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Suze Orman Doesn’t Care About Money

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I saw this article about Suze Orman in which she admits she has about a million dollars in the stock market and has that much in there because she doesn’t care if she loses it all (she said that estimates that she was worth approximately $25M were “pretty close”).

She says she has about a million dollars in the stock exchange, because if she loses it all “I don’t personally care.”

Ignore the first three paragraph, they’re just gossip drivel where they mention that she has a female life partner and has never been with a man (as if that has any bearing on her credibility when it comes to personal finance advice, I have a female life partner, I’ve never been with a man, and you all still read my blog), but the last paragraph shows how ridiculous she is.

I don’t really like Suze Orman because of her abrasive attitude, some like the “tell it like it is” attitude but I think she’s taking a page out of Judge Judy’s playbook (I’d rip my eyes out before I’d watch an episode of her show, not that I’m a fan of courtroom shows like that anyway…) to make her name. Either way, would and should you go to someone for advice if they were recklessly investing in the stock market because they wouldn’t “personally care” if they lost it all?

{ 26 comments, please add your thoughts now! }

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26 Responses to “Suze Orman Doesn’t Care About Money”

  1. Golbguru says:

    That’s not good coming from a personal finance advisor.

    And may be it’s not just Suze Orman. But sometimes some of the advice from the so-called *financial gurus* looks like this to me “You are a fool; if you don’t invest your money like I say, you will die you idiot”….or may be it’s just me.

  2. I’m not an Orman fan either, but I interpret it a bit differently. I don’t think she’s being reckless, it’s that she can afford to lose it and is willing to take the higher potential gains in exchange for the risk of losing it all. It would be a small dent in her $25 million worth. People shouldn’t invest money in the stock market that they can’t afford to lose.

  3. Silver says:

    Isn’t that just a blunt way of saying that she’s not risk-averse, at least with respect to that 4% of her net worth? Also, I don’t see where in the article she said she was investing “recklessly.”

  4. jim says:

    Yes it’s blunt and yes it can be subject to interpretation, but when you advise people, I think that to say “i don’t care about losing money in the stock market, that’s why I have a million in there” is reckless. What she’s actually doing, as Ryan says, risking more to earn more, is independent of that.

  5. OMG, I posted a similar thing on another blog about two hours ago about how I hate the way she just yells at you. I thought about tossing Judge Judy’s name in there and I might even have.

    I am surprised that she only has 4% of her assets in the stock market. I would be surprised if she advocated this to anyone else. Does she recommend all bonds or stable value in 401Ks? It’s pretty interesting to me overall.

  6. Judy says:

    I interpreted it the same way Ryan did – that she was investing an amount in the stock market that she was comfortable losing in the event something caused her to lose the entire amount.

    I only have a few thousand dollars in stocks, but that may be too much in my case. In her case, a million is just a tiny percentage of her net worth.

    I am not a big fan of her style, but when I read that she said that, it didn’t sound ‘reckless’ to me especially when in the same breath she was saying she has 25 million.

  7. muckdog says:

    Suze is a shill for Suze…

  8. Quang says:

    lol, yeh she is abrasive eh? Buy hey guys she isn’t yelling at us! shes’ yelling at the people who aren’t taking care of their finances! Maybe a good spank in the ass is what the need to get a grip on their pocket books. I’m for one love her, because she’s at least getting the message out there.

  9. Beebers says:

    I see it as a form of braggodocio — emphasizing the fact that she has so much money that she doesn’t really care if she loses a million. It’s an expression of hubris, in my opinion. I also thought it was quite sad that the one goal she mentioned for her and her partner is that they would each have millions of dollars to their names (I forget the exact quote). I respect a financial advisor who understands that money is for living life and not vice versa.

  10. I have a female life partner, I’ve never been with a man, and you all still read my blog

    You crack me up ;-)

  11. Tim says:

    she’s just trying to get attention and promote herself just like anyone else in the business. To think she doesn’t care about $1m is ridiculous. That would mean she doesn’t care about money at all, so why should anyone really listen to her? If those in debt who prescribe to her were so care-free, nonchalant, and frivolous about money, no one would ever get out of debt. but oh well, look at how many blogs will report this and the attention it has redirected toward her. she must have a new book or something coming out soon.

  12. Aimee says:

    I like Suze’s advice, she makes the most sense in terms of actual mathmatics and such. I agree that her style on her show can be harsh, and I usually don’t agree with the way she handles people who are struggling with marriage situations (which obviously are different for a man and woman than just a “life partner”), but I don’t think that she is being totally out of line in what she said about the stock money. Afer all, she probably doesn’t care if she loses it all because she understands that it is a risk. It may be hard for us to imagine losing that money, but anytime anyone invests in stocks I think you have to not care if you lose it to be able to do it. If you care too much about losing it, you may never even invest at all.

