Suze Orman’s three things to never do with your money

When it comes to your finances, many times in life you're told what you should do. Now, financial advisor Suze Orman offers three things that you should never, EVER do when it comes to your money.

[LorisWhirled]

Never co-sign a loan.
Never borrow from your 401K.
Never miss a student loan payment.

[MakeHipHopaconsciencetreasure]

To late for me. I learned the hard way. But i'll survive this.

[anne]

Boy, I know people who have co-signed loans, for their own children, and been burned s-o-o-o BAD! Great advice, as always, Suze!

[bobbert]

I absolutely agree, although I've benefitted from the breaking of one of these rules. My mother co-signed a car loan for me when I was young, and had just had my credit destroyed by my first boyfriend. It saved me, drastically improved my credit score, and I never missed a payment. My FICO score is excellent to this day.

[mollydecker]

When I was 21 my ex boyfriends mother co signed on a car note for me because I had no credit. My own mother wouldn’t even co sign but as an adult, 28 years old, I get it now.
I would never do that for anyone... I am grateful to her though. Thanks to that loan I now have excellent credit and will never need someone to co sign ever again.

[NickLiang]

I can't believe how backwards the student system is in the US. Considering it is arguably the most developed economy, 2 of the most important institutions in a country, education and healthcare have such significant hurdles for a large proportion of the population. In the UK, student loans act as a tax contribution, if you earn over a certain amount it is automatically deducted from your salary, it is never a burden which could potentially ruin your life.

[cringeproof]

Thank you for the advice!! SO helpful!

[playwatchpictures]

I totally love this woman. After following her insights, I made my first million in my savings.

[RodgerLucky]

My girlfriend cosigned for my car because I didn't have any credit established and I paid it off and 5 years later I had a 790 credit score. 2 years after that I took a 12k loan out of my 401k to pay off her debt to help fix her score. With both of us now having a low debt to income ratio we used the money left over from the loan plus some we had saved up to purchase a home. We are paying 100 dollars more a month on our mortgage but for something we own. I think rules are ment to be bent. In my opinion its all about leveraging the resources you have to create better finacial opportunities for yourself.

[dottiec]

She has a beautiful tennis tan. Or golf. Or beach
As they say in Italy.
Bronzutto

[robertspencer]

It's funny how people are on here bashing this woman for giving them the practical advice that some parents don't even have the knowledge to give them. I feel that if you are already knowledgeable of this, she's NOT talking to you! I know plenty of people who have done one, two or all three of the aforementioned and they are in a state of regret as we speak. Luckily, I had people in my life to tell me these things and help me to make better money decisions.

[BlackPantherrStudios]

Suze orman is the best financial guru in the USA.
I hope your marriage remains eternal.
Great video.

[auntiechercher]

I had a job loss about nine years ago and I had no choice but to take out money from my 401K (not a loan, but a distribution). I took out enough to cover the taxes and frankly, I have never regretted it. Sometimes you just have to do what you have to do. I actually am grateful I had that to dip into because I really didn't have anything else. Helped me make my mortgage and other expenses until I could get employed again. You necessarily want to, but if you have to, then there isn't anything wrong with it (taxes and penalties included).

[milliehummel]

I watch you all the time. What stock or mutual funds should I buy to invest my money in retirement is index funds a long term . I want to know as I’m new to investing in Schawb investment . Thank you

[ludovikopeluche]

what does borrowing from a 401k even mean? you borrow it and pay it back? are there penalty or fees for this? can anyone explain.

[kaecake]

Sees right. My is not everything but your security.

She really open my eyes on retirement 💌

[Trishpage]

Love this woman!! Never co signed. Didn't go collage because of the debt. I did I however took money from a IRA. I didn't know about Suze then. Just an idiot! Gob bless you Suze!

[mekdesalemayehu]

I love love..love and adore adore..adore you extremely extremely...extremely sweet Zelalem

[rodan]

Wow! They pay this woman to give common knowledge for those who don’t plan to use it???!!! 🧠🤷🏽‍♂️

[Ma_Ba]

Somebody find the videotape of her telling people student loans were investing in yourself and nobody could ever take an education away from you. [1990 something on a talk show; perhaps Oprah.] I know this isn't a 180 degree change, but she didn't exactly throw shade on student loans.