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On the subject of retirement, I think even 15% is probably right on the mark. Social Security is probably not going to keep up with inflation (they have to make it solvent somehow), relying on inheritance works for some people, but not for most, you don't know how long you're going to live, etc, etc...
I like Suze. I don't think she is a guru but she does offer some insight here and there. Noone's philosophy is a one size fits all plan. I pick and choose what applies to me.
Wrong. The podcasts have been discontinued as of Aug 31. Now you must watch her on TV no matter what if you want to see full episodes.
Wrong. The podcasts have been discontinued as of Aug 31. Now you must watch her on TV no matter what if you want to see full episodes.
I still don't get what you're complaining about. You're upset that Ormon doesn't give you personalized advice yet you can't do the same for everyone else?
What did you expect from a tv show? That she was going to reach through the tv screen and grab you personally and give you free detailed nongeneralized advice?
I have always liked her and thought her advice generally basic common sense stuff. Never learned that much from her. She was on the NBC evening news last night speaking about the government shutdown and raising the debt ceiling and what people should do because of it. I was floored when she started advising people to sell their bond funds and buy individual bonds or invest in dividend paying stocks. It was just a quick comment without context and I believe wrong for many/most people. It was shocking to me and cast her in a new light.
Look, I like Suze as a TV personality and her show is fun to watch. The point I'm making in this thread is that after 7 months of following her religiously, I'm not convinced that her advice is tailored enough to meet the specific financial situations of her audience, unless you're actually invited to be on the show, in which it's more personalized. Her emergency fund and retirement contributions seem to be a bit excessive or difficult for the average person to achieve. And when she said that everyone needs a revocable trust, that's when she truly lost me.
I like Suze. I don't think she is a guru but she does offer some insight here and there. Noone's philosophy is a one size fits all plan. I pick and choose what applies to me.
Yes, she said that a 10% down payment is acceptable, but only if you meet a number of criteria. First, she said you must have an emergency fund, and only buy the home if it's no more expensive than your current rent. She also said to only do it if you can get a rate of 4.0 - 4.5%, among other things. The problem is...if you only put 10% down, that means you will have a LARGER mortgage payment and PMI, which is a ridiculous $180 a month here in Connecticut. It is VERY unlikely that such monthly house payment will be less than my current monthly rent.
If you get free TV financial advice, you might consider that's how valuable it actually is. Learn to think for yourselves folks and don't listen to every Tom Dick and Mary who gets a TV show cause they are entertaining. Do some studying and research. I have a novel idea, How about buying a book, or two and learning something, but not a book from a TV "personality"
Surprise surprise, you've just discovered what most of us already know - Suze Orman is a Personality first, and a financial advisor a distant second (and even that is mixed with "pseudo-therapist"). As you note, most of what she says isn't "bad" advice, but it's cookie cutter and predominantly common sense and/or overly conservative.
On the Revocable Living Trust issue, she's flat out stinking wrong. Don't even get me started on that. In the arena of estate planning she should shut her mouth because she's only getting herself into trouble.
Personally, on financial books, I'm a big fan of Andrew Tobias' "The Only Investment Guide You'll Ever Need".
i remember reading his book back in the 1980's. i think he even offered a software program if i rember for tracking investments.
suzies crowd are are mostly financial train wrecks. she really isn't geared for an audiance of succesful people.
her advice is basically given with a broad stroke to keep people from hurting themselves . most of america left to their own devices will commit financial suicide.
while stretching the truth like 401k loans are double taxed is more a scare tatic than truth.
work to 66 or 70 or put as much down as you can but figure 20% as the min for a house are all done to keep her dirty dozen misfits from doing more harm than good.
I don't see the need for an 8-month emergency fund for those who are not self-employed and are eligible for unemployment insurance in the event of job loss.
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