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186: Analyzing the gurus: Suze Orman

Season #1

We began a new series about analyzing the gurus! We’ll be spending time discussing several big personal finance names, their recommendations, and why we do or do not agree with those. Josh and Amelie discuss Suze Orman’s philosophy of debt, preparing for retirement, and investing.

Top takeaways:

  • Overly simplistic advice (supposedly for everyone), doesn’t actually work for anyone.
  • People generally need a softer approach to personal finance in order to encourage change.
  • Paying off your mortgage early doesn’t lower your living costs as much as you think it will and can cause financial issues.
  • The avalanche and snowball method of debt payment are both overly simplistic and aren’t ideal for anyone.
  • A 20% downpayment on a home isn’t always (or ever) necessary.
  • Look at the ROI before taking out student loans, but remember that it needs to be a personal analysis.
  • Research a potential financial advisor to verify their credentials.
  • Do-it-Yourself investing may be okay for a start, but comprehensive financial planning is better for more complex situations.
  • Age 70 may not be the most optimal age to start taking Social Security. When to start taking Social Security is not reversible and will impact the rest of your life.
  • A specific retirement goal of $1 million or $2 million is arbitrary, as each person’s goal is unique based on their circumstances,  goals, and needs.

Related episodes:

- Episode #42: When is debt good?

- Episode #119: Is the snowball method the best way to pay off debt?

- Episode #160: Should I buy a house now or wait?

- Episode #157: Does a mortgage make sense with high interest rates?

- A Nonprofit Guide to Choosing and Interviewing a Financial Planner

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