We just finished watching Suze Orman on Oprah’s Best Life Series (I’d recommend the whole series!) First we’d have to say that James has changed his tune about Suze. She tells it as it is and doesn’t let up.
The class started out with Suze being hammered by a restaurant owner who was criticizing her for telling people not to eat out.
Apparently Suze gave her advice on Oprah last week that folks who were in economic difficulties or uncertainties should do the following:
1. Not spend anything for a day.
2. Not use a credit card for a week.
3. Not eat out for a month.
She got lots of flack for from restaurant owners, including this guy who Skyped in. Suze just gave it back to him, pointing out that he himself had credit card debt and shouldn’t be eating out, and that sacrifices today will mean more prosperity for everyone in the long term. If you want to see the show it will be available on Oprah tomorrow.
Here are a few of the other tidbits that we really liked from the show:
Be honest with yourself on what you can spend.
FICO uses the debt to available debt as a ratio in figuring your credit rating.
8 months of emergency funding is recommended in this economy.
It is better to do nothing than something you don’t understand.
Listen to yourself and do what is right for you, not even your financial advisor or us DINKs.
For those who are interested, Oprah is heavily in cash and Suze in municipal bonds. Both have been criticized for their action in the past, but are doing better for having done what they felt comfortable with. Suze recommends General Obligation Municipal Bonds if you are wanting to buy them, as these aren’t reliant on tax levies.
Overall it was a great show and I’ll be adding more posts over the next few days since there was so much to think about and pass on to our readers.
Here is also the homework from the class with a great number of fabulous tools for getting yourself back on track financially. The Action Plans sections also has some great con
tent.
Miel
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