Actually, although I find Suze Orman's TV persona rather irritating, she dispenses very conservative financial advice and is far superior to most financial experts with lesser credentials.

Her personal story is actually very intriguing: she is the epitome of a dumb know-nothing-about-finance woman who educated herself and made her own success. She actually sued (and won) Merrill Lynch when her broker training made her realize she had been defrauded by one of their brokers, then went on to become one of their most successful brokers. She later got her CFP license and went independent.

But yes, I agree that the so called expert you are quoting who claims people can get a 7% return on a MMA is an idiot.

Her personal story is great,no doubt...BUT,her advcie is so dumbed down, that any idiot should know it,lol...She recently told an audience to stop frequenting restaurants to save $$$..The restaurant industry wwas NOT happy...I am all in favor of financial "moderation",but to stop dining out just further hurts the economy...I am waiting for her to pass along this advice:

Save some money,don't buy my books, you can get them for FREE at the library..Whatya think the chances of THAT happening?

But the point of dumbing down (re restaurants for instance) is that it is the dumb people who've let themselves get in a mess, and need telling (something like a second mother who you actually listen to would do). Young people especially don't 'get' that it's accumulation of little things that can do you in, and just don't think when it comes to popping in somewhere for a meal, etc.

"...BUT,her advcie is so dumbed down, that any idiot should know it...'

No, qdog. People do NOT know it! That's why she's been so successful. She speaks directly to people that have zero financial understanding (or very little). Her target audience are those who can't balance a check book, fill out their own financial statement, create a budget, calculate the interest on their credit cards, etc. And, unfortunately, that's most of the country.

I've met her a couple times...and wouldn't be surprised if she did suggest using the library to people that needed such restrictions. A couple eats out once, maybe twice at a fast food, for the price of one of her books. The info in the book lasts forever.

/tricia

PS Qdog, you might consider doing some volunteer work thru your local literacy program. It's a real eye opener. We have a significant percentage of our population that are functionally illiterate even though they've got HS diplomas. :( I get a real sense of satisfaction when a student reads a paragraph & is able to paraphrase back to me...when we start they may be able to read words but they've no clue what those words mean.

tricia, i may very well look into your idea!!! Still think Orman is a hack,however,lol....Hope all is warm and toasty in Mystic area ;)

"Save some money,don't buy my books, you can get them for FREE at the library..Whatya think the chances of THAT happening?"

Suze quite frequently provides opportunities for people to download a book or some type of financial tool off her website. She's on Oprah occasionally too and Oprah will provide a link off of her website to download Suze's latest book. The early part of January you could download Suze's new 2009 book for free. Of course it was only available for about a week and a half, but if she was only in it for the $$ she wouldn't provide the opportunity to obtain her material for free.

I think many people need the simple lessons that Suze advocates. Besides the all to common issue of the housing market and bad economy, how many people use a credit cart to buy a latte? Why are people buying lattes with credit cards if they can't afford to pay off their bill at the end of the month? How did so many people get in their financial mess? Suze offers solid advice to the folks who need it most. I have a good job and no credit debt so her advice seems a little simple to me, but there are many people who don't even know how to balance a checkbook. Do they teach these money management skills in high school? Do they teach the concept of interest accrual? What about the people who use some type of service where you take out a loan on your paycheck only to be charged an interest rate of 50% or more? Do people know the never ending trap they are getting themselves into by using these services? These businesses stay in business because people use them. Suze provides the information to the people who need it most to be able to free themselves from the financial trap they have gotten themselves into. It may seem simple or "duh" to folks who have managed to maintain their financial life successfully but to those other people, I think she does them a great service to free them too to be successful.

I am a fan of Suze. She gives great advice without expecting a return. As previously stated by others, she offers her books for free download on occasion and often has said her books are in libraries.

Have you ever watched her show? The calls that come in from people who are deeply in debt (25k to 125k) that doesn't include their mortgage just astounds me.

As for the OP re: Bill Billimoria (haven't heard of him)I think he was reversing the rule of 72; 10% for 72 months to double your money. However, you are right, I don't see how anyone is getting over 3 percent on anything right now. Maybe a few web banks offer a little more. Not enough for me to switch.

