Credit Debt Cures
Is Suze Orman a credible financial expert or just another bullshitting fraudster?
Suze Orman has been slammed for her shallow, obvious financial advice and also for her objectivity due to her endorsements. http://www.ocregister.com/ocr/2004/12/31/sections/business/business_nation/article_362022.php
Public Comments
- I watched a program she did on building credit ratings and she was right on target with her advice.
- From what I have seen, her advice is good enough for the average person (i.e. live within your means, save today, etc). However, speaking as someone with Ph.D. level finance knowledge, her advice on more advanced topics is pure sophistry- plausible and simple, yet fundamentally flawed.
- People have always asked me advice on saving, budgetting investing etc. And my approach is very common sense. I find hers to be as well. She doesn't spout about individual stocks, or economics. Just common sense solutions backed up by a decent amount of tax and investing knowlege. It's always easy to bash these tv finance types, but I think she is pretty darn good!
- Generally, I have agreed with her. HOWEVER - I once saw a TV special where she encouraged young people fresh out of college to use a credit card to pay for their basic living expenses and THAT turned me off. There is nothing more stupid than telling a recent college grad (who probably already has student loan debt) to get into MORE debt by using a credit card for living expenses. Her basic principles of getting rid of debt, then investing are sound. I prefer Dave Ramsey and his plan. Check it out at the site below.
- Suze Orman can make broad, sweeping advice about life insurance to millions of people without fear of liability. She says everyone needs a 20 year term life insurance policy. She must really enjoy throwing money in the toilet. She wants you to cash out your valuable, permanent whole life policy, get term, and "invest the difference". What else can you invest in with guarentees? She is also not telling you that only 3% of term insurance ever has a claim filed on the policy. So, in essence, she also must love giving insurance companies money on a candy stick. So, when you get down to it, when it comes to the wide world of life insurance, go with a good agent from a reputable company...not Suze Orman or Dave Ramsey who both only want to peddle their little kits and books. They frankly have no idea what they are talking about when it comes to life insurance.
