Latest news with #SuzeOrman
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4 hours ago
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Suze Orman Says You Need This Game Plan If You Want To Consistently Build Wealth
Everyone wants to know how to build wealth successfully. There are so many financial podcasts that claim they know the one secret that will generate wealth. This might be disappointing to hear, but there is no quick trick to making loads of money. Instead, financial advisor Suze Orman stresses that building wealth starts small. Trending Now: Read Next: On a recent episode of her podcast 'Women & Money (And Everyone Smart Enough To Listen),' Orman said the strategy behind amassing wealth is to start saving and investing as much as you can, as soon as you can. 'Do you want to be consistently building wealth for yourself? … Then your game plan has to be one of savings versus consumption… It's over time, that true wealth can be built,' Orman said. This can be as little as $50 a month. Orman said this works because of the interest your investment will build over time. Read on to find what investments Orman considered the best choices so that you can start growing your net worth. Orman has had personal success by starting to invest in an annuity 40 years ago that has netted her more than $700,000 in interest to date. An annuity typically works by making an agreement to pay a specific amount each month for a certain period of time. Over time, the annuity gains interest, or might be invested in stock and you can access the full sum at a later date. Check Out: Though some people might be worried about investing in the stock market right now after it's seen some volatility, Orman said stocks are still a viable option, as long as they're not your only option. In order to make the most out of investing, Orman said it's important to invest in a lot of different entities. She suggested spreading your money across the exchange-traded funds (ETFs) on the stock market, real estate, bonds and gold. For stocks, Orman suggested investing in anywhere between 25 and 50 different stocks. This is why investing in an ETF can be helpful, as it automatically puts money into several different stocks. When it comes to picking stocks, Orman suggested putting money toward large growth stocks, rather than value or small cap stocks. Highly-recommended growth stocks right now include companies like Nvidia, Eli Lilly and Co., and ServiceNow. Orman also recommended the 'Magnificent 7' stocks, which include Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla. In the podcast episode, Orman said she frequently gets asked if Bitcoin is worth investing in, and she said she believes it is. 'This certain age of investors have a total addiction to assets like Bitcoin. When I see that, and I see stocks like Coinbase, which happens to be the entity that many of the cryptos are traded through, being added to the Standard and Poor's 500 index, that just says to me the writing is on the wall,' Orman said. She cautioned that she doesn't think it's recession-proof, and that if the stock market is going down, Bitcoin will follow. More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy The New Retirement Problem Boomers Are Facing This article originally appeared on Suze Orman Says You Need This Game Plan If You Want To Consistently Build Wealth Sign in to access your portfolio
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14 hours ago
- Business
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57-Year-Old Inherits $7 Million After Husband's Unexpected Death — Suze Orman Tells Her 'Do Not Touch This Money' For At Least 6 Months
When a big inheritance lands in your lap, your instincts may tell you to start making "smart" moves—buy the house, hire the advisor, set up the portfolio. But Suze Orman has one word for you: don't. On an April episode of her "Women & Money" podcast, Orman gave a sobering but powerful message to anyone facing the emotional chaos that often comes with a sudden windfall. The episode focused on a 57-year-old woman who had just lost her husband and was trying to figure out what to do with a $7 million life insurance payout. "She was left to the tune of $7 million," Orman said. "Now this woman has never dealt with $7 million in her life." Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Maximize saving for your retirement and cut down on taxes: . And Orman's advice? "You are to do nothing other than keep this money safe and sound," she said. "Except obviously pay off debts and things like that, but nothing besides that. For at least six months, one year or two years after suffering the loss of a loved one." Orman's reasoning is deeply rooted in psychology—and experience. "You may feel like you are making the right decisions and that you know what you're doing when it comes to money that you've never handled before, but I'm here to tell you," she said. "You are not in your body. You will get taken advantage of possibly, but you will not be doing that which you should be doing with this money." The woman, a mother of four—ages 21, 18, 16, and 12—was three months into grieving her husband when she initially reached out to Orman. At that time, Orman carefully guided her to place the full $7 million into a treasury money market account through a reputable brokerage firm, where she'd earn around 4%–5% interest with minimal risk. The instructions were crystal clear: "You are to do nothing. Do not touch this money. You are just going to let it sit there," she