QDog,

I share your disdain, from a high-level perspective, for Suze Ormon's "content for financial children,"

HOWEVER... realize that THE GRAND MASS MAJORITY of the population are "financial children."

Suze Ormon SERVES A PURPOSE.
So do Dave Ramsey, David Bach, and similar "simplified basics" gurus.

Once I accepted that 'there needs to be teachers for the children'... I became much more relaxed about Ormon & her ilk.

(I still cringe when I hear her actually speak... but I will own that as my own personal problem ;~)

Dave

Dave, i like your thoughts on this...I am now going to turn off my HBO subscription..According to Suze's logic, i can save 30 bucks a month,360 a year,3600 over 10 years, and when i am 148 years old,i'll have accumulated 36,000 dollars WOOHOO!!!!!!!!

Well, $36,000 IS a woohoo. At least it is to me!

BUT, the people she usually tells that to have cable bills pushing $200 per month.

That adds up a LOT faster than your $30 per month...

luann, 36,000 bucks does you NO good if you're 148 years old,lol....

IF I'm 148, it WILL do me good! LOL!

But you missed my point....

The people she is telling to do away with cable spend more than you do... they spend $2400+ per year. If they stop, that $2400 can be put towards CC debt, or if saved, can really add up.

QDog,
Luanne's right, you know....

The class of people who NEED to be talked to the way Suze Ormon talks to them... THEY NEED IT.

Let it go & move on... You don't let Barney the purple dinosaur ruin your day; don't let Suze & her crew bug you either.

D

If I invested $36,000 today (well, when the market's a bit better :-), I'll have a LOT more than that LONG before I'm even 80... which is the point, it's not just about saving pennies under the mattress, it's about making the money work for you!

If it isn't Ormon on TV here it's Diane Swonk. (Do both these gals have a weak eye muscle or just Ms. Swonk?) Or...another gal, Melanie Whatsis (ABC)!

These preachings are the financial version of Weight Loss books: Eat/Spend Less. However, they ignore the large numbers of people who are 'in the hole' because they can't make enough to have a choice. They are already eating and spending as little as possible because they don't have enough earnings, period.

We -- and most posting here -- have excess dollars. We still use our library for books and DVDs. The only time I've bought a book lately was to have something to read on a plane. I've never understood why anyone would buy stacks of DVDs unless they have children; they can watch a cartoon over and over until you can't stand it anymore! LOL And, yes, we make donations to our library beyond our tax support.

I'm making about 7.25% at present, on a fairly secure investment.

I bought shares in a Canadian bank 42 years ago, at about $4.20, paying about 12 cents annual dividend.

I don't recall the rules governing tax rate on dividends back then, but for many recent years that kind of income has been taxed at a much lower than usual rate ... and a couple of years ago our government, which, as yours, likes to help out its rich friends, changed the calculation in order to reduce that tax rate substantially from the low previous rate.

The bank has paid in the neighbourhood of 3% or slightly more ongoing over those 42 years.

The share prices have moved up ... down ... and sideways ... over those years

In the summer of '07, I could have sold each of those shares for $107.00 or so. In the fall of '07, they increased the dividend payout once again - to $3.48 per year.

Unfortunately, they had a double involvement in those stinky mortgages and other loaning systems perpetrated by a number of U.S. financial institutions recently.

The value of the shares has slid ... down into the $80.s, then the $70.s ... down through the $60.s into the $50.s and into the $40.s a couple of times, where they are now.

Some say that they may reduce the dividend rate, but many feel that they will resist such action strongly, as it would cause further deterioration in the price of the shares.

Canadian banks are fairly strongly regulated, operate fairly conservatively, and are considered about the safest in the world, these days.

When I referred to this situation elsewhere here, people said that of course I'd sold them ... no, I didn't. The slide was gradual, and when does a person decide to jump out ... and when to jump back in to the market? Earlier, the value of the asset had doubled over 4.5 times, then it was 4 times, now it's somewhat below that.

