Suze Orman Fan Club Blog Community

Suze’s SuperBowl Special… (aka: Suze’s Money Bowl)

Opening Remarks
Suze compares the Super Bowl to balancing your finances.  While a football team has all members working towards the same goal (the Lombardi trophy), families must all work together to create their own financial goal (no debt, budget, etc.).  Suze goes on to create different financial goals: don’t use the credit card for a week, don’t eat out for a month… you keep working up and you will see that you can reach your own financial goal.

Guest
Heath plays for the Minnesota Vikings, but he was out last season with a torn ACL.  Heath and his wife, Julie, talk about how they have a large sum of money saved up and they want to know how to invest their money.  Interesting statistic: the average “life expectancy” of an NFL player’s career is 3.5 years.  Suze asks if any of Heath’s financial advisors ever took that fact into account and Heath says that they did not.  Suze goes on a mini-rant about financial advisors who do not know what they are doing.  Suze goes back to their finances.  The major announcement: FDIC will decrease their insurance at the end of 2009 to $100,000.  Suze’s advice, do not keep more than $500,000 with one bank.  Suze also advises that it really isn’t such a big deal to make interest through assets; instead, it’s a better idea to save because as stated earlier: being an NFL player does not last for a long time.  Suze also mentions: “Non-deductible IRAs” because it is a good way to keep the money diversified.  Basically, Suze goes all over the place with what to do and it is a bit much.  Suze ends the segment by telling Heath to promise to spread the financial responsibility karma off to the rest of his teammates. 

PS– I kind of love the New York Jets cheerleaders being in the Suze studio tonight.

Phone Calls
James
James plays for the Atlanta Braves.  James and his wife make too much to qualify for a Roth IRA.  What to do?  Suze gives a table on Roth IRA qualifications… it’s a bit much to put all in here.  Suze recommends a Non-Deductible IRA for James and then convert any money that he has into a Roth IRA. 

Beth
Went out and got a credit card on her 18^th birthday.  She maxed out the limit at $400 and spent this money on an Ipod.  Apparently, Beth didn’t realize that you had to pay the money back to the credit card company.  Suze is beside herself.  Beth received statements to pay back the $400 balance, but she feels like she doesn’t have to.  Beth wants to get another credit card to pay off this debt.  Suze tells Beth that she is grounded.  Beth makes $2000 per month and Suze says that Beth must save up $400 this next month and pay off that credit card in full.

Can I Afford It
Those New York Jets cheerleaders are going to say “Approved!” or “Denied” for each person.  This should be awesome.

*Ray wants to play in the World Series of Poker for $10,000 - APPROVED!
*Theresa wants an Autographed Def Leppard Photo for $300 - DENIED!
*Stewart wants a Segway Personal Transporter for $5,000 - DENIED!
*David wants a Snowboarding Season Pass for $479 - APPROVED!
*Karen wants to go to the World Cup for $5,000 -  SOOO DENIED!
*Kaylon wants a Beat Machine for $500 - APPROVED!

Phone Calls
Linda
She is a poker dealer and gets taxed on her tips.  She wants to find a way around being taxed on the tips.  Suze says she is absolutely not to do anything with the tip money because Linda mentioned that she has $3000 in credit card debt.

Kathy
Her son inherited a baseball card collection and wants to know what to do with it.  Suze encourages Kathy to find the value of the cards because the value is unknown.  After finding out if the cards are worth something, then Kathy should cash in now while she can.  You never know when the value on certain collections will go up or down.

Email
They were running late so they didn’t have time to read an email.  Instead, they talk about football and food.  Suze thanks the New York Jets cheerleaders for coming and then has them do a dance to close the show.  Wow.  Great show!

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