Content of the material
1. All Advice Has to Be Taken With a Grain of Salt Regardless of the Source
A lot of people pass themselves off as experts, when in truth there are no experts – only practitioners. No where is this more true than in the financial realm. There are dozens, maybe hundreds, of subtopics in the area of personal finance, and there are multiple opinions about every single one of them. Complicating this is the fact that no two people have the exact same financial situation.
You should consider financial advice, and use the knowledge you gain from it as a basis to help you make decisions about your financial life. But you should never mindlessly take action based on someone’s advice, least of which that of a financial guru. That includes Suze Orman.
5. Do try to put some bills on hold
During the pandemic, government programs have offered consumers relief from their usual financial obligations, and many creditors have been more understanding.
"If you can’t pay your bills, or could really use some short-term relief, call anyone you owe money to and ask them what help is available," Orman says in her "Women & Money" podcast.
Call your credit card issuers to find out what they can do for you, because some have suspended interest charges. "Are there long wait times on customer service lines? So what? You’ve got time," says the money maven.
Taking advantage of offers to sideline bill payments shouldn't hurt your credit score, but check your score regularly — which you can do for free — just to be sure you're not getting dinged by mistake.
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9. Do use credit cards — but wisely
Though you want to keep your spending under control during this period of financial turmoil, it's all right to fall back on your credit cards if you find yourself in a bind.
"If you don’t have enough money in your emergency cash fund to cover expenses, use a credit card for essential purchases," Orman writes in the CNBC piece.
"But if you do this, do everything possible to pay the minimum due each month. Staying current — paying the minimum is fine during a crisis — is key to maintaining a good relationship with the card issuer," she says.
If find yourself relying on a credit card, try to use one with cash-back rewards, so you’re essentially saving money each time you use it.
14. Because You Need to Think For Yourself Especially With YOUR Finances
When we were kids, we relied on the adults around us to guide us through life. As we grew up, we began to realize that we have to do for ourselves what we once relied on others for. And so it is – or should be – especially when it comes to finances.
While it’s fine to rely on input from experts, there is no substitute for learning personal finance on your own. Only when you have some grasp of what you need to do, can you even apply the advice and recommendations that you’re given by others.
And that’s important. After all, any losses that you encounter will come out of your financial resources, not the experts’.
That should give you good reason for not listening to Suze Orman – or any other financial guru!