Five More Money Mistakes to Avoid: Money Matters - Yahoo! Finance
I tried watching this Suze Orman on TV a few times, and just couldn't sit through her show. I am money-minded, so thought I'd get some good info. But, she seemed more like a Dr. Phil no-real-advice money therapist. I guess maybe I didn't watch enough of her, but what I did watch would go like:
Caller: "I am 20k in debt"
Suze: "Why are you in so much debt?"
Caller: "I shop a lot"
Suze: "You shouldn't shop so much, it gets you into debt. Next caller..."
So, I read the linked-to article (and one linked to in there) by her hoping I'd find some good info. Here are the 5 blunders. Let's see if any are rocket science:
1. Funding early retirement with a home equity line of credit.
Wow! So, you shouldn't use debt to fund a stable future. Hmmm... I guess I should stop funding my IRA with money I borrow from the loan shark.
2. Not paying off the mortgage early.
I think if people could pay if off early, they would. Nobody wants a mortgage. She talks about how men somehow like paying a mortgage because of the tax break. I guess that's true. I recall countless night sitting around with the guys watching porn and drinking Scotch talking about how we love our expensive tax shelters and LOVE paying our mortgages every month. The conversation is so old, it bores me!
3. Neglecting to make a will.
I've mentioned before I want to make a will. Between Bird Flu and my upcoming trip to swim with sting rays, I have a pretty high risk life. This is surely a blunder people make and I think people know it.
4. Refusing to take the investing long view.
I don't know of any financial advisor who says not to think of the long term with their investments. I think people who invest know they should go long, but don't because we have the patience of a gnat.
5. Assuming the role of the family's sole money manager.
Is this a blunder? I don't know, I think it would depend on the people. I think the real blunder is allowing someone else people the sole money manager.
So, no real insight there. Pretty much like I saw on the show. You can also read her 12 common money mistakes, which I also didn't see much non-logical thinking.
Ok.. I'm sure someone out there watches this woman. Maybe someone could explain to me what's so great about Suze.
Posted by Kevin at September 06, 2006 09:55 AM