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Suze Orman, a fiasco of financial advice if there ever was any. She has been discredited with the housing bubble, markets bubbles and that anyone still listens to her is amazing. Like the people that listen to Cramer and jump when that guy presses a buzzer and yells boojah there are always sheep willing to follow the butcher.
Oh noes! Not the black man! /sigh. Welcome to a democracy, it is still a democracy, even when your candidate loses. You don't have to like the man, but show some respect for the office he attained.
Heh, a lot of us see it as a democracy in name only (actually, a Republic in name only. We were never a democracy..and yes the distinction matters).
I agree with keeping the politics out of things, but lets just say there are plenty from that other political party who blamed (and still blame) all of their financial problems on our previous president.
Suze Orman, a fiasco of financial advice if there ever was any. She has been discredited with the housing bubble, markets bubbles and that anyone still listens to her is amazing. Like the people that listen to Cramer and jump when that guy presses a buzzer and yells boojah there are always sheep willing to follow the butcher.
I don't think she's the best, but I wouldn't put her in the basement with Jim Cramer.
I do remember reading articles from her circa 2005 warning people that there were going to be tears as a result of the crazy lending. It could be argued that she wasn't forceful enough, but she did warn about it.
So taking a loan is not treated the same as taking a distribution. Got it now.
Honestly... I don't think Susan Orman's intention to distort the real truth is really that bad, given her target audience. She has good intentions; the more deterrents to borrowing against a retirement account the less abuse it would get. At least, I have seen someone using their 401k as easy money and consequently, has almost nothing left in it.
A loan becomes a distribution (and of course taxable if not over 59 1/2 etc) when it's not repaid timely, a lot of people get in deep trouble because of this. when they don't have the ability to repay the loan, they surely can't afford the tax hit either.
we had some people at my ex company that despite the fact i told them not to use a 401k loan for a car they did.
well the company went out of business and they had to pay back the loan or face the penalty and taxes.
so instead of a nice low auto loan they had to now take a pretty expensive personal loan.
although susie gives one size fits all info that isn't the best choice she does try to protect her primary band of financial losers from sustaining more damage.
I think both Dave and Suze have good advice and ideas. But their overall ambitions are just different than mine. Dave wants you to pay off your debt and then invest in real estate. I just want to pay off the house I have now. Forget buying another one! Suze says to put your retirement before your kids college. Well, easy for her to say. She isn't currently invested in raising children. I am. I don't care about Dave's Jaguar. I don't care about Suze's haircut. But I just modify what they say to fit my own life. They can keep their books.
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