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Getbig Main Boards => Gossip & Opinions => Topic started by: Tom on July 11, 2010, 11:42:23 AM
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i admit i watch the suze orman show and just wondering if she is legit and what she says is true and she knows what she is talking about.
she seems to have the answers but then again i watched this great documentary called maxed out about the debt and credit card crises that the country and people individually are facing and she was on there for a second and then on black screen it says that orman is a paid consultant for fica, you know the credit score company and made it looked like this is a bad thing?
if what she says is true then i'm big time screwed! because according to her i should have like 300,000 plus dollars in ira's, roth's, savings, assets and so on. not to mention her famous 8 month living expenses emergency plan!
no one i knows has that much money in savings, retirement plans or assets. no one! my one friend who makes the most of anyone i know that i can call a friend makes 70,000 plus a year and she only has she told me 20 thousand or so in savings if you don't count her ira's and other stuff. so i guess she'll be working until she's 80 too?
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Yes,
She offers solid spending advice. Remember most people are in debt and don't make regular savings contributions.
I was broke this time last year but because my biz has grown and I gave been saving like crazy (never raized my cost of living) I could live 5 months (with current cost of living) with out earning anything. I think 6 months is a good safe number though.
How old are you? If you are over 45 then 300,000 in total assets would seem about right.
Seriously, if you ever want to retire one day and maintain a comfortable standard of living then you are going to need to save.
I know Bay as well as myself have driven home this point many times but people never seem to listen.
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I got a bridge to sell you.
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;)
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The opposite of her is Dave Ramsey. Suze Orman thinks it's ok to be in debt while Dave Ramsey thinks you should work to get completely out of debt with the exeption of your home. Why would anyone want to live with debt is beyond me. We even run our business debt free. Being in debt is a burden.
http://www.daveramsey.com/
Read his book 'Total Money Makeover" we have it and have read and followed it.
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The opposite of her is Dave Ramsey. Suze Orman thinks it's ok to be in debt while Dave Ramsey thinks you should work to get completely out of debt with the exeption of your home. Why would anyone want to live with debt is beyond me. We even run our business debt free. Being in debt is a burden.
http://www.daveramsey.com/
Read his book 'Total Money Makeover" we have it and have read and followed it.
Interesting , I never knew that. Finally debt free/.
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Interesting , I never knew that. Finally debt free/.
I listen to Dave Ramsey, Clark Howard and Orman on a regular basis. I take a little of what all of them say. Howard is more about not being ripped off but his advice in other areas is pretty sound. I love the concept of being debt free, but I hear Ramsey often give people unrealistic advice to follow. Kind of like a pro body builder telling me how to get big like him, leaving out the steroids part. But its hard to argue with his mantra, if you can't afford it with cash, don't buy it. But in the business world, 99% is done with other peoples money.
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The opposite of her is Dave Ramsey. Suze Orman thinks it's ok to be in debt while Dave Ramsey thinks you should work to get completely out of debt with the exeption of your home. Why would anyone want to live with debt is beyond me. We even run our business debt free. Being in debt is a burden.
http://www.daveramsey.com/
Read his book 'Total Money Makeover" we have it and have read and followed it.
Great man, great book and great radio show.
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I listen to Dave Ramsey, Clark Howard and Orman on a regular basis. I take a little of what all of them say. Howard is more about not being ripped off but his advice in other areas is pretty sound. I love the concept of being debt free, but I hear Ramsey often give people unrealistic advice to follow. Kind of like a pro body builder telling me how to get big like him, leaving out the steroids part. But its hard to argue with his mantra, if you can't afford it with cash, don't buy it. But in the business world, 99% is done with other peoples money.
You have to take into consideration how much debt you're in. The extreme is when you're in so much debt BUT you make enough to get out but rather spend it on things you don't need rather than putting towards the debt "should I go on vacation or should I use the money for the vacation to pay this debt"? Lifestyle changes must be sacrificed to get out of debt.
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http://www.thesurvivalpodcast.com/what-debt-freedom-means
http://www.thesurvivalpodcast.com/debt-elimination-is-survivalism-101
http://www.thesurvivalpodcast.com/episode-60-keeping-your-head-in-tough-times
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The opposite of her is Dave Ramsey. Suze Orman thinks it's ok to be in debt while Dave Ramsey thinks you should work to get completely out of debt with the exeption of your home. Why would anyone want to live with debt is beyond me. We even run our business debt free. Being in debt is a burden.
http://www.daveramsey.com/
Read his book 'Total Money Makeover" we have it and have read and followed it.
