{"id":5253,"date":"2015-05-28T00:39:01","date_gmt":"2015-05-28T04:39:01","guid":{"rendered":"https:\/\/aspire-canada.com\/?p=5253"},"modified":"2017-02-19T11:54:40","modified_gmt":"2017-02-19T16:54:40","slug":"5-times-suze-orman-didnt-follow-her-own-advice","status":"publish","type":"post","link":"https:\/\/aspire-canada.com\/?p=5253","title":{"rendered":"5 Times Suze Orman Didn\u2019t Follow Her Own Advice"},"content":{"rendered":"

5 Times Suze Orman Didn\u2019t Follow Her Own Advice<\/h2>\n
\n

\"\"<\/p>\n

In the personal finance world, there aren\u2019t many names more divisive than Suze Orman. In fact, even Orman doesn\u2019t always seem to agree with herself, often giving her audience one piece of financial advice and then later suggesting the opposite course of action. \u201cOrman is nothing if not a contradictory personality,\u201d as The New York Times put it in a feature on Orman.<\/p>\n

Orman has justified her evolving advice in the past by saying,\u00a0\u201cFinancial advice needs to change according to what is happening in the economy,\u201d according to CNBC. But sometimes it\u2019s not only Orman\u2019s advice that can be contradictory but also her actions. From launching a financial product she had previously railed against to endorsing products she\u2019d often criticized as bad deals, here\u2019s a look at five times Orman didn\u2019t follow her own advice.<\/p>\n

1. She Recommended Her Approved Prepaid Card<\/h2>\n

Orman often tells her audience to avoid fees on financial products, advising listeners to cancel credit cards with annual fees, shop around for a bank with low fees and avoid high-cost prepaid cards.<\/p>\n

But in 2012,\u00a0Orman launched her own prepaid card, the Approved card. She said that consumers who used the card as she prescribed would only ever pay $3 a month and she touted a partnership with TransUnion that she said would give cardholders unlimited access to their TransUnion credit scores and credit reports.<\/p>\n

After the launch, however, the card was found to charge numerous fees, according to NerdWallet, from\u00a0$2 to contact the customer help line \u2014 the first call every month was free \u2014\u00a0and $4.95 to make over-the-counter deposits to the highest fee on the account, a whopping $30 bill payment fee.\u00a0The partnership with TransUnion also fizzled and nothing came of it despite Orman\u2019s hopes that the bureau would one day factor the card usage data into credit score calculations. In June 2014, Approved cardholders received letters notifying them that their Approved cards would soon be shut down, and Orman\u2019s prepaid card was officially dead<\/a>.<\/p>\n

2. She Taught at a For-Profit University<\/h2>\n

Orman has often preached the evils of student debt. \u201cStudent loans can be the most dangerous loans anybody ever takes out because, in most cases, they are not dischargeable in bankruptcy,\u201d she said in a \u201cMoney Tips\u201d segment on her website. She advised students to do careful math to figure out what monthly payments would be and decide whether they could afford them once they left college.<\/p>\n

Orman\u2019s aversion to student loans didn\u2019t prevent her from partnering with University of Phoenix<\/a> to create a credited personal finance course, however. Orman made this move despite statistics that show University of Phoenix and other for-profit schools account for 47 percent of student loan defaults, even though only 13 percent of college students attend such institutions, according to Huffington Post.<\/p>\n

Students at for-profit schools are for more likely to end up with student loan debt they can\u2019t afford, yet Orman still chose to join the school\u2019s faculty and even praised University of Phoenix in a 2011 USA Today article for requiring all of its students to \u201cgo through a free and mandatory three-week orientation course to make sure they understand the full costs of college before they sign on the dotted line.\u201d<\/p>\n

3. She Sold Her Gold<\/h2>\n

In 2011, Orman was preaching the virtues of gold. Demand for this precious metal was surging, and it was quickly racing up in value. That year, gold reached a peak value of around $1,900 per troy ounce, an incredible rate of increase from about $1,350 in January 2011.<\/p>\n

