Suze Orman‘s renowned expertise in personal finance & retirement planning extends a special focus to empowering people in their journey towards retirement security through her books & shows.
🏠 Mortgage Tax Deductions:
- Decrease significantly over time, making early repayment advantageous. Orman advocates for owning a home outright by retirement , a non-negotiable on the experts’ Retirement Planning Checklist(PDF.), highlighting the risks associated with mortgages.
👆Read More: How to Get Mortgage | Mortgage Assistance Options for Seniors | (PDF.)Retirement-READY Checklist
🚗 Car Ownership vs. Leasing: Making Informed Choices in Car Ownership
- Orman advises against leasing cars, advocating for ownership and long-term use.
- Leasing, she argues, is a waste of money compared to owning a depreciating asset.
- leasing is a financially unsound decision, as it entails ongoing expenses without the prospect of ownership.
❌ “Can I Afford It?”: Distinguishing Needs from Wants
- In her CNBC segment, Suze Orman educates viewers on discerning between needs and wants, emphasizing the crucial role of financial literacy in making informed spending decisions.
💳 Spending Habits Amidst Pandemic:
- criticizes excessive spending fueled by stimulus checks and deferred payments.
- Excessive spending may lead to a surge in credit card debt and financial distress.
🎓 Bridging the Gap in Financial Literacy
- Orman believes a vast majority of Americans lack financial literacy which is hovering at around 50%, according to an annual survey, with the EU also under-performing.
- She advocates for mandatory financial education in schools to address this gap and empower individuals to make sound financial decisions.
💰 Choosing the Right Insurance Plan
- Orman recommends term insurance over whole life insurance for cost-effectiveness.
- Whole life insurance is deemed a significant waste of money.
💵 Prioritizing Savings and Investment
- Orman emphasizes the importance of saving consistently, even from modest incomes.
- Priority lies in paying off high-interest debt before considering investments.
- Savings should be placed in accounts offering competitive interest rates for security.
In conclusion, Suze Orman’s financial wisdom serves as a beacon of hope and empowerment for individuals seeking to take control of their financial destiny. Through her practical advice and unwavering advocacy, she equips her audience with the tools and knowledge they need to navigate the complexities of personal finance with confidence and clarity.
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