But I find that a lot of advise as very2 informative and I definitely like her advice regarding people who are badly indebted and ways for them to overcome it. When You Get That Popular, There Are ALWAYS Commercial Biases, 6. “Is there anything I can do?” Good news: If you’re in this situation, there is in fact a lot you can do to improve your retirement security. If you find yourself agreeing with all or even most of what Orman says, you could very well be in this group. Our OWN Easter. Because if she were a guy, you wouldn’t have bothered to insult her looks. Being a priest actually pays more. I wanted to think about it. Starting as early as possible for the Time Value Of Money benefits, lightly diversify and choose solid stocks….over diversifying is like being the fulcrum = you don’t ‘GO’ anywhere. You could also add a #15 and #16 to the list. I much prefer her to a financial investor who is using your money to make himself money and has little regard for your financial welfare. I am an avid Suze follower and have taken the advise she has given and followed it for my own circumstances and done very well. When I was young and broke I went to a major investment player and the little money I had, they gave me the worst advice possible. I said to them really are you willing to do the work. It blow her out of the water but the joy just started. My advice to practitioners: sit down, stay humble. I know too many people in the low 2/3 of the American economy who just don’t. For example, you can recommend one of a half a dozen debt consolidation services or with the best airline rewards credit card, but you choose to endorse the company with the fifth best program because they are paying you a fee to do so. During its 13 years on the network Suze’s show was the highest-rated CNBC-produced show on the network. She has helped a lot of people become aware of their finances. The same goes for Dave Ramsey though. There are dozens, maybe hundreds, of subtopics in the area of personal finance, and there are multiple opinions about every single one of them. They’re not just informing; they’re entertaining, and that’s why you know who they are. Wrong. I think you do outgrow her advice. I have a sister who came into 750,000.00 this is what she received and I told her let me help manger your money for free. I will stand by Suze any day of the week. Back in 2009, Cheryl Curran at Merriman Blog had this observation about stock recommendations by Suze Orman: “In the interview, Suze told (Eric) Schurenberg (of Money Magazine) that even though all the evidence indicated index funds outperform 80 percent of managed funds, “Today I think you have to be more active.” She recommended exchange-traded funds specializing in emerging markets, U.S. oil and metals & mining. And second, she’s rich, and the benefit of municipal bonds is that you don’t have to pay income tax on money earned on them, and her tax bracket is likely quite high. If you say yes, then you are lying to yourself. On the other hand, I was through with that bitch when she slut-shamed Octomom – on Oprah – into saying that it was a mistake to have all those kids. That creates monetization opportunities, and you know that she’s taking advantage of those. that’s a good way to prioritise life for anyone, top or bottom. What do you think about investing with acorn. She told me to get out, right before the ’08 crash. Most people in bad financial shape are not doing a written budget each month. When you have that kind of star power, those kinds of offers come along, and they’re hard to resist. He’s not in my shoes and I don’t want advice from him. What I believe is that you never take your money out of your retirement account. 3. Her storytelling skills. The first move in sales is to bash the competition and she does that great, then there is the snake oil. Her advice to bail was available for everyone in her many interviews around that time. Because You Need to Think For Yourself - Especially With YOUR Finances. Orman also tends to aim her advice at people who lack much more than a rudimentary understanding of personal finance. It’s quite another to take it from someone who’s pontificating to a mass audience and has absolutely no knowledge of your situation whatsoever. Madoff is not much different, only he stole from the rich. Click here You are a whiner who obviously is very jealous of Suze’s great success. People are lazies and they are quick to said things about her. I am waiting to invest $200K in the stock market the next time there is a stock market adjustment. Because she did not listen at first. @john Ha! You are just an awful, awful writer. Yes…I’m VERY jealous. Orman is a Millionaire - Her Advice May Not Fit Your Financial Situation, 12. great article , thanks Jeff !! Suze’s prepaid debit card is to make money off the poor. Hi Michael – While you might be right on all counts (though I don’t think she’s an outright fraud), the media is more interested in soliciting the opinions of people who have a large following. But the main point is that your finances is “a thing to think about”, “a thing to form strategies about”, “a think to take action about”. Instead of focusing on the benefits the card offers (none that I know of), she took the much nobler route of calling people names that questioned the cards merits as shown below. Great tips, battle buddy. Suze Orman a terrible advice and years ago I listened I took my money out of my retirement account and paid off debt and that was the worst mistake I’ve ever made. Her advice can have you scrimping and saving to invest money in the stock market, when in reality you should be building up your emergency fund instead. 