I'm considering buying into (another) Canadian bank at present. Paying about 5.5%.

Maybe it'll go down ... but probably not for very long, and, though recovery may be delayed and slow ... I like the 5.5 - 7.5% or so ... with the reasonably strong possibility of some, maybe substantial, capital gain, down the road.

Though I'm breathing down the neck of 80, I've got time. With a background in frugal living, I live on less than my three pensions (two of them government-related), let alone the (modest - and required) annual payment from my personal tax-deferred retirement plan.

And if I kick the bucket over the short term, my kids don't need the money, and can sit on the shares for a while, waiting for them to grow.

On the other hand ... some Canadian companies, saving tax by paying most of their income, and being required to change their status soon, are paying from 10 - 20%, these days.

Which sounds good ... but, to me, it's "income" - and added to the kinds of my income that are taxed at top rate.

Some of them are suffering lowered rates of earnings as oil prices have dropped.

But - who figures that oil prices will stay down, over the medium term? Not me!

Many high quality stocks are on sale!

Some of them may be on fire sale, later.

But they may not ... and I'm inclined to the view that such prices may soon be considered to have been bargains, no longer available ... at the prices that one can obtain them for currently.

I've been buying, intermittently, and plan to continue doing so, from time to time.

Earlier, I'd expected a buyout to put some fresh money into my hands a short while ago, and that deal fell through.

You've worked hard to earn your money ... hang on to some of it and put it to work.

As I said elsewhere recently, on the day that you go to work, there's hands and brains at work ... and no money.

On the day that you retire, there'll be brains and money at work ... and no hands.

Or you can't retire.

The sad part is ... to see some folks retire without enough of a kitty ... and it ain't no fun, being forced to return to work at age 80 cause you're broke.

Learning how money works - an interesting hobby ... *that pays well*!

Hope you all have a wonderful happy, healthy and reasonably prosperous New Year.

ole joyful

Well in some ways its no surprise see what's on this thread. Its long been known that the people that frequent this board are not middle class. Most wouldn't even be considered upper-middle class and therefore the financial perspective and advice dispensed from people on this board is often not for those of us who are.
The condescension is incredible. Just love reading a thread and feeling like I've just been called an idiot. Right back at ya.

You mean the shoe fits? Why don't you write something constructive that clarifies what you mean (and what you'd rather see), because you've classified yourself as upper middle class, yet complain about condescension. Are you seriously suggesting the posters here are all upper class (like they have nothing better to do than fiddle on this thing)? Or maybe just the opposite? Joyful guy has been a financial adviser forever, so he contributes what he knows, but if you disagree with something, then come back with a logical, rational argument, not sour grapes.

Happened to catch Suze Orman yesterday on our PBS "plea for funds" programming. Even she will admit that those lucky enough to have money to do things with have it infinitely easier than those who don't. But she failed to go on to say, those that don't aren't likely to create ex nihilo without diligence and sacrifice.

In light of marys1000's charge, it might be fair to say that many of the lucky ones got where they are by a determined process over time - not by a desperate attempt at a quick fix in a financial panic; not by sitting in a "come on, you can do it, too" seminar and buying the books and tapes on the way our.

With regards to this forum though, to summarily dismiss advice based solely on the perceived "class" that might be giving it seems counterproductive.

I think it was calling Middle America idiots that offended Mary.

My sister has never been able to balance her checkbook. She spends far too much on the lottery. She has no savings. I love her and prize her for her other excellent qualities. I would not call her an idiot.

Suzie's story does not impress me. She borrowed over $100G's from family to start her brokerage.

If I had family that would loan me $100G's to start a brokerage back in the day, I'd be a millionaire too. Don't believe everything that someone selling her book tells you!