Coach...do you have his Financial Peace software? If so, whats your opinion of that. Recently I have paid off a few of my credit cards. Doing it one at a time. Well, one of them was a Chase Rewards card. Originally it had a $4000 limit on it. This past Tuesday I paid off the entire balance of $3500 or so. Well, this weekend I went to check my rewards and see how close I was to getting a flight....lo and behold....they reduced my limit to $500. I FLIPPED OUT!!!! This whole new fucking credit card plan the government laid out doesnt allow the banks to look at your past payment history with them. So, with the debt to income ratio and the fact it takes a few months to update a credit report....they reduced it. I told them to fuck their card, fuck their bank, and fuck their points. I am pulling my money out of that bank and going to look at another bank. I used to be with BofA....but they are scum bags too.
Suggestions on good banks?
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shes an old dooshe selling hope.
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Coach...do you have his Financial Peace software? If so, whats your opinion of that. Recently I have paid off a few of my credit cards. Doing it one at a time. Well, one of them was a Chase Rewards card. Originally it had a $4000 limit on it. This past Tuesday I paid off the entire balance of $3500 or so. Well, this weekend I went to check my rewards and see how close I was to getting a flight....lo and behold....they reduced my limit to $500. I FLIPPED OUT!!!! This whole new fucking credit card plan the government laid out doesnt allow the banks to look at your past payment history with them. So, with the debt to income ratio and the fact it takes a few months to update a credit report....they reduced it. I told them to fuck their card, fuck their bank, and fuck their points. I am pulling my money out of that bank and going to look at another bank. I used to be with BofA....but they are scum bags too.
Suggestions on good banks?
No, sometime back before we bought our home and I was going through the custody battle in the courts my wife got his Gazelle software because of the credit card debt we inured with attorneys fees (almost $26k). We actually followed the program and it worked. We're about 95% debt free with just a car payment and house payment. We don't buy anything unless we can pay cash for it. Like I said, even our business is debt free, when the gym is finally open, it will be opened debt free, no leasing of anything exept the building (although we have a great offer that might change our plans dramatically). If we want something, we budget for it and pay cash. It allows us to keep more money in the bank and frees us from things we want to do.
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Coach...do you have his Financial Peace software? If so, whats your opinion of that. Recently I have paid off a few of my credit cards. Doing it one at a time. Well, one of them was a Chase Rewards card. Originally it had a $4000 limit on it. This past Tuesday I paid off the entire balance of $3500 or so. Well, this weekend I went to check my rewards and see how close I was to getting a flight....lo and behold....they reduced my limit to $500. I FLIPPED OUT!!!! This whole new fucking credit card plan the government laid out doesnt allow the banks to look at your past payment history with them. So, with the debt to income ratio and the fact it takes a few months to update a credit report....they reduced it. I told them to fuck their card, fuck their bank, and fuck their points. I am pulling my money out of that bank and going to look at another bank. I used to be with BofA....but they are scum bags too.
Suggestions on good banks?
Along with our regular bank we do most of our investing with ING and have a small Scott Trade portfolio. But for our regular banking we use US Banks and Farmers and Merchants.
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coach must be the only person in california who only owes 5% on their house... well done!
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Don't be a dick, you know what I meant.
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They are all thieves trying to sell you something. It is a bullshit scheme like every schmoe that has a diet book out.
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Coach...do you have his Financial Peace software? If so, whats your opinion of that. Recently I have paid off a few of my credit cards. Doing it one at a time. Well, one of them was a Chase Rewards card. Originally it had a $4000 limit on it. This past Tuesday I paid off the entire balance of $3500 or so. Well, this weekend I went to check my rewards and see how close I was to getting a flight....lo and behold....they reduced my limit to $500. I FLIPPED OUT!!!! This whole new fucking credit card plan the government laid out doesnt allow the banks to look at your past payment history with them. So, with the debt to income ratio and the fact it takes a few months to update a credit report....they reduced it. I told them to fuck their card, fuck their bank, and fuck their points. I am pulling my money out of that bank and going to look at another bank. I used to be with BofA....but they are scum bags too.
Suggestions on good banks?
The bank just did you a favour. You should thank them.
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Pedro01 is actually correct, the bank did do you a favor. MOS, are you saying people should have debt and don't need help? IMO the "legit" advisors have a lot to offer. I just disagree with Orman, if you can get out of debt, get out of debt completely!
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Pedro01 is actually correct, the bank did do you a favor. MOS, are you saying people should have debt and don't need help? IMO the "legit" advisors have a lot to offer. I just disagree with Orman, if you can get out of debt, get out of debt completely!
Orman is a whore bitch. She works for FICO and pumps their credit score product. They are shills. They get rich selling you schemes about how to be out of debt buy spending money on them.