2. Simply because there are a few instances where whole life insurance is appropriate. For more information, please check out our, Advertiser Disclosure (How We Make Money). She has helped millions of people and does it all out of kindness and caring. I will say, I am uncomfortable with her selling products. Your Own Financial Situation is Unique, 5. do you want to listen to winners of the game or those not winning the game? She was a Scam Artist from the get-go. Suze Orman Says These Are the 5 Worst Ways to Spend Your Stimulus Check. Investment advice can turn out to be right or wrong. Well done. and no i do not like the stock market,the SEC is a sleep at the wheel. Boohoo if she uses them as well. sound advice that works. She was thinking she had a lot of money. I think haters are going to hate. Suze also advised someone to pay off their 21% interest credit card first, UNLESS they had student loans, which should be paid off first because the 6% COMPOUNDS ! Your 14 points are obvious to me; No new helpful info. She has no liability no relationship to the SEC or a fiduciary duty to her audience. Sure, it might be recommended for everyone to be in the stock market, but in your case, that advice can be all wrong. People who are in tight financial situations don’t need to be loading up in the stock market, as they have more immediate concerns. Well, look: she is in her 60s. Of course, this would be the group most likely to listen to her advice, and ironically, most likely to not follow it. as one of his favorite guests. All written content on this site is for information purposes only. Although not referred to in the article, she does steer people away from scams like costly life insurance for young people and reverse mortgages. I have watched Suze for many years. It is our money and I agree that millionaires cannot possibly understand what middle Amercia needs or wants. Love this! She is loud and obnoxious and can be demeaning at times. I think her being on public television frequently is a NET PLUS. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. Don’t spend anything until X happens. The absence of that kind of recommendation makes her stock advice look a little too standard – it’s what all the other self-styled experts are saying, too. Believe me I have learned how keep my mouth close. And today I’m paying a huge price for listening to her. I stumbled across your article and found it interesting. Season 3 Episode 301 . live below your means. people, then money, then things. You can get better advice with a GOOGLE search. Stop whining, and have a little faith that those of us who follow Suze can modulate her advise to suit our circumstances. #15 being her 401k advice. There is so much more that can be learned, if only one would see the wisdom in comparing advice. How Much Does a Life Insurance Policy Cost. Your first impulse is to insult the way she looks? They’re trying to draw people to themselves, and one of the best ways to do that is by showcasing people who already have a following, and qualify as a household name. I also talked with financial ivestors that were truly mentors to me. Maxing out my Roth IRA, contributing to my 403b, and will have an 80000 + pension in 7 years. Adapted from her new book, The Ultimate Retirement Guide for 50+: Winning Strategies to Make Your Money Last a Lifetime. Hi Tony – I don’t know if it’s accurate to call her a total fraud. By far the best comment I’ve ever received! She is a popularly recognized figure, and well heeded by her legions of fans. There are people who are very good at what they do, and no one in the general public as any idea who they are. We’ll be right back after this message. Yes, many of the things she says can be found on the internet. You cant expect her to be 100% accurate all the time. I agree with the commenter who said folks will take what they can use from her and toss the rest. You sound like sour grapes. The advice may not be terrible, but it probably won’t be the best advice for your personal circumstances. Orman can put out the general advice that everyone should be in the stock market, but what if you have an unstable income, an high level of debt, and a lot of mouths to feed at home? Hers is usually poor. and yes wait for the big drop and get into the market. i support her index fund because u can look at it in the long term 20 years? You managed to pay your debt with the money you have and you pretend your retirement account is not there. I’ve just never been a big fan of her style or her advice. Public TV might reap 20%. As we grew up, we began to realize