  13. “I have a female life partner, I’ve never been with a man, and you all still read my blog”

    But are you a 55 year old virgin?

  14. quint says:

    Wasn’t suse on a PBS special some years ago and pregnant?

  15. jim says:

    Well… considering she’s never been with a man, probably not. :)

  16. moom says:

    She is extremely risk-averse. She only put 4% of her money in the stock market and the rest in municipal bonds. Her extreme risk aversion is a reason I wouldn’t take her advice.

  17. Liza says:

    Jim, I’d be more surprised if she were ~50 and pregnant. The “gayby” boom is in full swing. Having a baby without a man in the picture is expensive, but entirely possible. :)

  18. jim says:

    Liza – I didn’t mean “probably not” meaning that she couldn’t handle it financially, it’s just more physically improbable considering the ingredients usually needed to conceive. :)

  19. wtrwlkr says:

    Some like Suze and some don’t – it’s her style, and it’s a lot better than a serious advisor who speaks politely whilst chargeing you a lot of fees for nothing, actually, just had a mini debate with a friend of mine this weekend about her, both of us are financial planners. Regardless of her style, she shows that investing is not equal to personal finance, although it is a part of it. Personal finance involves in part having enough money to secure your happiness, period. What makes you happy is up to you to define. If you have nothing, you may have to take more risks to get what you want, assuming its money that you want. But if you already have enough money, regardless of how much that is, then you don’t need to, and shouldn’t take unncessary risks and Suze is obviously following good advice……and telling you the same thing….instead of keeping it to herself.

  20. I lost my respect for her when she sold out and started hawking GMC trucks in an ad that started with her talking about saving. Just didn’t seem right to me. I still think she has some good points, but she’s definitely been bumped lower in my book.

  21. frank says:

    I agree with moom’s sentiment. She does care about money…in fact, she is extremely risk-averse. She has the majority of her money in Muni bonds, I mean it doesn’t get more risk-averse than that. Maybe treasuries or money market accounts.

  22. wtrwlkr says:

    When you are in your 50′s you do become risk adverse as you are at the stage of life where you don’t have the years to recoup your risky investments.

  23. Khyron says:

    Jim,

    I love ya, but you are taking Suze way too personally. Not all of her advice is golden. (Not ALL of ANYONE’s advice is golden. Can’t be by definiton.) Some of it, as applied to you or me, is even boneheaded. Overall, I think her advice is pretty good. Some of it has worked well for me. You take the parts you can use, and you leave the rest. That’s not hard.

    As for $1M of $25M in the stock market, dude, that’s a pittance. I’d be inclined to take a stripe or 2 from her for that. 4% of her net worth is in equities. But hey, she’s comfortable doing what works for her, and she’s working with overall much larger numbers than you or me. I don’t fault her for doing it. Not the advice I would give but it doesn’t mean that all of her advice is faulty.

    Also, as far as her style, again, it works for her. I like it, because I think most people need someone to put a foot in their ass. She’s trying to save stupid people from themselves. There is nobility, if not futility, in that objective. Yes, I said stupid. Hey, call a spade a spade. And realistically, if you ask for her advice, you should be prepared to accept both the answer and the delivery. Otherwise, DON’T FRIGGIN ASK! Its not like she’s new on the scene. Her style has been around longer than some (most?) of us have been this interested in the subject. She is who she is. As for the rest of us – what does it matter anyway? It appears most of the folks here don’t like her and don’t listen to her, so why is any of this important? Come on guys, don’t we have something – anything – better to do with our time? Like post on blogs? :o

    Guys, get over it. Really. If you’re not Suze, wtf does it matter?

  24. Christopher Clepp says:

    Suze Orman is the product of our sound bite society. She says something that is factually incorrect on almost every show. She makes broad sweeping generalizations about far too many subjects and never throws in what situations are the exceptions to her statements. Not to mention that I have long commented that she seems to like to use husbands as a pinata and I never had known that she had a female life partner. They at times deserve it, but it always seemed like sport to her.

    The time I lost respect for her was when she was on QVC hawking a long term care insurance product. Something she had eschewed until about 3-6 months before she started hawking it. Not to mention the program design was off a Genworth (GE Finanacial then) product that had long been on the market. She is a great self promoter and a sub par financial advisor.


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