Well, this really struck a nerve with me..........
Qdognj, are you familiar with a form of math dislexia called discalculia? Well, I have it. Math is the bane of my existance. For most of my life I was horribly ashamed that I just didn't get math. It was like speaking a completely different language. Believe me, I TRIED, to take additional tutoring clases, was always in remedial math classes in elementary school, high school & college. I just can't "see" numbers in my head. numbers get transposed. Even with calculators, I can't get formulas right. To this day I can barely remember times tables. I was in fourth grade before I learned how to read a clock. I had problems understanding concepts & verbiage. If someone said it was a quarter after--I always thought they meant 25 minutes. After all, a quarter = .25 cents. Those are just some of the small things. I can't tell you how embarrassed & ashamed I felt growing up. (Having nuns make you stand at the blackboard until you got the anwers, it was so cruel & humiliating--obviously if I didn't know the answer, it wasn't going to come to me by any divine intervention either)
I did VERY well in other subjects, but math has always held me back. Math always has been & will be a struggle for me, but I don't give up. Simple things are a struggle for me. Ever try to figure sq. ftg for carpeting or tile floors? Or read a tape measure? Or try to figure how many yards of fabric you need to sew or upholster? Or are afraid to go out to dinner with friends because figuring out a tip would require me to pull out a calculator?
I felt like a total failure when I could no longer help my son when it came to 5th grade math. But, I am blessed to have a DH who is very, very patient with me & tries (sometimes over & over) to help me understand our big financial picture.

I truly hope you will consider what tricea suggested and really look into literacy programs. It will change your opinions on people. Despite my dyscalculia, I was able to train for a READING program to help those who have trouble reading. I have 2 associate degrees & even got my Real Estate license--after having to take the test 3 times--all because I had to study, study, study the math portions of the test. I hope to return to school to work on finish my bachelors & work in healthcare. I am not stupid, but I do have a very real disability.
Not everyone has the skills to understand their finances & not because they are "stupid" or even uneducated. Sometimes there are things beyond our control. JMHO

Here is a link that might be useful: Dyscalculia symptons

I do not like Suze Orman's advice most of the time. I understand that it is very general, but thus can be very bad in case by case instances. For example, there are times when it makes sense to pay of your credit cards with HELOC, when your CC is 30% and HELOC 3%, you might want to consider the risk and reward. Sometimes it makes sense to take short term loan from your 401K and unless you do not pay it back, there are no tax consequences. She makes it sound like there are and later explains the situation when there actually are and even then I did not see her mention, that for certain expenses there are non. So in my opinions, her advice is one size trying to fit all and many times wrong size at that.
Little off topic, good financial education is lacking in US. I see young people, from struggling to extremely smart graduating from High School, with no idea how bank account, credit cards, budget and so on work. This has been my pet peeve for some time now, so I am doing something about it, starting my own blog :)

I guess I am one of the dumb-downers Suze Orman talks too. Though I can only "take" her for one show in a long stretch. What gets me are the 20 something callers with thousands in the bank that want to invest. Where the heck do they get the money? Anyhow, I'm 52, married with a dh on SSDI, we have no savings. I will never retire & pray I won't get laid off. I try to listen to her to find ways to save to "invest" but when you are living basically paycheck to paycheck, paying the credit cards & the mortgage I just haven't found a way. (We don't go out to eat, we don't go out to the movies, we don't take vacations - I do try to be green as much as possible to simplify & cut corners). And the sad part is - with previous husband I DID have it all. He filed Chapt 7 & worked together in a business to make it into a million +. When divorced I got nothing but bills - he got it all. So I'v never been able to recover.

annie says:
What gets me are the 20 something callers with thousands in the bank that want to invest.

Why would that get you upset? Perhaps they have earned and saved the money..Don't be a hater of others,not a healthy attitude...You mention you DID have it all,but got nothing in a divorce? Perhaps a good attorney would have gotten you a better settlement..You have a right to be bitter about this,but not about others who have succeeded in saving more money then you...

To xminion - you need to get your facts straight. Below is part of Suze's bio. She didn't borrow $100,000 from family!

"She soon became a waitress at the Buttercup Bakery on College Avenue. In 1980, a longtime customer gave Orman a loan of $50,000 to help her fulfill her dream of opening her own restaurant. Orman invested the money at Merrill Lynch, but four months later was broke again, after she was swindled by her stockbroker.

