How Suze Orman Scammed The World (2016)

[DHK]

I'm posting this here because Suze is a CFP. If you ever wanted some kind of proof that Suze is doing all this "for the money" and to appease sponsors... this is the expose video you need to see.



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This is the "expose Suze" link here that also offers a free book on the subject:

How Suze Orman SCAMMED the World

 

[xrac]

DHK you have made a lot of good posts but thus may be the best ever!!!!!! I think both Orman and Ramsey are scams but Ramsey the lesser.

 

[Josh]

DHK you have made a lot of good posts but thus may be the best ever!!!!!! I think both Orman and Ramsey are scams but Ramsey the lesser.

How is Ramsey a scam? I don't agree with a lot of what he says, but for most Americans his advice is pretty reasonable.

 

[DHK]

Ramsey has a lot of inaccuracies - such as expecting 12% average rates of returns with "good" mutual funds.

The difference with Ramsey is that he never had any financial credentials of ANY kind... while Suze is a CFP and had insurance/securities licenses. (Her insurance license in CA expired in 2011.) Suze was the ONLY financial entertainer that had ANY kind of credentials.

Anyway, if you ever wanted to prove that she was doing a lot of what she was doing to appease sponsors and make money for herself... this video certainly takes the cake.

Talk about massive conflicts of interest that just happened to be protected by 1st amendment rights!

 

[Josh]

Ramsey has a lot of inaccuracies - such as expecting 12% average rates of returns with "good" mutual funds.

How long ago was that? I find him entertaining so I've been listening to him, but haven't heard him say anything like that.

He is allergic to debt to an extreme.
He calls whole life a ripoff.
He is ELP program doesn't seem to actually vet the advisors which I find disingenuous.

But, overall his message is simple and most of his calls revolve around just telling people to get out of debt. If you're taking the financial advice off an entertainer to tell you to get out of credit card debt and stop buying new cars, not so bad. If you're investing in mutual funds without doing research or a financial advisor, shame on you.

 

[DHK]

He doesn't endorse using financial advisors... unless they are a part of his Endorsed Provider program. Orman never endorsed ANY kind of advisor (especially any advisor that sells financial products - oh the irony!), just herself and her books/resources, etc.

Case in point: http://www.forbes.com/sites/feeonly...mans-take-on-financial-planners/#59a2c3ef5e99

He clearly doesn't understand whole life (neither did Orman), so he takes the popular approach and says to only "buy term and invest the difference". Of course, he has his own Zander agency that I'm sure he gets his kick-back deals from... just as Orman had kick-back deals from SelectQuote.

Two sides of the same coin.

But I agree - eliminating debt and not wasting money on depreciating assets - is a good message. Advice on insurance and investments... really should be left to licensed and registered people - in most cases. At least Suze HAD such licensing and credentials... while Ramsey never did. That positions Ramsey as more "well-meaning", but can still be just as damaging.

 

[scagnt83]

Suze is a shill for whoever is willing to pay her the most... mutual fund industry... banks/lenders... car companies... etc.

She preys on people who have no financial knowledge at all. She feeds them a bunch of scary inaccuracies sprinkled with a few random (often irrelevant) facts.

Ramsey does not understand life insurance at all and he overstates what to expect from market returns. But Suze is in the same league as the payday lenders in my opinion.

 

[Newby]

In our town Dave has endorsed local mattress providers and in June and July he has endorsed local fireworks providers.

I bought a mattress from Dave's endorsed local provider. It wasn't too bad.

https://marksmattress.com/dave-ramsey/

 

[DHK]

It's too bad the CFP board won't go after Suze. Suze is still a registered CFP certificant on their website working out of Santa Monica, CA.

With all the times the CFP board likes to publicize how they "monitor and regulate" their certificate holders, you'd think they'd almost WANT to go after someone with celebrity status to show how powerful they are.

Then again, with Suze and Elizabeth Warren being "besties"... I doubt it would ever happen.

 

[nylife11023]

Most of the advice Dave R. hands out is good. Some of it is bad.

I don't see that as being much different than many other licensed advisors out there. If you can fog a mirror you can get a license to be a financial advisor... all you have to do is pass some rather easy exams.

But DHK is right about Suze. She is a CFP and that is another kettle of fish. They don't give that away... you don't get it by fogging a mirror... it is basically a college education in finance and it is not easy.

CFPs should be held to a higher standard.

Actually, I believe that in order to BE a financial advisor you should be REQUIRED to be a CFP.

(Advocating that one becomes an expert in the financial business via a rigorous educational curriculum and exam process BEFORE EVER being allowed to talk to a client... will no doubt make me super popular around here!!!)