I have mixed feelings about Suze Orman as a financial expert. The arrogance, self-promotion and know-it-all attitude is a little tough for me take at times. Ric Edelman, no stranger to arrogance and self-promotion himself, likes to ridicule her for this exchange:
Q: Is there anything you don't know when it comes to money?In spite of such statements, I found this talk at Google from January 27, 2010 to be very informative, especially the parts on how she got started in her career; 401ks, emergency funds, and Roth IRAs for young professionals; and how FICO scores are really calculated and what a person can do that helps or hurts there FICO score. She also says that everyone should have a will and a revocable living trust, the majority of people should only buy term life insurance, nothing else, and the best way to save for a child's education is a 529 plan (see savingforcollege.com). Suze closes with these 10 points:
Suze: No, there is nothing that I do not know. That I am sure about.
- Focus on people and money will follow.
- It is better to do nothing than something you do not understand. If you get investment advice you don't understand, don't invest based on trust; 9 times out of 10 you will get burned.
- Being rich is better than being poor.
- Democracy and the deficit-- Let's hope it all works.
- You don't need to be on Wall Street to make money.
- You can make money without doing evil.
- There's always more money to be made out there.
- The need for money crosses all borders.
- You can be the world personal financial expert without ever wearing a suit or being a man.
- Being wealthy is just not good enough, it is what you do with that wealth that counts.