Suze Orman is the Oprah of Personal Finance. She’s a financial advisor, writer, and television personality to boot.
With her books, television show, and other media efforts, Suze Orman has established herself as one of the top personal finance experts in the United States. Her program The Suze Orman Show has aired for more than a decade and is one of the highest rated shows on CNBC.
More credentials: She has written nine consecutive New York Times Best Sellers and has written, co-produced and hosted seven PBS specials based on her books. Her PBS shows are the most successful fundraisers for PBS and have won two Emmy Awards. She has been in even higher demand since the economic crisis, appearing on Larry King Live, NBC’sToday and Anderson Cooper 360.
Suze Orman’s Top 3 Quotes
1. People first, then money, then things.
2. Financial freedom is our birthright, rather than the “slave walk” of the Monday through Friday grind..
3. They got married, they got divorced, and half their money goes out the window.
Suze’s 5 Steps
The troubling thing about investing is that far too often a Beginner starts investing and suddenly becomes the biggest loser. To make the situation worse, there are overwhelming books and opinions that could provide a lot of information to beginners but no knowledge to help give them financial freedom.
So we took a conservative and safety mode approach and included below Suze’s Top Rules of overall Financial well-being and her 5-Step Financial Action Plan:
1.Pay off your credit card debt – Start paying off credit cards with the highest interest rate and move down the list to those with the lowest interest rate
2.Raise your FICO score – Never go over the limit on your credit cards, always pay your bills on time and try and pay more than the minimum due on your cards
3.Create a Spending Action Plan – Separate your wants from your needs in your expenses. If you have debt or Zero savings, remove the wants for a later day
4.Create a Savings Action Plan – Always save 20% more than you planned. Research savings accounts with the highest interest rates
5.Create a Retirement Action Plan – Never panic when the market goes down and continue to invest in your 401k on a monthly basis. If you need money in the next 5 years, take it out from the stock market but never touch your 401K
Pre-Paid Credit Cards
Like with any celebrity, the public has quickly jumped on any perceived flaws in Suze’s advice. In particular, she has been heavily attacked for defending Pre-Paid credit cards and has been all over media outlets defending her case.
The facts of the card are included here, from which you can quickly see why the public is not a big fan of Suze’s new product.
Do the false expectations of the pre-paid debit card hurt her credibility? In addition to the list of fees charged by the card and details of which included in the image here, the TransUnion credit report available with the card has a fee of $11.95, there is an additional charge for customer support, and to use the funds available on the card a customer has to deposit the funds in the form of a direct deposit and not cashiers checks, money orders or personal checks. Not as sweet as you thought huh?
If you want more from Suze, you can always find more details on the well renowned celebrity site oprah.com
Written by Sabina Bhatia