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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Suze Orman’s Insurance Action Plan

Posted on July 6, 2008. Filed under: -- Book Summaries, -- Building Wealth, -- For The Investor In YOU, -- Insurance Help For YOU, -- Top 10... | Tags: , , , , |


 

I’ve gotten good response emails from a few readers that liked my Suze Orman post. They too say they cant handle her show, but appreciate her knowledge and advice. 

Since I’m one that just loves deals and knowledge, I wanted to share with you what I found when investigating ways to be a better insurance consumer. I got this tidbit from Suze Orman’s book “Women & Money: Owning The Power To Control Your Destiny.” Although the title implies that the book is for women, the advice is for all. This is verbatem from her book. I’m not an insurance whiz by any means, but I do find the information valuable to readers so I still wanted to type it up and post it anyway. 

SUMMARY FOR LIFE INSURANCE & HOME INSURANCE:

-Get life insurance to protect anyone who is dependent on your income.

-Buy term insurance. Do not buy any other type of insurance.

-Opt for a guaranteed renewable policy. 

– For maximum protection, aim for a death benefit that is equal to twenty times the annual income your dependents need to cover their living costs.

– Make your revocable living trust the beneficiary of your life insurance policy.

HOMEOWNERS

-Make sure your dwelling limit coverage is updated to reflect the current cost of rebuilding your home if it were destroyed.

-Check that your dwelling limit coverage is either guaranteed replacement cost or extended replacement cost. 

-Make sure your possessions are insured for replacement value; if you just have actual cash value coverage, you need to upgrade your policy.

-Confirm that your policy has an automatic inflation adjustment.

-Find out your coverage for additional living expenses. Ideally, you want a policy that will pay your living costs indefinitely while you rebuild/repair your home. 

-Get a separate personal umbrella policy if you’re assets are valued at more than $500,000.

RENTERS

-Make sure you have your own personal renter’s policy. If the value of your personal assets exceeds the liability coverage in your policy, buy an additional personal umbrella policy.

CONDO/CO-OP/TOWN HOUSE OWNERS

-Get your own personal condo owner’s policy. If the value of your personal assets exceeds the liability coverage in your policy, buy an additional personal umbrella policy.

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