said. Trending: Can you guess how many retire with a $5,000,000 nest egg? . But that didn't last. Months later, a financial advisor from that very brokerage firm contacted her and convinced her to split up $2.4 million into two annuities—$1.5 million in one, $900,000 in another—and planned to invest the rest in stocks and bonds, leaving only $1.5 million in the money market account. Orman was livid. "Nothing upsets me more than that," she said, referring to advisors who act in their own financial interest before a grieving client is emotionally ready. "We all deserve to know what to do with money, to be taken care of, to not have some financial adviser do things with people's money when they're not ready to do it just 'cause this person may make more money or his firm may make more money." So what should you do if you suddenly come into a large sum of money, whether from an inheritance, lottery win, or sale of a business?According to Orman: slow down. Park the money somewhere safe, like a treasury-backed money market account. Let the dust settle before you make life-altering decisions—especially ones driven by outside "experts" with a commission in the balance. Financial planners often say one of the worst times to make big decisions is after a major emotional event. Behavioral economists call it "decision fatigue." Grief only amplifies it. That said, there's a valid counterpoint: waiting too long to make any moves can expose your money to inflation risk, market shifts, or—ironically—bad advice from friends and family. The key is balance. Take Orman's advice as a mandate to protect your money until you're mentally ready, not a reason to ignore it completely. Because $7 million is a lot. But peace of mind? That's priceless. Read Next: Here's what Americans think you need to be considered wealthy. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 57-Year-Old Inherits $7 Million After Husband's Unexpected Death — Suze Orman Tells Her 'Do Not Touch This Money' For At Least 6 Months originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
19 hours ago
- Business
- Yahoo
Why Suze Orman and 2 Other Money Experts Think You Need a 12-Month Emergency Fund
For years, the personal finance rule of thumb has been to have an emergency fund replete with three to six months' worth of living expenses. This isn't a bad rule considering that it's savvy to keep your cash holdings low so that you can maximize investments, but often an emergency fund this size just isn't big enough. Find Out: Read Next: Some financial experts, including Suze Orman, Ramit Sethi and Elaine King of Family and Money Matters Institute, think you need a 12-month emergency fund. This may sound excessive, but consider the following reasons why, in 2025, this is a good amount to keep at the ready in a high-yield savings account (HYSA). Some industries are more volatile than others. The technology sector, for example, is shaping up to be increasingly unstable, with mass layoffs frequently sweeping the field. The automotive sector is also rocky, as is the travel sector. Competition for these jobs is getting fiercer as corporations cut costs. So, you may need a lot longer than three months to replace your job if you work in these fields. Explore More: If your family relies on you in full to keep them sheltered, clothed, fed and so on, you're all going to be in for an incredibly tough time should you lose even some of your income. An ample cushion in the form of a 12-month emergency fund could literally prevent you from falling into credit card debt as you work to get back on your feet. Every seasoned freelancer is familiar with those one or two clients who provide them a ton of work. Perhaps these clients have you on a monthly retainer, or maybe they pop up on a seasonal basis and flood you with the bulk of your annual income. And every seasoned freelancer also knows the impact of losing such a client. Nothing is forever, especially not in contract work. Freelancers don't get severances or access to Cobra health plans. They need a plush emergency fund in the likely event that their major payday falls through. When a recession strikes, all bets are off. Though the economy inevitably rebounds, there's no crystal ball that tells us when it will. There is always massive job loss and consequently weakened consumer spending which only leads to more job loss as companies struggle to stay afloat. If you're one of the many employment casualties, you'll want a plentiful emergency fund to ride out the storm. On average, people find a new job after five months of searching — but keep in mind, that's the average. There are many horror stories featuring people with strong resumes who've spent a year-plus job hunting after a layoff. More From GOBankingRates The 5 Car Brands Named the Least Reliable of 2025 How Far $750K Plus Social Security Goes in Retirement in Every US Region This article originally appeared on Why Suze Orman and 2 Other Money Experts Think You Need a 12-Month Emergency Fund Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
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Why Suze Orman and 2 Other Money Experts Think You Need a 12-Month Emergency Fund