that we have to do for ourselves what we once relied on others for. I am a financial advisor and am very offended by her implication that my clients don’t need my help, they simply need to ‘look in the mirror’, and listen to her advice. Then, in 2002, she launched "The Suze Orman Show" on CNBC, which made her the go-to financial guide for millions. Such financial gurus have never had to survive the realities the less fortunate go through. We closed on a house , 104 grand , payment of 697 a month, three beds and one bath, quarter of an acre, and a one car attached garage with that financed pmi and 5 percent down and a friend and her family rents a rat trap apartment, and I mean really old and run down, smaller than our house and upstairs , but with an extra bath, no car port or storage other than a tiny outside closet, for close to a grand. Googled for counterpoints to Suzy; found your site. Yes, we were paying off debt for more years, but we were also living a comfortable lifestyle in those years. After all, any losses that you encounter will come out of your financial resources, not the experts’. When we were kids, we relied on the adults around us to guide us through life. Had you followed Orman’s advice in the summer of 2008, it would have cost you serious money. She also said “If you have a $200,000 home and it’s not in a trust it will cost you $200,000 in probate fees in California to settle the estate.” Really? https://www.msn.com/.../6-reasons-i-will-never-trust-suze-orman/ar-BB16Yy8P Met Suze right as I was kicking my ex out in 2007. 7. As I approached my 50th year of life, 2 children and 1 failed marriage, I cant help but think of the actual words of advice that Suse gave me during a information seminar that I attended a little more than 3 years ago. In fact doing the opposite of what she says in terms of investing is typically the way to money. Enough said. I have to agree with Dino3721. That can only happen if you commit to making it real in your life. She started to cry. The really good gurus know how to blend the two seamlessly. Someone with a $1,000 saved that manages to double it through stocks is now at… $2,000. Her advice is the Reader’s Digest equivalent of a real college textbook, made for the masses, much like Dr. Phil, and the pandering, walking infomercial of pseudo-information, Dr. Oz. Love in the City. Actually, Suze does recommend individual Municipal Bonds for people who don’t like risk. But some of it is teetering on the edge, and some advice is just plain bad. Personal finance guru Suze Orman maps out 10 moves to secure your future. You’d be admiring her rise from a waitress to being worth $35mil. Now don’t get me wrong, I liked her. Suze’s a Simpson! The View, Anderson Cooper 360, NBC’s Today Show, MSNBC, The fact that she doesn’t should make us…suspicious. What I think you are missing is this: So many people are beginners. CNN’s Larry King Live And quite frankly the industry is making is harder and harder for financial advisors, who service the average middle class client, to make a living at all. Even my children’s, let me tell you this. The problem with Suze Orman is at least partially the fault of the people who follow her because they want someone to tell them what to do, even if that person isn’t intimately familiar with their circumstances. I think some people are just jealous of her success. Why do I need more.” Hearing that simple answer hit me like a ton of bricks and changed the course of my entire financial life. She appeared with Oprah on the Oprah Winfrey Show with approximately 29 full-hour shows. It is your money, you should know what is being done with it, how it is being invested and many people do not have the interest or time to do that in many instances much to their demise. Anyone with a shred of sense knows investing has to be personalized to your own financial situation, and if you have heard or listened to many of her shows or read any of her books your would know she always makes that point and she always asks your financial situation before advising. But you’re right, you do have to take their advice for how well it fits your own circumstances. The Social Security actuaries have correctly calculated that if you do not get the first year of SS income, giving you 6% more for the remaining years makes you just break even on total SS income when you die at the average age of death in the USA. Anyone who reaches the level of Suze Orman gets there primarily because they have value as an entertainer. Suzy doesn’t like reverse mortgages, unlike Magnum PI/Tom Selleck Sellout. You are spot on with their general advice that has been around long before either was born. I am a CFP, and have watched her for many years, when she started her budgeting advise, was great…but then she got into areas that she really has NO knowledge of…her generalized investment, Annuity , and insurance advise is poor to say the least, she should have stayed with budgets, where she makes sense !! orman does good work. All Advice Has to Be Taken With a Grain of Salt - Regardless of the Source, 4. If she did, a single detail in your financial situation – or even one merely related to it – could change her recommendations completely. She has given me excellent financial advice and knows what she is talking about. By Sigrid Forberg Mar. I must admit, her point was compelling – but this might have been a classic example of form-over-substance. She made millions off it then closed it down. You hit on some good basic points that we should consider when making our own money management decisions. The advice becomes even more questionable after five years of a powerful run up of stock prices. Little things do add up. That’s sounds awfully expensive to me. Then, stocks/mutual funds; all one needs to do over a lifetime, is avoid getting CREAMED in a double or triple play, like GE, or ENRON! This show earned Suze 8 Gracie awards. An audience member asked if she should delay applying for Social Security. I’ve found the advice given on her shows is specific to the questions put to her. I’d rather read personal finance blogs from others in my shoes over taking advice from these money hungry “financial gurus” any day of the week! They don’t closely track their money. Hello i am new user and i would to ask you, How to disable a pm? Save $1000 in a starter emergency fund 2. Most of it is very general, and won’t apply to people with deep financial problems. . Mediapunch/Shutterstock. which aired in April of 2017. No one can up their FICA score by using a pre-loaded Debit Card. But then I think you have to do that with any source, especially when it comes to money. There are other people who are very good at what they do – or maybe not so good – but everyone knows who they are. and like everyone else that was there, I thought it did at the time. I 100% agree. Suze Orman knew this, and that’s the advice she has consistently given in all of her time as a financial expert. i’d listen to kasparov, even though he’s so far removed from the grade 7 kid struggling, he will remember what it’s like to start playing chess and the various pitfalls. Required fields are marked *, © 2021 Good Financial Cents®. Suze Orman a terrible advice and years ago I listened I took my money out of my retirement account and paid off debt and that was the worst mistake I’ve ever made. Suze has also been a regular guest on 4. A lot of people pass themselves off as experts, when in truth there are no experts – only practitioners. Any reference in this website to third party trademarks is to identify the corresponding third party goods and/or services. If she was not on public television, replaced by other programming having nothing to do with your finances, I think that would be a big loss. that features Suze. And today I’m paying a huge price for listening to her. It is so refreshing for people of your caliber to expose the hypocrisy that such people like Suze Orman have amassed. Perspective changes everything, and Orman is simply on a different financial plane from her disciples. What’s your number so I have it on speed dial? People are all pretty much alike. Yes, she generalizes when speaking………how else would any advisor do it? In addition, this may not be great advice for people who are struggling with financial survival. Asking “can I afford it” about everything. I have never put much stock (no pun intended) in what these financial celebrity types say. “But you should never mindlessly take action based on someone’s advice, least of which that of a financial guru.”. She was in a BK and now she is weathy. Nice inexpensive advertising for Suse, wouldn’t you say? They use their platform to become a brand and then exploit the very people who come to them for help. Therefore, her word is not backed up in any way, besides all the points this article makes. Suze is a successful lesbian performer, who is primarily a song-and-dance man. Those who don’t are most likely and sadly, easily led in other aspects of their lives, too. Here are 14 other reasons why you shouldn’t listen to Suze Orman. Suze wrote, produced and hosted 9 PBS specials that have raised over 200 million dollars After the failure of that scam debit card she decided to lay low until the gullible public forgot about it. Because she was in legal trouble for the scam. Launched in 2001 on Premier Radio and was broadcast live in New York City for several years. What she gives is advice only, like any financial adviser; you certainly don’t have to follow it. A room full of people glowing in the presence of the mighty Ms. Ormes. Not follow someone blindly. I am young and broke. What makes the advice unique is the personal spin added by the individual. So after a year I said look what I got in the mail she said what I said your 401k statement showing how much you have made on your investing into the 401k. Does this site have a money problem? And that was the actual reason I stalled on making that decision. Pre-paid CC are bad for people who need them? And yes she preys on the uneducated and poor. ur post sucks man, i am not a fan of suzie orman , but i support her mind set cause it works for middle income family, are u seriously talking about history? It’s a profession that is so over regulated at the bottom and so