Review of Dave Ramsey and Suze Orman
I personally prefer Dave Ramsey to Suze Orman, because I think Dave's method of getting out of debt works faster. Although Suze is the more entertaining of the two, her plan teaches debt management whereas Dave's plan teaches debt elimination.
Embrace Suze's groundbreaking philosophy—that you are worth more than your money—and understand the true meaning of wealth so you can live a life without regrets. If you do not have control over the money in your life right now, Suze's nine steps to financial freedom are for you.
“If you're going to stay living in that house for the rest of your life, pay off that mortgage as soon as you possibly can,” Orman tells CNBC. Without a mortgage, you'll have more financial security in retirement, she says.
Dave Ramsey: $1,000; then three to six months of expenses
That's not the final savings total Ramsey recommends for a fully funded emergency account, though. After all your debts (except mortgage debt) are fully paid off, he advises building your emergency fund to cover your expenses for a solid three to six months.
Suze Orman net worth: Suze Orman is a financial advisor, television personality, author, and motivational speaker who has a net worth of $75 million. Suze Orman is a financial guru and has authored 10 consecutive New York Times best-selling books.
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Through the Women & Money podcast, Suze will entertain, educate and empower — unlocking 35 years of experience in helping create wealth for millions and millions of people all over the world — she is your personal finance teacher.
“I don't want you to wait till you're 60 or 70 to sell this home,” she says. “I want you to downsize right now, so that you can start saving more money right now.”
Remember that bitcoin is an extremely volatile asset and should be treated as such, Orman says. The amount she says you should consider investing: “Any amount you can afford to lose.” “In the same way that it could go to $62,000, it could be at $5,000 before you know what hit you,” she says.
Personal life. In February 2007, Orman stated that she is a lesbian. Orman has been married to Kathy Travis (nicknamed KT) since 2010. Travis is also her business partner.
Tips to pay off your mortgage early
Pay off high-interest debt before making extra mortgage payments – Other debt like credit card balances might have much higher interest rates than your mortgage, so if you pay off your mortgage early instead of tackling that, you could end up behind.
The biggest con to paying off the mortgage early is reduced liquidity. It is much easier to access funds sitting in an investment account or bank account than to access funds in the form of home equity.
To receive a conventional loan, many lenders will require your DTI to be less than 43%. If you have a lower credit score or have less of a cash reserve, they'll probably want the ratio to be even lower. Paying off your debts is going to reduce your DTI and allow you to better afford your mortgage payments each month.
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