Suze Orman way off on advice

I've been following her for a few months and my favorite advice was to a woman who said that her current job did not allow her to pay all of her bills; Suze's advice? "Earn more money."

Are we that stupid or is she?

 

Marie, I agree totally with you on her credit advice. I heard her tell a guy that had a paid collection that it wouldn't hurt him and that there wasn't anything that he could do about it. After that, I sent her an email and got a thank you for the email response (BS). I really like the way that she reads between the lines on issues, but her credit advice is horrible. I really started questioning everything that she said after that show. That whole episode, hopefully, changed me. I got accepted for a CFP program that accepts 3% of the applicants that apply. It is an online, self-paced program that has a 67% pass rate for the CFP test vs 51% nationally. So, maybe her ignorance will payoff for me! Charlie

 

You're right Marie,

Suze is from the old school. Ya know, work hard for 40 years and your company will take care of you. lol

We are policing our industry. I have letters I've already submitted to her agency, awaiting a reply, AND I'M NOT THE ONLY ONE.

Financial Planners are just not ALWAYS right, just usually.

~

 

I like some of things she says, like pay your self first, people first. She says some nice hopful things,but credit debt is bad. Look Suze some of us can't Biz loans,or save for years to start a Co,it is easy to get credit then to get a Biz loan.

 

Personally, I'd say go for a self-directed IRA and invest in real estate. What do I know though, I'm poor LOL.

Gib

 

Fave Butch growling dude:

Marie: "watched some people lose 100k or more... ;( lord. It's like Enron. It bothers me that they did what they did... but I'm more bothered that so many people rode the stock so far down....

Butch: They did the exact opposite of what any responsible planner would instruct them to do, that is: NEVER PUT ALL YOUR EGGS IN ONE BASKET. Diversify. We have little to no sympathy for those who don't follow our advice.

Just making sure I'm reading this right -- You have little to no sympathy for (Enron employeess having lost their retirement funds) those who don't follow our advice.

Am I understanding?

Sassy

 

Congrats to you, Charlie!

This is why you've been studying so much?

Wooooooooo Hoooooooooo

Sassy

 

I'm not nearly as heartless as you're trying to catch me being. ((

I'm referring to people in general. As I thought was Marie when she said: like Enron.

I feel VERY badly for these older people who've lost everything, yes. Because they were lied to and cheated. To that extent I feel for them.

I'm also saying that "part" of the responsibility rests with them as well. Let's not pretend that a 70 year old who puts "all his eggs in the Enron basket" because they told him he could make a fortune, is anything other than an unfortunate combination of uncontrollable greed AND misinformation in "most" of those cases. In fact it's plain stupid. But don't worry, those execs will do the time. As will Martha Stewart and her chronies.

Now - if you can agree that everyone can share in the culpability, then it's just a matter of degrees. That's an argument I shall avoid.

And that's the truth Sassy, regardless of how sympathetic you feel.

 

Butch, I think she is referring to the Enron employees who had no choice in the matter. They were locked in while the top execs were bailing.

Gib

 

But before they were locked in "They had all their eggs in that basket". That's when they did have a choice.

It was ALL their eggs that got locked in, in the first place.

Fortunately, the SEC is formulating legislation which basically says the exec gets locked in just like everyone else. Or; unlock the exec and unlock everyone else. A GREAT idea.

I think Securities Reform is very badly needed. Most of it was written BEFORE the advent of computers. lol



Which came first, the chicken or the egg? LOL

 

Gawd, where else can I get late night comedy like Creditnet. LOL.

Gib

 

Are you seriously a CFP Butch? Do you know why I for one will invest in bonds and not bond funds? You didn't answer Marie's question. You gave general advice about allocation. Since you took it upon yourself to answer do you want to try again? I just can't take many more of your know it all posts re: securites without responding. It seems your financial education comes from google searches and is remedial at best. When you identify yourself as a CFP and give financial advice you should be careful. If I were a Creditnetter ready to buy bonds would buying a bond fund be OK? Same difference? NO.

Several well respected CN's have helped me with my credit issues, have seen my reports, know who I am and what I do. Currently I am the head money manager for one of the three richest men in the world making 8 figures a year under a 5 year contract. I know securities and am paid well for my expertise. I have seen poeple like you do a lot of damage to people who can least afford to suffer. If you call yourself a professional give professional advice.

 

Oh Gawd, not another one.

LOLOL

 

Jeff, I'm not trying to pick a fight here...honest. But if I made 8 figures a year, my CR would the last thing I would worry about. Could you adopt me? =)

Gib

 

Since you're a millionaire, email me your address so I can send you a fee schedule. Then you can have all the specific advice you want.


lol

 

Butch, you said you are a Fidelity employee. Do you ever worry about problems with compliance because you post on a forum like this one?

 

For 8 figures a year, you (or your client) could buy Fair Isaac...