Suze Orman Says These Are The Biggest Money No-Nos

[Olde Hornet]

Suze Orman Says These Are The Biggest Money No-Nos

Don't do these things and you'll enjoy a better financial life, the money guru says.

www.yahoo.com

The best-selling author, TV host and personal finance guru has been inspiring Americans for decades to be more money-smart and avoid serious financial mistakes.

Here are 22 major money don’ts — straight from the expert.

1. Don't be too quick to buy a home

Homeownership is part of the American dream — but buying one before you're able can lead to financial disaster.

"Sometimes it makes sense to own a home," Orman tells CNBC.com. "And sometimes, depending on where you live, it makes sense to simply rent."

That's particularly true if you're in an expensive city. Instead of pouring a lot of money into property, Orman says why not invest in the stock market? That way, you can grow your savings — maybe into a down payment on that home of your dreams.

You're new to investing? You might try an automated investment service, which will automatically adjust your portfolio to protect you from market turbulence.

2. Don't lease a car

 

[TSU/BAMA]

Suze Orman makes some good points:

Don't be too quick to buy a home

Don't lease a car

Don't co-sign a loan. (I will not co-sign a loan for anyone)

Don't take social security too soon (a lot of my co-workers made that mistake)

Don't borrow from your 401k

Don't spend to impress others (maybe I am wrong for saying this, but this is a problem in the Black community)

Don't say it is impossible to save

Don't spend on things you don't really need

Don't retire too early (this is a mistake that a number of my co-workers made, and as a result, they had to go back to work)

She made other points, but I really agree with the one above. The one I really disagree with her is when she says:
Don't buy a new car. (I don't agree with that. I don't buy pre-owned vehicles. I am not buying anyone else's headache.)