 20% of that is $60. You are to pay the minimum payment due this month every month from now on, even if the min. payment due next month is less. You are to add that $60 to the highest interest rate card you are paying. When that card is paid off, you take that entire amount plus that $60 and you add it to the second highest interest rate card that you are currently paying. Keep rolling down like that. In my new online course, it will show you exactly how to do it. So, make sure you download it now!
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, January 25, 2016
Student loans can be very dangerous debt
The most dangerous debt you can ever have is student loan debt because student loan debt is not dis-chargeable in bankruptcy. So I want you to change your attitude -- stop feeling like you're drowning in student loan debt and start feeling like you're swimming in the future of your life...and that your student loan debt allowed you to get there. Change your attitude and you'll see your financial life change, too.
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.
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, January 19, 2016
Gift giving/exchange can hurt our wallets
If you don't have money and you're buying a gift for somebody, chances are they don't have money either. If you give them a gift they're going to feel obligated to give you a gift back. Now you're both going to have to put those gifts on your credit cards and you're both going to be spending money that neither of you can afford.
Initiate a frank discussion with your nearest and dearest about scaling back holiday giving. This is the perfect time to break the all-too-common cycle of spending more and more money every year -- and forgetting what the holidays are really about,
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.
Initiate a frank discussion with your nearest and dearest about scaling back holiday giving. This is the perfect time to break the all-too-common cycle of spending more and more money every year -- and forgetting what the holidays are really about,
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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