In August 2011, shortly before the price of gold peaked, Orman announced via Twitter that she had sold her gold. \u201cI sold my gold today only because I had a tremendous gain and had way too much money in gold,\u201d Orman tweeted.
\n<\/span><\/p>\n

Orman continued endorsing gold as a smart investment even though she\u2019d just sold hers at a price that would turn out to be just under an all-time high. In September 2011, she tweeted, \u201cGold\u00a0should make up at least 10-20% of your portfolio,\u201d and predicted on Twitter that gold would reach $2,100 an ounce by November 2012,\u00a0though she included the caveat \u201ctime will tell.\u201d It never reached $1,800 in 2012.<\/p>\n

4. She Endorsed a New Car<\/h2>\n

It\u2019s no secret that buying a used car instead of a new car can mean several thousands of dollars in savings, and this was the reasoning behind Orman\u2019s frequent suggestions to her audience to buy used. In a 2010 article for O, The Oprah Magazine, she wrote, \u201cSince the most significant drop in a car\u2019s value occurs in the first two or three years, buying one that\u2019s just a few years old means you avoid paying for those early years of big depreciation.\u201d<\/p>\n

Then in 2012, Orman landed an endorsement deal for Acura\u2019s \u201cSeason of Reason\u201d marketing campaign, giving advice to \u201cspend smart.\u201d Acura and Orman were sending the message that smart spending apparently included spending $40,000 for a new Acura TL, reported Forbes, even though that contradicted Orman\u2019s earlier advice.<\/p>\n

5. She Supported Mortgage Default<\/h2>\n

Over the years, Orman\u2019s advice on mortgages has changed. In the early 2000s, Orman told people to aggressively pay down their mortgages and even went as far as to say homes offered a \u201cknown return.\u201d But this came with a big risk, wrote MarketWatch columnist Chuck Jaffe in 2003: Paying down a mortgage\u00a0\u201cto the exclusion of other investments is all-eggs-in-one-basket investing. It\u2019s a dangerous strategy being pitched as the ultimate safe one.\u201d\u00a0Jaffe was unfortunately proved right when the 2008 housing market collapse leveled home values and wiped out equity and investments many homeowners had poured into their homes.<\/p>\n

After the collapse, Orman changed tacks on mortgages. In 2011, she recommended a\u00a0strategic mortgage default<\/a>\u00a0as a smart option for homeowners with underwater mortgages.\u00a0Then, in a 2013 episode of \u201cThe Suze Orman Show,\u201d Orman told her audience that it was all right to buy a home with only a 10 percent down payment, reported CNBC.<\/p>\n

For her own real estate portfolio, however,\u00a0Orman pays cash. She told The Wall Street Journal in 2014, \u201cIf I can\u2019t write a check for it, I can\u2019t afford it.\u201d Of course, with Orman\u2019s\u00a0net worth estimated to be about $35\u00a0million<\/a>, what the personal finance expert can afford is very different than what the average American can afford.<\/p>\n

This article First appeared on Gobankingrates:\u00a0http:\/\/www.gobankingrates.com\/personal-finance\/5-times-suze-orman-didnt-follow-her-own-advice\/<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

5 Times Suze Orman Didn\u2019t Follow Her Own Advice In the personal finance world, there aren\u2019t many names more divisive than Suze Orman. In fact, even Orman doesn\u2019t always seem to agree with herself, often giving her audience one piece of financial advice and then later suggesting the opposite course of action. \u201cOrman is nothing…<\/p>\n

READ MORE<\/a><\/div>\n","protected":false},"author":3301,"featured_media":5254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","pmpro_default_level":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-5253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","pmpro-has-access"],"yoast_head":"\n5 Times Suze Orman Didn\u2019t Follow Her Own Advice<\/title>\n<meta name=\"description\" content=\"5 Times Suze Orman Didn\u2019t Follow Her Own Advice\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aspire-canada.com\/?p=5253\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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