General Question

BBSDTfamily's avatar

Do you think Suze Orman gives the right advice?

Asked by BBSDTfamily (6824points) May 6th, 2009

Educated opinions only, please.

Observing members: 0 Composing members: 0

16 Answers

The_Compassionate_Heretic's avatar

Suze Orman has good advice for people not fluent in the language of personal finance.

asmonet's avatar

That woman is an idiot.

asmonet's avatar

@BBSDTfamily: Five year olds could do her job – and better. Everything she has ever said is common sense drivel, almost to the point that the few times I’ve been able to stomach watching her, I’ve come away feeling mildly insulted.

YARNLADY's avatar

No, I would never use her suggestions as my only advice on financial matters. Per Wikipedia “In 1998, Forbes magazine reported that Orman had misrepresented her credentials, and criticized some of her advice as simplistic. For example, her book claimed that she had a current Commodity Trading Advisor license, when in fact it had lapsed, and some of her materials stated she had eighteen years of experience working with Wall Street institutions when she had seven.”

Her college degree is in Social Work, but she has had several years in the finance industry. I would take her advice as coming from a social counselor with some knowledge of the finance industry, but look at other sources as well.

BBSDTfamily's avatar

@asmonet Not that she is my favorite person at all, but how do you call her advice “common sense drivel”? If it were just common sense, then why are so many Americans making bad financial choices? Obviously there are many who need her simple advice… so that they can understand it.

BBSDTfamily's avatar

@asmonet And most five year olds cannot even multiply numbers, so how could they do a better job?

I am assuming you must have a perfect FICO score, since Suze’s advice is so common sense to you. I take it you are also an expert on trusts, stocks, bonds, etc. ?

asmonet's avatar

Google phrases like “Suze Orman is an idiot.” they can do my talking for me. I call it common sense drivel because it’s a bunch of silly simple advice, like balance your checkbook! and it’s so simplified that to me, it seems condescending.

I have my own opinions about the financial decisions Americans are making, and it’s really too long a discussion to get in to here. Quite frankly, I’m not invested enough to get into it.

Her advice isn’t good, period. She isn’t simplifying complex subjects for the public to better digest, she’s spouting a bunch of obvious sound bite bullshit.

YARNLADY's avatar

@asmonet basically I agree with your assessment, but using arguments about 5 year olds is somewhat counterproductive.

cak's avatar

From what I’ve understood, for most investors, she is far too conservatives. Her advice should be geared for older people, not younger.

No, we do not follow her financial advice. Especially after she suggested to keep all your information in one handy place….he financial planner book and day runner. ALL your info in one place? No thanks, I’ve had my identity stolen once, don’t plan on making it easy, again. Oh and the handy planner was ridiculously expensive.

dynamicduo's avatar

I do not agree with Suze Orman and other similar people’s existences. I mean, good for them for managing to sell the most basic of information, it’s pretty much exactly like how the drink companies got the customer to pay for something you can get for free (water). But I don’t give a shit what any of the so called “financial experts” say, given that not one of them managed to see where America’s financial system was going.

Urban's avatar

No one annoys me more than this woman-as far as finance is concerned. The few times I’ve seen her show or seen her speaking about finances she was speaking in very simple terms for the laymen. The problem is, simplicity is not, in truth, the laymen’s friend. The details are what is valuable – the things she says, you can take a basic finance course and understand.

She’ll promote companies that pay consistent dividends and speak in terms that something like a 6% return with dividends and capital appreciate is a good investment, which it absolutely is not true since real inflation is much higher than that. Inflation is often reported as 3% annually, but it’s really somewhere around 5–8% not counting what’s happening in 2009. The reason for this is that inflation is tied to the consumer price index as are most pension plans, which means that if real inflation is reported, pension plan payments would have to increase which would cause financial burdens on most companies. Her advice is poor, in my opinion, for all age groups. I bet the things she tells her friends and family are vastly different than that of what she tells her readers.

I guess what I’m trying to say is that her explanations and suggestions for a novice investor are so basic that why bother even saying it. Retirement age and risk factors always make every situation different, but I think in general terms, her advice is poor. Although, I haven’t written any best selling books or have my own show, but I chalk that up to the fact that she knows how to target her market audience, which is the uneducated investor, ie: most of America.

At the least though, I’m sure she’s better than the alternative to not investing anything at all though eh?

Crick7's avatar

I think like all advice you need to take it as that- her opinion. She is not big on Real Estate but I am. Her story is a great one and I am thrilled for her success. I am trying to work on my own story- I am not there yet.

Urban's avatar

@dynamicduo

Actually, many experts knew that the current financial situation was coming. What happened is that the number unethical, greedy experts were greater, and better poised than the number of ethical experts – only very few of the latter get to the tops of executive management as fast since immorality is an escalator compared to the ladders most moral people take to advance.

dynamicduo's avatar

@Urban Well then, it’s even worse, why would anyone ever trust a “financial expert” again knowing that they lead the public into slaughter for their own profit?

Then again I’m happy to see a revival of responsibility and DIY ethic, and would love to see the financial world crumble back down.

Crick7's avatar

Ithink the more questions you ask the more you learn. Research your sources!

Answer this question

Login

or

Join

to answer.

This question is in the General Section. Responses must be helpful and on-topic.

Your answer will be saved while you login or join.

Have a question? Ask Fluther!

What do you know more about?
or
Knowledge Networking @ Fluther