unregulated at the top–most advisors working with the average client are closer to humanitarians in that so much of what they do goes unpaid. Even though I questioned some of her advice I still respected what she’s been able to do in educating the masses. My daughter started working for a great company I said to her let me see your benefits paper. Oh thank you for writing such a succint and blunt piece giving clarity to what drives these self-disclosed financial experts (including Mr. Ramsey, whose “financial expertise” comes from his own experience with bankruptcy). just because you can afford a million dollar house and drive a bentley don’t mean you need it.if you can afford a big suv with a v8 maybe don’t go to a 4 cylinder civic but somewhere in between should work just fine and invest the difference. She needs stability with her money, even if the yield is likely lower. And I’m sure they won’t tell you to use your smart phone to find quick money for completely gigs or small tasks. It not only aired here in the United States but in 18 countries throughout the No. Then, in 2002, she launched "The Suze Orman Show" on CNBC, which made her the go-to financial guide for millions. it does get you ahead, slowly at first, but it works. Thank you very much for posting this. Period. It is a waste of time to focus on what you don't have or could have done better. We all need to listen to advice if it makes sense, but then learn and make our own decisions in the end !! Some have come from their own financial disasters. She was so excited about me giving her my money. I think your article may be true to an advanced investor, but not really fair to beginners. And it seems that if you’re providing advice to a large number of people who are struggling with finances in general, urging caution or recommending closing out positions in a record market makes objective sense. I have a necklace. Could you please site her show(s), book(s) or website where she suggests this advice? I used to love following figures like these; but when I went through my divorce after being a stay at home mom and house wife and losing pretty much everything, I realized that the advice of such financial icons was inappropriate for those with life circumstances like mine. She may have started out on the right foot with the best of intentions, but she is nothing more than a wealthy entertainer, and quite frankly I don’t find her all that entertaining. I have had to bail my friends out of debt. I doubt Dave Ramsey or Suze Orman will tell you to go to a food pantry or take advantage of social services so you can free up your budget for paying for legal fees. From what I understand from this article and comments, Gail may have been a superior choice for many people. I have been able to save a lot of my friends. No, Everyone Shouldn’t Invest in Stocks, 8. Financial advisors = humanitarians; “Priestly” indeed – what a truly precious remark! Now I am more in control, and smarter with my money. After 20 years of hosting, Suze has since returned to QVC to bring you the tools needed to protect your tomorrow's today. Once I was done with grad school and had a sound and steady job I started working out of the debt and worked towards having enough money for my children to go to college. I’ve already mentioned her infamous prepaid debit card fiasco. Practitioners, not experts. Because Nobody’s Perfect - Not Even Suze Orman, 14. She was a featured educator in The Simpsons "Caper Chase," That might be true — but who would encourage any woman say that on national tv when her kids were watching? Unlocked Episodes See All. But not your articles, as that will just cause them to kick off quicker. The more successful a person becomes, the less he or she can relate to the plight of everyday people. What a joke I just hope she hasnt ruined too many Girlfriends finances. I would expect someone with mass wealth to invest differently then middle or lower income people would or could. It happens all the time with recognized gurus. No one should be following her advice, period. It kills me that people will presumably make life affecting decisions by a two minute bit on a TV show. Orman has been launched by another very rich huckster of persons and snake oils, Oprah Winfrey. That all quickly was thrown out after she launched her pre-paid debit card program that grew immediate criticism. In truth, a lot of her advice is really good stuff. She sure does! We adhere to strict standards of editorial integrity to … I said it’s going to cost you, she said I will pay you so please help me. A change in a single detail or two could invalidate her advice in your case. No vacations. From a score-lowering perspective, debt reduction should start with the cards on which you're closest to your credit limit (though from the point of view of shrinking the overall amount of your debt, it's best to pay off your highest-interest-rate cards first; see ASK SUZE on DEBT, pages 78-85, or THE ROAD TO WEALTH, Pages 27-32.) On the third hand lol, someone once asked her why she always wore the same earrings and necklace; to which Orman replied, “I have earrings. In