Knowing that she couldn't make the money back as a waitress, and having started learning more about finances and investing, Orman returned to Merrill Lynch and entered their training program to become an account executive. She discovered through her training that her stockbroker had committed an illegal act and she thus sued Merrill Lynch. Suze received the entire $50,000 back plus interest and was able to pay back her former customer."

QDog.... ...
Now you're just rubbing salt into wounds unecessarily. Have a little compassion too, man... Annie's laying out where she is, and feeling frustrated about it... and if you put yourself in her shoes you might feel a little jealousy & anguish at the fresh-young 20-somethings who've got a few bucks to put to work early in their life.

C'mon pal... let's get outta here & go grab a beer. You need a break from this place ;~)

Dave

Dave, I have more compassion then most here would believe!!! What i don't have is patience for people who begrudge others for what they may or may not have..People should be happy with their own situation,and not concern themselves with others..If Annie posted about her situation without complaining about 20somethings with thousands of dollars,i could sympathize...Envy and jealousy are not productive!!
Now, in regards to that beer,i have a nice micro-brewery restaurant around the corner...1st round is on me ;)

To Sephia:

#1. If you quote a source, tell us where you got the source.

#2. If you are that naive to believe that story, no wonder Suzie's all over TV. You certainly aren't special, because there's many gullible fools who have helped made her rich.

#3. Are you saying if it's printed in a book, it's fact?

#4. I have my knowledge on hearsay - but it's good hearsay. I used to work for a broker in Florida way before she was famous. When she first started telling people about her brilliant court case he used to laugh and say she left the part out about how much money she's borrowed from her family to get her on a fast track.

QDog,
I know you are right...
YOU know that I know you are right...
Suze Ormon *IS* Barney the dinosaur...

People SHOULD celebrate other's success & blessings.
(*AND* people who are emotionally injured, frustrated, or handicapped aren't always so enlightened at the moment...)

Even the gentlest, most loyal dog can snap out & bite when enduring great pain... we always need to keep that in mind.

NOW; it's coming up on high-noon in my part of the land... and a hearty stout would go well with my midday meal! I'm off to join you, in spirit(s.)

Cheers,
Dave

Hey xminion, to answer your questions:

#1. If you quote a source, tell us where you got the source.
- I think you can find enough sources yourself without me doing the leg work for you. Do a Google search and do your own research.

#2. If you are that naive to believe that story, no wonder Suzie's all over TV. You certainly aren't special, because there's many gullible fools who have helped made her rich.
- It doesn't matter whether I believe the story or not. Never said I was special (cite your source that says I'm special). I'm just fortunate that I'm smart enough to not need Suze's advice - with a nicely funded 401k that I've been contributing to for 30 years, without having to purchase any of her material, I'm hardly gullible. Haven't contributed a cent to her wealth.

#3. Are you saying if it's printed in a book, it's fact?
- Are you saying that if someone tells you something, it's fact?

#4. I have my knowledge on hearsay - but it's good hearsay. I used to work for a broker in Florida way before she was famous. When she first started telling people about her brilliant court case he used to laugh and say she left the part out about how much money she's borrowed from her family to get her on a fast track.
- Hearsay, now that's impressive. You're gullible to believe hearsay.

Besides, what is wrong with borrowing money from family to start up a business? Lots of people do that.

From Roget's Thesaurus:
Main Entry: hearsay
Part of Speech: noun
Definition: unsubstantiated information, idle, often sensational and groundless talk about others.

Here's a link for you to look up other definitions of (hearsay.( Note they all say the same thing - unsubstantiated gossip (usually a mixture of truth and untruth) passed around by word of mouth.

Here is a link that might be useful: Hearsay

I haven't bought any of her books either. I do like to listen to her broadcasts, I find it entertaining and sometimes informative. Somehow, we (DH and I) managed to muddle through before she came along. However, there are many out there who haven't and are struggling. Some of those are struggling because of trying to keep up with the Joneses, others for lack of education and job pay. Some like the poster above who came from a marriage without assets. But my comments are about those who basically squander their money; and those are the people who Suze talks to and writes her books for.

