<p>It’s not hard to find criticism of Suzy Orman on the web. Her voice and condescending attitude to her callers and listeners grate on me. Did she tell her listeners to get out of stocks before the 2000 crash? Did she tell listeners to sell their houses before the crash (in the bubble areas)? Her advice is generic financial planner advice which can sometimes be useful. And sometimes it is counterproductive.</p>
<p>I’ve seen her on Oprah one time. A woman with several children was on there because her husband had died with enormous debt, and she hadn’t worked in years, and was going to lose everything. The woman still had a house full of stuff all paid for with credit, and would ultimately lose the house. </p>
<p>Orman had her sell off all of the furnishings (bought on credit) to have cash to “start her new life”. </p>
<p>Orman got this woman’s family on stage and made a big show of how this woman must get her family to pitch in. Orman was like “Who here is willing to give her money?” and I believe the brother-in-law offered something like $1000 a month! And another offered to watch her kids. Orman’s whole attitude was like this is what the average person would be able to do.</p>
<p>Actually, watching that part made me cry, because I don’t have a family like that. I have to think that this woman was handpicked, because advice like that only works if your family cares and has something to give. What would that show have been like if the woman had said “Whose going to watch my 3-4 kids while I re-enter the workforce as a hairdresser making $8 per hour?”, and there was nobody to come foreward…</p>
<p>Whatapainthisis : That’s a TV show, not saying anything is staged, but if I am that BIL I will likely step up and promise to help too, I don’t want to look like a jerk on national TV, I want to look good, kwim ? </p>
<p>I also agree she is handpicked - a good and interesting story.</p>
<p>“As a side note, is your username based on the song by Allie and AJ?”</p>
<p>Yes, it is based on a song by Aly & AJ.</p>
<p>In the end, like I have said before, people are going to do what they want to do.</p>
<p>It is sad though that I hear family and other friends say that they wouldn’t know what they would do if they didn’t have credit cards. </p>
<p>As far as Suze Orman, I agree with most of what she says, not all. Overall, I think she gives great advice.</p>
<p>Yes, we all know that people will do what they want to do. That is not, however, a counter-argument to anything above. It’s more like saying, “I’m so sure I’m right that I don’t feel a need to consider what you say very deeply, but here is a platitude to make it sound like maybe I’ve considered it.”</p>
<p>What do YOU value? That’s more compelling than “people.” Ypu value money because why? Stability? That’s good. Self-sufficiency? Also good. But it starts to sound like you view money just for the sake of hoarding if you can’t or won’t explain your why as well as your how, and it looks REALLY narrow if you refuse to even try and fathom the validity behind the reasoning and/or choices of others.</p>
<p>"What do YOU value? That’s more compelling than “people.”</p>
<p>To tell you the truth, I value experiences over money.</p>
<p>Here are some things I value:
Music
Collecting Autographs
Books
“Seinfeld”</p>
<p>I can write a whole book about why I value these things. That is for another thread.</p>
<p>This whole thread was about being frugal with your money. I never said that you should save every penny.</p>
<p>I like that I don’t have any credit card debt. If I can’t afford something, then I won’t buy it.</p>
<p>Just watched the Suze Orman show. It is kind of funny because some of the things that were mentioned in this thread were stated in the show.</p>
<p>There was a woman that came onto the show who is 55 and only has 55K in retirement. Plus, she now has to take care of her elderly mother by providing round the clock nurses. On top of that, she is paying for her child’s education (which is $40,000 for 2 years).</p>
<p>Now tell me. Who wants to be in that situation? The sad part is that the woman is making $60,000 as a nurse and she has very little saved up.</p>
<p>But of course some people on here think it is fine for people to live this way. They want to be worried about their finances and live on the edge every day.</p>
<p>One other part of the show that applied to this thread is a man that wanted to buy a $24,500 Lost in Space robot. Suze denied him and he didn’t buy the robot. The question that really struck when she asked the man is if he is still happy that he didn’t purchase the robot. His answer was that he will still be happy without the robot. DING DING DING.</p>
<p>What have I been saying since the beginning of this thread? There are some people who don’t think about the consequences of their actions before they purchase something (whether it is $25 or $25,000). People think “Oh, $25 is only $25.” But the $25 adds on to the other $25 purchases, and so on. You should also be saying to yourself if you can live without the purchase and if you can wait until the item’s price declines.</p>
<p>The point I want to try to make is that you should always think about your purchases before you make them. You should look for possible cheaper alternatives. That is all I have been saying since the beginning of this thread. I never said you shouldn’t indulge yourself, but it should be within reason.</p>
