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I hate Suze too! I thought I was the only one...I bought into her, "Buy, Buy, Buy BS"...great...thanks. My own fault...I thought she was smarter than me...I was sort of on the fence about it...but she kept saying it was smart...and I thought she must know something...this was 7 years ago...
Are you angry at her because you believed her ?
She only dispenses advice. Nobody has to follow any of it.
I don't think you can teach common sense and self-restraint. And I think those are generally the seeds of the problem. It's not that people don't know better. They just can't resist having what they want when they want it.
I agree we should arm people better with knowledge so they don't rely on some skeevy third source...but keep in mind how many people really DO know better and will find anyone they can in the financial sector to make them feel good about their bad decisions. Case in point - those skanky mortgage lenders that helped us on our merry way to the housing fallout.
It's true, a lot of it is common sense. but I don't think there's a substitute for experience. Many people simply have no idea what they are doing with finances in their early to mid 20's and it can only get worst.
-I'd really emphasize how interest works. There's a huge difference when you're paying down principal. Or, you're simply going nowhere. I don't think most people have a clue how that math works....thus they rely on the "friendly" mortgage broker...or the friendly woman on tv to tell them what to do.
Just because you're paying $400 a month on something, doesn't mean you wipe out a debt of $4,800 in a year. It could take years. I feel like the banks in this country, have 99% of the knowledge, and consumers (i.e. previous school children) have 1%.
I'm really asking becuz i dont know what to do at this time - and i have a couple of threads around about it.
I'm 52, on Social Security Disability, and get a small disability pension. My house is paid off. I want to move to a different state, and i'm trying to decide whether to buy a single family home or a condo, or to rent. If i rent, i can invest the money i sell my house for - but i think i have to pay a lot of tax on it, no??
No
When you sell your home, up to $250K of the profit is tax-free if you’re single and have owned and lived in the home for at least 24 months of the last 60 months leading up to the sale. The tax-free amount is $500K if you’re married and file a joint return.
Back on topic. I *like* Suze.
I consider her show (and the show after hers ... Til Debt Do We Part) highly entertaining. Like some of the posters above, most of the ninnies who call in make me feel better about my finances
If that is the same episode that I'm thinking of, then that advice was targeted at people who were probably enticed into home ownership during the whole scandal scam that never belonged in that position in the first place. And she was trying to sway them away from this...because believe it or not (shocking to me), there are still plenty of people out there who are taking nearly 100% loans and making stupid decisions like that with no reserve cash to their name.
No, I was not referring to a particular "episode", I was referring to Orman's latest dog-and-pony show (hawking her new book) in which she states that "the American Dream is dead". I heard her on NBC News, but she's been all over the place with this message. She is reversing her previous advice that real estate was always a good investment, and she now advises renting instead of buying. This wasn't just meant for marginal buyers, it was a blanket statement based on the economy and insecurity in the job market, etc. She thinks conditions are too unstable for people to be making long-term financial commitments to real estate.
No
When you sell your home, up to $250K of the profit is tax-free if you’re single and have owned and lived in the home for at least 24 months of the last 60 months leading up to the sale. The tax-free amount is $500K if you’re married and file a joint return.
Back on topic. I *like* Suze.
I consider her show (and the show after hers ... Til Debt Do We Part) highly entertaining. Like some of the posters above, most of the ninnies who call in make me feel better about my finances
if i remember correctly there is a twist to this now.it applys to more recently bought homes and i would have to look up the date of change but i was effected by it.
if that home was a 2nd home and its now your primary home the exclusion is pro rated by the time it was a 2nd home.
as an example ,you bought a 2nd home 4 years ago. you move in to it and make it your primary and sell it four years later. since you owned it 8 years and it was a primary 4 years then you only get 1/2 the exclusion or 125k
Her main goal in life is to funnel funds into Suze Orman's bank account and to do that, she has to stay provocative, brassy and sometimes controversial. Nobody's going to buy her books, watch her show, attend her seminars, etc. if she gives the same dull, bland advice anyone can get from a local financial planner.
Obviously, there's no such thing as "one size fits all" in regards to financial planning. Everyone is different and everyone has to decide for him/her self how to spend money. That advice is boring though and nobody will pay attention, let alone pay money to hear such advice.
Suze and her ilk have to be constantly screaming about the "sky is falling, the sky is falling!" in order to get attention. Even this measly forum in a sea of internet forums is inspiring someone to buy her book or watch her show even if they disagree with her.
Her latest advice is "rent, don't buy". Real estate is not a good investment, she says. That's great....after people went out and bought homes based on earlier advice that renting was throwing money away. I recall a real estate advice column in the 80's where we were told to mortgage as much as possible rather than tying up cash in a down payment. Definitely don't pay off the house, that would be silly. In the 2000's, we were told to "get in any way you can", with respected financial institutions offering and approving zero-down mortgages. The average Joe trying to live the American dream believes these must be OK, else why would the bank approve them? Now that the damage is done and we've all bought real estate, we're told don't buy real estate -- not a good investment. So I guess I should've just continued to rent rather than buy a house last year like I did...now I feel like I made a bad decision.
The advice should have been all along to just pay off your house as soon as possible. It just ticks me off that people like me assume that people like Suze Orman and other financial "experts" are giving sound advice for now as well as the long haul. Their advice changes like the wind, while we're still dealing with the 30-year mortgage we got based on their advice 10 or 20 years ago.
The financial world has changed in the last few years - and so the advice the experts give has of course changed as well. Of course! The advice given in the 1980's was appropriate for back then - same thing with the 1990's - and even the early 2000's - but things change, and so the advice given MUST also change.
Adapting to the changing times is something you will have to do your entire life...
Now there is an oxymoronic term" financial expert"
i think its right in there with jumbo shrimp, pretty ugly,and happily married. LOL
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