The buy now, pay later plan that is blasted over television, radio and newspapers has lured many people. Remember when credit cards were thought to be a good thing because the interest was deductible??

Technology has increased so rapidly that the new tech toy is quickly obsolete. The "want better" for our children group intended it for education and housing, not McMansions and toys.

People are looking at how much a month does it cost, instead of the whole cost including interest. They aren't considering loss of pay, or heaven forbid not getting that bonus they were expecting. They are looking at things to make them happy or satisfied instead of looking at life, friends and family. Some buy to replace the loneliness felt due to the loss of friends or family. Whatever the reasons, buying on credit has gotten out of control.

My DH and I have always been practical, even so I know emotions have played a hand in some purchases. However, we don't have credit card debt, we own our home and we own older cars. We don't need cell phones, plasma tv's, etc.that has become a necessity for so many - exception made for those whose lines of work require cell phones.

Basically, we didn't succumb to materialism.

I agree, calirose. We live in a country where people spend, spend, spend, regardless if they can afford it. And too often people don't pay off their credit cards at the end of the month. There are the folks though, through no fault of their own have needed to use credit cards to pay medical bills.

You're right about the people that Suze speaks to. Not everyone is informed about money, and Suze speaks in terms that are easy to understand.

"What gets me are the 20 something callers with thousands in the bank that want to invest. Where the heck do they get the money?"

Speaking as a mom of 20 somethings, they worked for it! And they know saving is better than spending themselves into debt.

Personally, I am glad that the younger generation might be wise enough not to repeat the mistakes of the masses....

I apologize for sounding "bitter & jealous" - to an extent yes I am & I will deal with it. (I just didn't have as good a lawyer as the ex even after spending $50k) I worked my butt of for what I had. When I was in my 20's I was able save to buy my first house. When I was talking about the 20 somethings - why I was questioning it was that my 29 yr old daughter is paying off college loans. She was in school in her early 20's. And any income she had went towards her college expenses. So she is trying to pay everything off before she can even think of saving anything to invest. My mindset is I guess when someone is 18-19 years old if they work full time and live at home, bank everything & don't have to pay & any sort of living expenses I guess that would be how they could save upwards of $20k or so to invest - but is that so common? But without any schooling at what hourly wage? And are those with just the high school diplomas making minumum wage really going to be the ones doing all of this saving?

annie,many college graduates have little debt,thanks to parents helping them foot the bill..It wouldn't take many years of employment to accumulate 20k after college,considering most graduate at age 22+-...

Many college and univ. grads who walk out on the streets looking for work are carrying a heavy load of college debt.

Some time ago, when there was talk of cutting back on support for post-secondary education in our province, including grants to students, I called the local Home Builders' Association to suggest that they might like to call their members of the legislature asking that such support continue.

The office staff asked what that idea had to do with them, suggesting that it was of minimal interest.

I said that if a kid grads. school carrying half of a mortgage load of debt ... how long did they think that it would be before s/he could give any consideration to buying a home?

That idea appeared to not have occurred to them.

I think that many parents who pay the full load of the education cost are, in many cases, doing their kid no favour.

If the young person attending post-secondary education has spent hours flipping hamburgers, landscaping, etc., to pay part of the costs of the education, it seems to me that there's a good possibility that s/he may value the education more (and be less inclined to spend a substantial portion of Year I substantially dedicated to partying) ...

... than if Mommy and Daddy are carrying the whole load.

Often the parents who do that also showered benefits upon the youth while growing up, as well, so that they scarcely knew the meaning of the word, "No".

I am troubled also by the reported situation that many young people in university are needing substantial mental support, in that they have had their schedule set up for them, been hauled here and there and not had to manage their affairs during their younger years - had been coddled. Insulated from the realities of life. Now there seems to be an increase in youthful suicides, as well. What a shame, when so many of our kids have had so many benefits.

Some time ago in another thread there was a discussion of raising kids and I said that it seemed to me that one of my major tasks as a parent was to train/help my offspring learn how to and prepare for their independence.

As a kid of 10 when World War II started, for many of us, in 1939, and our farmhands went to war, I had lots of chores to do from an early age.