<p>It is very laughable for a college student to come on to the parents to lecture us on "not thinking about the consequences of our actions before we purchase something…"You are getting the view of Americans by watching some day time tv show. Even my 14 year old would say, “what stupid people would get on the tv to tell everyone about their problem?” </p>
<p>I am a bit puzzled on your motive in starting this thread. Do you think most adults are complete idiots(especially parents on CC) that they would need a 20 something to tell us how to manage money? I don’t think most CCers would pay 40,000 for tution with no saving and making 60,000 a year, or buy a lost in space robot (what’s is that?). </p>
<p>Stop watching so much TV, get a higher paying job or maybe spend more time studying.</p>
<p>I didn’t think op was disrespectful, and even if he is young he made some valid points, we can agree or disagree with his opinions without considering his youth. </p>
<p>insomniatic : oldfort has a good point. There is two sides to savings - increase income and taking control of expenses. We just had a conversation with our kids yesterday on this very same subject. My son seem to have the savings side down pat, but not the earnings side. But both income and expenses has to be taken into consideration. Not saying you don’t but we have not talked about that at all in this thread. </p>
<p>ETA : I think you will enjoy the series “The Millionaires next door”. aka penny pinchers shall inherit the earth. :)</p>
<p>You know what? A lot of this just seems like minutiae to me. To the original poster, be grateful every day that you wake up with a working body, because no amount of money or education can fix an unhealthy one. Be grateful everyday that you have a family who cares so much about you that you can concern yourself with money, and your education, and you probably don’t even think twice about traveling or moving away because you still believe that they will support you when you need them.</p>
<p>Today was supposed to be a birthday party for my son, who turns 9 on Friday. I have spent almost 2 decades trying to have meaningful holidays and birthdays for my daughter, so I know what is in store for my son. I know that my family stinks and that the only person who I can ever count on to come is my mother. </p>
<p>So I had my son passed out invitations to all of his classmates, and I reserved a room and time at the local pool, so that he could have children at his party, so that it could feel like a family. NOT ONE PERSON RSVP’D. What the hell happened to manners? I spent yesterday calling people on the list, and at least 4 parents said “Yeah, I got it, no, he/she’s not coming”. I am angry enough to feel that I don’t ever want my son to socialize with anyone so ill-mannered anyhow. </p>
<p>So I am trying to decide if I should cancel this party or go anyhow and hope that one person who didn’t respond shows up. </p>
<p>One year, we went camping during my son’s birthday (figured what the hell, it’s not like there’s anyone to have at the party), and I literally walked to nearby cabins and invited strangers to bring their children so that my son could have children. Pathetic.</p>
<p>It’s not like I don’t try either, although I am limited by the fact that I work from home. I basically lost my teen-years friends when I became a mother at 20, and then spent the rest of my years in college and building a business. My son goes to gymnastics, dance, has gone to T-ball, I was room parent and went to every school function, I am friendly to every one that I meet.</p>
<p>But it all really boils down to this – it doesn’t matter how much money you have, how educated you are, how good you are at your career, or how good you look (if you are one of those “blessed” people), NONE of this will ever make up for lack of a supportive and loving family. </p>
<p>I would be willing to take 30 points off of my IQ to have a better family. I’d live in a box on the street, so long as I had a family with me. I’d give away every possession that I have, including my education, if I could fix my family. Be grateful if your family wanted you, because it is days like today that I truly wish that I had been given up for adoption to a family that really wanted a child.</p>
<p>I have always been frugal. As a teenager I came across what looked like a self-published book named " How to retire by age 45" and I thought it a worthwhile goal to pursue.</p>
<p>Part way through my journey I saw Paul Torhorst’s “Cashing in on the American Dream”. When " Your money or your life " came out, I was almost ready to step off the tread mill.</p>
<p>I had help along the way though. Between 1975 and 2000, my working years, the market had been good. If I simply invest invested in a low cost index fund, I would have done very, very well indeed.</p>
<p>Was it difficult? Not at all. For someone not interested in spending, it was a piece of cake.</p>
<p>No. I did not make it by age 45.</p>
