Suze Orman’s DO NOT List

Posted on July 7, 2008. Filed under: -- Building Wealth, -- Suze Orman, -- Top 10..., -- Uncategorized | Tags: , , , , , |


 

By Molly Greaves

I find Suze Orman’s TV show to be sort of overwhelming, although, most of us that are talking about money are. We’re just super excited to help you succeed, and want to teach you all of the tricks and the trade for your success that we can, regardless of your situation. The good news is that we live in the information world so it was easy for me to buy her book and get her information in that format instead. I’ve had this book since it hit the bookstores, but recently dug it up, like I will with many books that I’ve already read. I wanted to share with you her DO NOT list in case you havent seen it yet. I got it from page 358 of her book, The Money Book for the Young, Fabulous and Broke.

Here you go:

DO NOT:

1. Screw up your FICO score. It’s your winning ticket to every financial move you will ever make when you go to borrow money in the future.

2. Focus on Your Paycheck She says to instead, focus on your mark.

3. Think you can back out of repaying your student loans. 

4. Start saving if you have a high-rate credit card.

5. Invest money that you’ll need in less than 5 years in stocks.

6. Pass up your employers 401k or 403b match plan at work.

7. Take a loan from your 401k plan to pay off your credit card debt. 

8. Invest in a mutual fund with the letter A or B at the end of it’s name.

9. Purchase a variable annuity.

10. Lease a car. She says finance it instead.

11. Take out an interest-only or no-down mortgage. 

12. Use an ARM

13. Pay off your credit card debt with a home equity loan (HEL) or Home Equity Line of Credit (HELOC)

14. Ask a friend or family member for a loan.

15. Think of bankruptcy as the life raft that will save you.

16. Buy whole, life or any other type of cash-value life insurance.

17. Rely on a will. She says that a revocable trust, along with a durable power of attorney with incapacity clauses will give you and your family the best protection.

Check out Suze’s book to learn more. I read all sorts of books by financial folks. Hers are pretty simplified, which makes it nice and easy for people just starting out.

Best of luck-Molly 

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4 Responses to “Suze Orman’s DO NOT List”

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Nice post. Hope to come back:)

Wow I found your blog looking for Suze pictures. This blog is refreshing to find. Im new to blogging and a lot of them seem the same. You have a lot of content that I am going to like to read. I used your photo for a blog post I did today but stated your blog link as the place that I found the pic. If there are some blogging politics on photos please let me know because I have no clue.

I look forward to following your site,

Lucy
postpartumillness.com

Interesting point of view.Thanks for the post. – In Beverly Hills…they don’t throw their garbage away. They make it into television shows. – Woody Allen Born 1935

You say do not Pay off your credit card debt with a home equity loan (HEL) or Home Equity Line of Credit (HELOC). I told my sister this but she wants to know why since the HEL is only 4.5% and her credit cards are at a much higher %. What do I tell her? She swears she will amek the payments and not put her home in jeprody.
Thanks


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