First let me say I believe Dave Ramsey and Suze Orman have brought more people to consider their personal finances than most other financial writers. Orman has additionally brought more women into thinking more about their finances and take control of their financial futures. However, every time I see her (which, to be fair is not that much) something troubles me.
Her advise is often very simplistic.
I watched the show awhile ago and there was a segment on the show called "Can I afford It?" No offence to the people that called in, but it was like a bad SNL skit.
- Caller: Suze...Can I afford a Plasma TV?
- Suze: Tell me, do you have any cash on hand for Emergencies?
- Caller: No...
- Suze: Any Retirement savings
- Caller: Yeah I have $2500 in my 401K
- Suze: How old are you?
- Caller: 50
- Suze: I wouldn't...get some bonds right away...
That was totally made up but it isn't that far off the calls received. It isn't her problem who calls in, but the way real radio or TV works is that they feed the callers and queue them...some someone tosses her some real softballs...at least when I watched.
Her tips that I have read out on the web were pretty pedestrian as well.
- Don't Eat Lunch out
- Search your closet for lost money
- Use Self-Serve pumps at gas stations
They might as well also include:
- Don't put your money in a pile and burn it
- Don't eat dirt
- Don't try All of the get rich quick schemes...its not fair to others that want to get rich too...
Love to hear you opinion, am I being too hard on her based on the few shows I have seen? Is one of her books a must read? Let us all know!
Nothing wrong with simple, just simplistic! It really comes down to this: If you want to create wealth first you need to spend less than you make. Period. Then topics like Budget, Emergency Fund, 401K, debt management and investing should be reviewed in depth.