<p>Whatapainthisis : Happy Birthday to your son ! I am so sorry people are so inconsiderate in your neck of the woods. Fwiw, my daughter is very popular but never had a birthday party. She’s shy, and her birthday falls is the peak vacation week in the year and she never has any friends around. She never felt unloved or unpopular. I am sure your boy will appreciate how much work and love you put into his birthday. </p>
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<p>My family can be considered close. I don’t know how many times I had to bail out a family member because of bad financial decisions, I love her but it gets old. If I let them run my life I will be quite poor indeed, though they are well-meaning. The people who can truly hurt you are the ones you love the most. </p>
<p>You have your son, husband, daughter. This is YOUR family now, start your own loving traditions. In time, you will have in-laws, grands and have all the loving family you deserve.</p>
<p>One of the characteristics of the wealthy is the ability to delay gratification.</p>
<p>An excellent example was the luxury tax on boats.</p>
<p>"The Treasury Department has acknowledged that the 10 percent luxury tax on boats will not produce tax revenues to help solve the budget crisis. The luxury tax revenue will not even cover the income tax revenue lost to unemployed workers and bankrupt manufacturers.</p>
<p>The general thinking is that the rich can afford it, and an extra 10 percent tax isn’t going to stop the fat cats from indulging in their toys. What most people don’t realize is that those able to buy a new boat also have the ability to decide not to buy. And that is what they have done.</p>
<p>Since the luxury tax came into effect last Sept. 30 for newly ordered boats, nobody has bought a new boat on which the tax would apply! The National Marine Manufacturers’ Association, the industry association that tracks such things, can’t find a single sale in the whole country! Not one! However, the association has been able to document in excess of 100,000 layoffs (blue-collar workers – not fat cats) and numerous boat manufacturers going out of business. All during which not a single dollar of luxury tax has been collected."</p>
<p>[Boat</a> Luxury Tax Drives an Industry Aground - New York Times](<a href=“http://query.nytimes.com/gst/fullpage.html?res=9D0CE7D91430F930A35752C0A967958260]Boat”>http://query.nytimes.com/gst/fullpage.html?res=9D0CE7D91430F930A35752C0A967958260)</p>
<p>Kids can be wrong but an appeal to authority or an ad hominem attack is an improper way to deal with it. A logical explanation is generally more valuable as it solidifies your own reasoning while providing evidence of your point to others.</p>
<p>whatapain, happy BD to your son! We also had the experience of needing to call homes to see if “Little Joey” was going to attend my kid’s BD party. Some RSVP’d, but several did not. I think summer birthdays are difficult because people don’t know if they will be around to attend. I am not excusing rude behavior. I just think that people are more likely to attend when school is in session (unless one is picking the weekend before Christmas or Thanksgiving, LOL).</p>
<p>While frugality and saving appear to be smart habits from a personal standpoint, they do little to help our economy. Consumerism drives our economy and creates jobs for the “little guy,” as exemplified by BCEagle’s post. Not buying much and saving benefits you and your banker.</p>
<p>I am in CA now, I lived near the Chesapeake about 20 years, 4 homes, and 10 cars ago (all purchased with loans 
)</p>
<p>With the exception of my first car ( Dodge Dart with a slant six), I bought all my cars with cash, and drove them into the ground. Heck, I bought my first and only home with cash back in 83.</p>
<p>We pooled all we had outside our retirement plans and went for it. I had to give up my dream of doing a PH D, but house value was too good to pass up. I thought I will never see that type of value again.</p>
<p>In Canada, mortgage interest is not tax deductible, but investment loans are. So, I spend the next number of years rebuilding the portfolio. It was surprising easy because there was no mortgage payments, and the market had a great bull run.</p>
<p>Purchasing cars with cash is not financially prudent for everyone. Cars depreciate 20% the minute you drive off the lot. If you can finance a car (preferrably gently pre-owned) at an interest rate lower than your mortgage or other loan interest rate, or receive a return on your investment of the cash that is higher than the finance rate, it can make more sense to finance the purchase and use the cash to pay down your mortgage or buy securities.</p>
<p>what a pain,
I can sympathize with the summer b/d blues. Several kids I know do end of year parties, and then make the actual b/d a family event. Ask your son what he would like to do–movie, bowling–and go as family. If he has a special friend around, then you can firm that date with parents.</p>
<p>I always thought that auto loan rates were generally higher than mortgage rates. Of course there are teaser rates offered by the manufacturer but you can just negotiate a lower price instead of the lower rate.</p>
<p>One of the problems with a hyperinflationary monetary policy is that things go up in price for a long time including securities. Those folks that bought the NASDAQ above 4,000 probably aren’t too crazy about the results. Leverage is fun on the upside but major pain on the downside.</p>