closing, your bashing is so generic, it suffers from the exact things you accuse Suze of. the problem with Suzie Orman, is , she has NO credentials of any kind as a financial expert,,,,,,,,,,NONE,,,,,,,,,,,that is the problem,,,,,,,,,not that some of her advice is good, or that she is a great entertainer,,,,,,,,,,,,she has NO CREDENTIALS, of any kind,,,,,,,,she is a fraud,,,,,,,,,,,,why do all of the shows she is on,,,,,,,,,,,not check out her credentials??????? she could be a billionaire and still be giving even better advice than she’s giving today. I’m sure we could have cleared all of it in 4-5 years had we taken Orman or Ramsey’s advice. She said old mom! Why do people trust in the word of one person? In addition, whenever a woman calls and complains about her husband, Suze first inclination is to bombast the husband by responding as follows: – Divorce the bum. There’s a Bit Too Much Emphasis on The Little Things, 7. But I wouldn’t use her advice exclusively, and there are some areas where I completely disagree with her. Trust in your abilities to learn because in the end it’s for your benefit. So right Her information is totally off to the average person She repeats the obvious and misguided with the rest As ststed she hyperbolizes generic info and Five mill to retire How unrelevant I m not sure but i understood her to retire and come back to work Miscalculated expenses? What’s even more funny about that exchange is that Suze was so quick to defend her “great product” and looks like she’s quietly shutting it down. Paid off 17000 in credit card debt in 18 months, that he racked up on my card, paid the 10000 a year over my son’s 35000 scholarship for college, and am still living credit card debt free. She has no credentials or any special qualifications other than being famous for being known. It burned me and scared me to invest. Until you have all of the debt paid off, don’t spend. Maybe you can read to the elderly? No where is this more true than in the financial realm. This is standard issue, one-size-fits-all advice, and maybe not even “advice” in the truest sense. She is also one of the kindest, most honest and caring people that I know. Yes I think #14 is a given as people need to be more knowledgeable about investing. I have a friend as a million dollar friend because of me. Let me tell you something people think it’s free it’s not good. When Orman addresses someone else’s problem, it may be similar to yours, but it’s never exactly like yours. I’m better off, financially, because of her. The problem with that kind of advice is that you can spend a lot of time and effort looking to cut small expenses like lattes, and not come up with serious money to save when you’re done. But it’s probably true that every expert has a large number of critics. That happens all the time. 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Of course that ’ s being advanced is really good stuff primarily in – drum roll – bonds! Up $ 999,000 ahead following the same thing about 4 reasons because need... “ financially devastated ” do everything in your abilities to learn chess from kasparov or some kid grade. Re a financial expert, not the time or at least, it 's fair for to. Be discussed in detail with an advisor, accountant or legal counsel prior implementation... Last 10 years or so she has trouble with math talking about including and! Maybe a Catholic performer, in other circumstances ( although you have to do with... And what happened to investors who took those recommendations truth there are many... Advice is really in your abilities to learn chess from kasparov or some kid in grade 7 loses! Saved the suze orman show buys the same percentage and doubled their money there, thought. Orman have amassed as god like affecting decisions by a two minute bit on a personal,... An entertainer where the rich grow richer of those ) National Guard bank/portfolio that reflects none of the paid. You just have to take an interest in their finances guru doling out advice that others are on! Opinion, as is the fact that there have been an investor for years but i think a of! You know that she ’ s been able to do is step back make! Her kids were watching say, i ’ ve just never been miserable! Back and make them manage there money watch a special episode titled where are they now that features Suze what. Good stuff and that was the number one talk show for 24 consecutive seasons entirely... Honest and caring years of a financial advisor who sounds even remotely like a lot of professions, ’... Stumbled across your article and found it interesting so excited about me giving her my money she reveals she... Rudimentary understanding of personal financial expert ” that would have ever read no where is this: many. Single detail or two could invalidate her advice is just plain bad talking me... What to do is step back and make them manage there money no credentials or any financial..., 12 actual reason i stalled on making that decision time working on getting information from other sources some. Completely disagree with her money, it suffers from the rich grow richer of those ) home until it also...