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Coach...do you have his Financial Peace software? If so, whats your opinion of that. Recently I have paid off a few of my credit cards. Doing it one at a time. Well, one of them was a Chase Rewards card. Originally it had a $4000 limit on it. This past Tuesday I paid off the entire balance of $3500 or so. Well, this weekend I went to check my rewards and see how close I was to getting a flight....lo and behold....they reduced my limit to $500. I FLIPPED OUT!!!! This whole new fucking credit card plan the government laid out doesnt allow the banks to look at your past payment history with them. So, with the debt to income ratio and the fact it takes a few months to update a credit report....they reduced it. I told them to fuck their card, fuck their bank, and fuck their points. I am pulling my money out of that bank and going to look at another bank. I used to be with BofA....but they are scum bags too.
Suggestions on good banks?
So you just paid your card off and now you're mad that Chase has decreased the limit on the card...which won't allow you to accrue more debt? hmnm...
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Coach...do you have his Financial Peace software? If so, whats your opinion of that. Recently I have paid off a few of my credit cards. Doing it one at a time. Well, one of them was a Chase Rewards card. Originally it had a $4000 limit on it. This past Tuesday I paid off the entire balance of $3500 or so. Well, this weekend I went to check my rewards and see how close I was to getting a flight....lo and behold....they reduced my limit to $500. I FLIPPED OUT!!!! This whole new fucking credit card plan the government laid out doesnt allow the banks to look at your past payment history with them. So, with the debt to income ratio and the fact it takes a few months to update a credit report....they reduced it. I told them to fuck their card, fuck their bank, and fuck their points. I am pulling my money out of that bank and going to look at another bank. I used to be with BofA....but they are scum bags too.
Suggestions on good banks?
I had a business credit card. I had about 11k balance on it. With the next payout, I paid the entire balance off. As soon as i did, they sent me a letter saying my account was cancelled and thanks for the payment. I had it opened for about a year, and never missed a payment, and the balance never went over about 2k, except for that last month where i needed to buy a larger qty of materials. This was past december.
So i had to open a new one. I opened AmEx. They gave me $5,000, then reduced it to $1,500 before i even made a single purchase!
Either way, i don't owe shit on either, and these days unless customers pay me at least 50% in advance, i won't even take on the job. I can always hire/fire help as i please these days, so it doesn't bother me.
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She is a legitimate Lesbo
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Great man, great book and great radio show.
x2. My old man listens to him religiously. I too have picked up some good tips from him also. I'm about as fiscally conservative as a 29 yr old can be anyway though. I've never ever had a credit card ;)
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I've never ever had a credit card ;)
that's messed up
how do you buy your supplements online ???
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I had a business credit card. I had about 11k balance on it. With the next payout, I paid the entire balance off. As soon as i did, they sent me a letter saying my account was cancelled and thanks for the payment. I had it opened for about a year, and never missed a payment, and the balance never went over about 2k, except for that last month where i needed to buy a larger qty of materials. This was past december.
So i had to open a new one. I opened AmEx. They gave me $5,000, then reduced it to $1,500 before i even made a single purchase!
Either way, i don't owe shit on either, and these days unless customers pay me at least 50% in advance, i won't even take on the job. I can always hire/fire help as i please these days, so it doesn't bother me.
Same thing that I just described. I used it for business stuff. Was happy with Chase...now, fuck 'em.
I had an Amex Card about 3 yrs ago....forgot I had it...6 mos later I got a letter form them stating they were closing it. No explanation, nothing. I recebtly tried to get another one because of all the shopping I do with Costco...nope, they denied me. Again, fuck 'em
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I had a business credit card. I had about 11k balance on it. With the next payout, I paid the entire balance off. As soon as i did, they sent me a letter saying my account was cancelled and thanks for the payment. I had it opened for about a year, and never missed a payment, and the balance never went over about 2k, except for that last month where i needed to buy a larger qty of materials. This was past december.
So i had to open a new one. I opened AmEx. They gave me $5,000, then reduced it to $1,500 before i even made a single purchase!
Either way, i don't owe shit on either, and these days unless customers pay me at least 50% in advance, i won't even take on the job. I can always hire/fire help as i please these days, so it doesn't bother me.
Same here. I had a card that started at $1500 in 2000, I got a job as a consultant which required me to travel everywhere, so lots of plane tickets, hotels, food, car rentals etc... They slowly increased it and by 2005 it was at $25000. I probably charged a few hundred thousand over the years but always paid in full by end of month. Then out of the blue last year they dropped it to $7500 and raised my rate from 9% to 25%. I called them and they basically told me to deal with it or cancel, so I cancelled. Fuck them. This was with Citibank.
the shitty part is now when I go on long trips I have to use two cards because hotel costs rack up fast.