GI Jane Finances

October 27, 2010

Suze Orman: Change is good?

Filed under: Uncategorized — Tags: , , , , , , , — gijanefinances @ 8:31 pm

Suze Orman had  newlyweds from Chicago on her 24 Oct show.  The hubby blew $2,000 in one night at a bar paying for 20-25 people!  I had no idea that was even possible.  The wife wanted to save $500 for vacations.  They are both in their late twenties.  She did not even find out about the $2,000 until a week later.   They have $10,000 in credit card debt; $8,500 in student loans; and a car loan for $23,000.   Then two weeks later he spent $600-$700 for champagne.  He did not even remember purchasing the champagne.  I actually think he has an alcohol problem and the spending is the symptom.  I think Suze was too polite to say it.  He also needs to grow up.  He is partying like he in a spendy single, most times without his wife.  This has to be the most alarming opening segment on her show in a long time.

Now, on the other end of her spectrum, the “Can I afford it” segment usually depicts her wealthy callers.  Suze addressed the feedback from her viewers who wonder what the heck do these people do for a living?  She even had a 28-year-old female with about $500,000 saved asking if she can afford a $75,000 wedding?  Of course, Suze said she could afford it.  She also had a 36-year-old female doctor with $215,000 seeing if she can afford a $900 flight/hair appointment.  She approved it even though the doctor had $118,000 in debt.  I would say the majority of her callers for this part of the show are pretty affluent.  It kind of defeats the purpose of the segment.  I do not think they reflect the average American.  You would think that we were in the 2003-2006 heyday.

I was surprised that she mentioned gold as a good investment in your portfolio.  If I did not listen to Ramsey, I would have bought good right after Katrina.  I did not know it was taxed differently since it is a commodity. 

Suze said a good financial planner changes with the times.  I somewhat agree with her because she certainly has.  But I like the reliability/consistency of Ramsey since his advice is pretty old fashioned and simple.   

Interesting show.  I need to stay away from bars with table service.

GI Jane

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2 Comments »

  1. I prefer Ramsey over Orman because he gives advice that can last through time. Sure, he’s a bit too religious and probably too strict (no credit cards!?) for my taste, but his advice is solid.

    As for these people phoning in, I’d like to know what they do too. Seriously! 28 years old with half a million saved? Wow. 🙂 (okay okay.. I know.. don’t compare yourself to others)

    I also didn’t know it was taxed differently as a commodity, but I don’t believe in gold as an investment unless it’s right after a huge recession and everyone flocks to it (which I did not know).

    Comment by FB @ FabulouslyBroke.com — October 27, 2010 @ 8:34 pm

    • I agree…I like the KISS principle: Keep it simple stupid. I know…I like “what?!?” The 28 year old said she did not inherit the money. Yeah, I resisted gold too.

      Comment by gijanefinances — October 27, 2010 @ 8:39 pm


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