For years, the personal finance rule of thumb has been to have an emergency fund replete with three to six months' worth of living expenses. This isn't a bad rule considering that it's savvy to keep your cash holdings low so that you can maximize investments, but often an emergency fund this size just isn't big enough. Find Out: Read Next: Some financial experts, including Suze Orman, Ramit Sethi and Elaine King of Family and Money Matters Institute, think you need a 12-month emergency fund. This may sound excessive, but consider the following reasons why, in 2025, this is a good amount to keep at the ready in a high-yield savings account (HYSA). Some industries are more volatile than others. The technology sector, for example, is shaping up to be increasingly unstable, with mass layoffs frequently sweeping the field. The automotive sector is also rocky, as is the travel sector. Competition for these jobs is getting fiercer as corporations cut costs. So, you may need a lot longer than three months to replace your job if you work in these fields. Explore More: If your family relies on you in full to keep them sheltered, clothed, fed and so on, you're all going to be in for an incredibly tough time should you lose even some of your income. An ample cushion in the form of a 12-month emergency fund could literally prevent you from falling into credit card debt as you work to get back on your feet. Every seasoned freelancer is familiar with those one or two clients who provide them a ton of work. Perhaps these clients have you on a monthly retainer, or maybe they pop up on a seasonal basis and flood you with the bulk of your annual income. And every seasoned freelancer also knows the impact of losing such a client. Nothing is forever, especially not in contract work. Freelancers don't get severances or access to Cobra health plans. They need a plush emergency fund in the likely event that their major payday falls through. When a recession strikes, all bets are off. Though the economy inevitably rebounds, there's no crystal ball that tells us when it will. There is always massive job loss and consequently weakened consumer spending which only leads to more job loss as companies struggle to stay afloat. If you're one of the many employment casualties, you'll want a plentiful emergency fund to ride out the storm. On average, people find a new job after five months of searching — but keep in mind, that's the average. There are many horror stories featuring people with strong resumes who've spent a year-plus job hunting after a layoff. More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on Why Suze Orman and 2 Other Money Experts Think You Need a 12-Month Emergency Fund Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
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Suze Orman Was Asked Where's The Best Place To Invest $150,000 For Retirement — But She Warns That Question Could Get You Ripped Off
You come into a chunk of money — maybe it's a bonus, an inheritance, or finally cashing out of something that actually worked. You're feeling hopeful, maybe even a little proud, and you do what responsible people do: you start thinking about how to grow it for retirement. The logical next step? You walk into a financial advisor's office and ask, "What should I do with $150,000?" Big mistake, according to Suze Orman. Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Hasbro, MGM, and Skechers trust this AI marketing firm — "This is a dangerous question," Orman warned during an episode of her podcast when a listener named Cheryl posed exactly that. "Let's say it wasn't me that you're writing into," she said. "Let's say you just came into $150,000 and you walk into some financial advisor's office... and the person says to you, 'What can I do for you?' And you say, 'I have $150,000. How should I invest it?'" That, Orman says, is how people get taken for a ride. "If they tell you immediately, 'Oh great. You should buy this. You should do an annuity, you should do that' — all things that probably will make that advisor a lot of money in commission — you are setting yourself up to really possibly be taken advantage of." Trending: Maximize saving for your retirement and cut down on taxes: . In other words, the problem isn't the question itself — it's how incomplete it is. Orman explained that before anyone gives you investment advice, they should know the full picture of your financial life. "You need to tell me... how old are you? Do you have any debt? Are you healthy? Do you own a home? Do you have a mortgage on that home? What is the interest rate on that mortgage? Is your job secure? Do you have a will? Do you have a trust? Do you need a new car?" Without that context, she says, "Never just ask anybody, 'What should I do with $150,000?'"Instead, she urges people to think about the basics first. If you have high-interest credit card debt? Pay it off. Still carrying a mortgage into your sixties? That might be the smarter use of your windfall. "Let's possibly pay off the mortgage on that home," she said. "Oh, you have $30,000 of credit card debt? Let's pay off the credit card debt. Oh, you need a new car? Whatever it may be." Orman's message isn't to scare people out of investing — it's to remind them that good advice is personal, and any one-size-fits-all answer is a red flag. So if you find yourself with a windfall to grow, take a breath before diving into stocks, annuities, or whatever hot thing your buddy at the gym swears by. Figure out your priorities. Ask the right questions. And make sure whoever you're asking takes the time to ask you a few back. Read Next:'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Suze Orman Was Asked Where's The Best Place To Invest $150,000 For Retirement — But She Warns That Question Could Get You Ripped Off originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