When I hear so much talk of teen-age rebellion, it seems to me that if more young people had an increasing level of chores and other responsibilities as they grow, and knew that when they discharged some responsibilities reasonably well, there would be more provided, along with their opportunities for self-expression and making their own decisions, there'd be much less of it.

Good wishes for increasing wisdom in the management of both your income and your assets.

ole joyful

OJ,
Average debt for the class of 2007 was $18,482 at public colleges and $23,065 at private colleges, the survey found.

While this is not a small amount,it clearly is not a "heavy load"..It is approximately a mid -level Toyota auto...

Here in Northern CA, most folks I know are going after graduate degrees, since a BA is merely the basic entry-level qualification even for getting an admin asst job. And that takes anywhere from $50K to $150K, depending on the school.

OJ, I have interesting conversations with one of my young friends who is 31 yrs old (Gen X) with a 24 yr old sister. She is finding she has to mentor her sister (through LD phone calls!) because her Gen Y sister has a very different, much more naive thinking about the workplace - sister thinks "everybody should be friends" including one's supervisors and managers, which of course is impossible. You can't be buddy-buddy with people that you're doing performance evaluations on, unless you want to be accused of favoritism and possible discrimination. Friendly, yes; Facebook buddies, no no no! She gives us an interesting insight into how different the generations are even though there's only a few years between them.

Getting back to the OT, however, people like Suze Orman and Carmen Wong Ullrich have a place. There are many people who wouldn't read a book if someone put a gun to their heads. And assuming that everyone's parents gave them good financial advice is ridiculous. My parents and my DH's parents, never gave us any advice good or bad; we had to start from the basics and work up.

I'm glad so many here were lucky to have good parental examples. I wasn't, and it was a real struggle for many years (pre-Internet) to get more specific financial advice than the old "plan to have at least 80% of your income in retirement".

Nowadays advice is everywhere. Thank goodness that it is so much easier now than it was before! I hope that the younger generation will have an easier time learning about complex financial issues than my generation was able to.

I see exactly what jkom51 is talking about at the business where I've worked for 25 years. I was manager until 1998. The nature of the business involves that the employees largely (except for management) are teenage part-timers. Back in the day (my day), I kept some discipline going, trained the newbies as best I could, called them on it when something was done wrong. They were "afraid" of me. Now, no one has any control over anything. The first thing (literally, I've sat in the office and seen it) a new hire may do is run up and fill the calendar with all the days she wants off. The two managers, and the owner!, are afraid to discipline for fear of offending the kids or their parents. The owner has outright said that nowadays one can't fuss at the kids, they have to be "motivated" instead. Well, his "motivation" has cost him several thousand dollars in literal cash-short over each of the last several years. Carelessness, mistakes, leaving equipment running, equipment wear/tear & abuse. There have been more paychecks lost among the latest group of idiots in the past three years than in the entire preceding 22 years. One of the little boys has three checks (from far back as two years) that have never been cashed (never cleared the checking account), and he has no idea. He needs a talk with Suze Orman. His dad is a CPA, but apparently this apple fell pretty far from the tree. I've brought this all to the owner's attention repeatedly, nothing is ever done. I guess long as they're all having a good time ... it's all good.

""She soon became a waitress at the Buttercup Bakery on College Avenue. In 1980, a longtime customer gave Orman a loan of $50,000 to help her fulfill her dream of opening her own restaurant. Orman invested the money at Merrill Lynch, but four months later was broke again, after she was swindled by her stockbroker.

Knowing that she couldn't make the money back as a waitress, and having started learning more about finances and investing, Orman returned to Merrill Lynch and entered their training program to become an account executive. She discovered through her training that her stockbroker had committed an illegal act and she thus sued Merrill Lynch. Suze received the entire $50,000 back plus interest and was able to pay back her former customer." "

I don;t know where the OP found this story, but it's almost exactly what I heard Suze say on her PBS special. "Woman and Money", I believe was the name of the program. It was the first time I stopped to listen to her and I like what she says.

Here is a link that might be useful: Suze Bio