Suze Orman Blog

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.

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.

Friday, May 16, 2014

Should college student contribute to retirement plan

Q. As a college student, is it too early to start contributing to a retirement plan? If it’s not too early, which type do you recommend?

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.