Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"Suze is a internationally known financial expert who has made a lot of people rich."
some of us felt the need to call B.S.
An acquaintance defined being rich as having money left over every month after expenses, and no existing debt. I'll use his definition of being rich. I would think most people would be quite happy with that circumstance. Rather then rich I can call it debt free. Lets say she has contributed or made available information to a lot of people which enabled them a financial strategy to become debt free. That's not a bad thing.
An acquaintance defined being rich as having money left over every month after expenses, and no existing debt. I'll use his definition of being rich. I would think most people would be quite happy with that circumstance. Rather then rich I can call it debt free. Lets say she has contributed or made available information to a lot of people which enabled them a financial strategy to become debt free. That's not a bad thing.
I’m not debt free by any means, but I do have high net worth and positive cash flow. .
Are you and Suzi suggesting I take my money out of my 401k and pay off my car loans and home loan so that I can live debt free?
I don’t think you’re seeing the forest through the trees here.
Otherwise your friend is not “rich” simply because he balanced his check book. That’s what you’re supposed to do.
Sue O isnt all that bright. If you really want to save money on a car, then study and learn from car guys, like Scotty Kilmer. First rule: Dont buy a new car.
An acquaintance defined being rich as having money left over every month after expenses, and no existing debt. I'll use his definition of being rich. I would think most people would be quite happy with that circumstance. Rather then rich I can call it debt free. Lets say she has contributed or made available information to a lot of people which enabled them a financial strategy to become debt free. That's not a bad thing.
We have basically no debt. We have a mortgage, but it will be paid off in a few years, and our house is worth a lot more than we owe - like 5 times more than we owe. We also have a car payment. We could pay it off tomorrow if we wanted to, but we have a 0% loan on it, so that wouldn't make any sense. No other debt. We have money left over every month. But we are by no means rich. To me, rich means that I could go out and buy that $100K car I want without even thinking about it. Rich means I would be able to travel wherever and whenever I want. Rich means I would be able to retire (I'm 47). I agree that we are in good shape financially, but I don't think we are rich. BTW, we got to this point by living BELOW our means for many, many years and saving everything we could, which is pretty much what Suze Orman preaches. We didn't buy this house until we saved enough to comfortably afford it. Same with the cars. I never owned a new car until I was 34. We lived in a small condo for years. We waited to have children. Etc. etc.
We have basically no debt. We have a mortgage, but it will be paid off in a few years, and our house is worth a lot more than we owe - like 5 times more than we owe. We also have a car payment. We could pay it off tomorrow if we wanted to, but we have a 0% loan on it, so that wouldn't make any sense. No other debt. We have money left over every month. But we are by no means rich. To me, rich means that I could go out and buy that $100K car I want without even thinking about it. Rich means I would be able to travel wherever and whenever I want. Rich means I would be able to retire (I'm 47). I agree that we are in good shape financially, but I don't think we are rich. BTW, we got to this point by living BELOW our means for many, many years and saving everything we could, which is pretty much what Suze Orman preaches. We didn't buy this house until we saved enough to comfortably afford it. Same with the cars. I never owned a new car until I was 34. We lived in a small condo for years. We waited to have children. Etc. etc.
sounds sort of like the Dave Ramsey Debt Free Program. Maybe I'll revisit Suze in the future to see if she's evolved. I had read one of her books about such things on how she once sued McD's for dental work stating she broke a tooth eating a Big Mac. And various other similar events, like renting a room in her house to a stranger.
Interesting, but for some reason, she just didn't capture me like Dave Ramsey did. His methods just seem more composed, and honest. I love the common sense of the financial freedom "baby steps" that you start with. Lots of fun, it's free, and must say, very effective for many in my camp.
I’m not debt free by any means, but I do have high net worth and positive cash flow. .
Are you and Suzi suggesting I take my money out of my 401k and pay off my car loans and home loan so that I can live debt free?
I don’t think you’re seeing the forest through the trees here.
Otherwise your friend is not “rich” simply because he balanced his check book. That’s what you’re supposed to do.
That is an interesting concept that many look at. The trap is to pay off the home as soon as you can. Well I have a 3.25% interest rate on my home that will slowly pay itself off in 20 years if we let it go full term. I also don't plan to retire for another 20 years and have been investing in my 403B for over 20 years to date. Last year I finally made it to the 6 figure club with my income. 12% of my money and 5% of my employers money is going into my account. I hope to max out in a couple years. My wife also puts in the same.
The money we put into our retirements continues to grow and from the meeting I had with our financial counselor, will continue to grow as time goes on.
Once the house is paid off, the debt will end, but I would lose money by paying it off any quicker.
I don't think it is a bad thing to pay off your debts as quick as you can. At the same time I want to get the biggest bang for my buck.
I am a working class guy. I don't consider myself rich. I don't think anyone would consider me rich.
I do have a nice amount saved in my 403B accounts. As does my wife. We own more than 50% of our home, although we still have 21 years to go on the mortgage. (Equity is paper wealth that can vanish. Not something that I am too interested in getting excited about on a personal residence.)
What I want are assets that pay me an income. For me to consider myself rich would mean that I can stop working if I choose and live off of the income my assets bring in. The assets should remain in tact. Many people have a nice amount saved up for retirement and then they start to slowly erode the savings by living off of them. That is not rich to me.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Never meant to mislead anyone.
