![]() ![]() When it comes to buying a car in the current market, Orman's advice is simple: Models that are just a few years old will have great safety specifications and the same audio-visual tech as a new car, at a fraction of the price. If you lease, you'll sink your money into several years' worth of car payments and be empty-handed when the lease term is done.įinancing is a better option, but Orman has said if it will take longer than three years to pay off the car, then it’s out of your price range.īuying a used car is another way to go. In Suze Orman's words, "you should never, ever ever ever, lease a car." Read more: Want to invest your spare change but don't know where to start? There's an app for that 2. "There is no smarter move than working on your emergency savings account if you’ve yet to accumulate up to a year’s worth of living expenses," she wrote on her blog in March. But there's also something you can do to bolster your finances in the short term. If you do end up getting a refund, she says paying down credit card debt, putting the money in a Roth IRA is your best bet for long-term financial security. These days, Orman says unless you make a plan for the money and stick to it, you'll likely end up spending it on something you don't need. In the past, Orman has called a tax refund "the biggest waste of money that you will ever get."īut surveys have shown that Americans love their tax refunds and eagerly plan out how they'll use the money each year. When you're owed a $2,400 refund, you've allowed yourself to be shortchanged $200 per month throughout the year. Why? Because you've essentially had too much of your pay withheld for taxes - and have effectively given the government an interest-free loan. "If you’re getting a tax refund, you are making one of the biggest mistakes out there," Suze Orman told CNBC in 2019. Here are five of her no-nonsense tips for how to manage your money through hard times. The recent turmoil in the banking sector only makes me worry more." "I have been warning you that we may be headed into a recession sooner than later. "Please be extra strong right now, and scour your spending to find ways you can reduce your costs," she wrote in post for Money Monday with Suze Orman from earlier this month. With inflation still forcing Americans to tighten their belts, she recently warned her readers of the need to exercise some restraint when it comes to spending. Here's how much money the average middle-class American household makes - how do you stack up? You could be the landlord of Walmart, Whole Foods and CVS (and collect fat grocery store-anchored income on a quarterly basis) Get in now for strong long-term tailwinds ![]() ![]() Rich young Americans have lost confidence in the stock market - and are betting on these 3 assets instead. 'Now is not the time': Suze Orman warns these 5 financial blunders will set you back in a big way - here's how to 'be strong' with your moneyīest-selling personal finance author and TV personality Suze Orman has been inspiring Americans for decades to make better money moves and avoid serious financial mistakes. SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.ĬHECK OUT: 3 side hustle apps that could help you earn money - including one that's 'surprisingly lucrative' via Grow with Acorns+CNBCĭisclosure: NBCUniversal and Comcast Ventures are investors in Acorns. "Then, go have a good time and kiss that job goodbye," Orman said. There are some that don't, unless you are delinquent. She also suggests getting business credit cards in case Swanson needs a little help - those that don't report to the credit scoring companies. However, Swanson believes if she goes full-time, she'll make enough.īefore taking the jump, she needs to have a one-year emergency fund in place and about three to four months of working capital set aside for the business, Orman said. The Ankeny, Iowa-based business currently doesn't make enough money to support Swanson, falling short about $2,000 to $3,000 a month. Her concern is figuring out the best time to do it. However, she really wants to make her part-time business, Alternatives: Music Therapy and Counseling, her full-time job. ![]() Therapist Catherine Swanson is currently working a 9-to-5 job to pay the bills. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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