"Orman learned her financial savvy the hard way: borrowing $50,000 to start a restaurant, she was wiped out by a rogue Merrill Lynch broker who put her funds into risky options trades without her knowledge. Realizing the gaps in her financial education, she got a job at Prudential Securities, learning the ropes and climbing to reach VP executive level status before launching off on her own."
"Although Orman has some controversies in her history, such as the Bancorp Approved prepaid debit card, which was accused of hidden fees and false credit score enhancement advertisements, the bulk of her financial management counsel is centered on common sense principles, and are festooned with practical application tips. In particular, her preparations to handle worst-case financial scenarios are one of her strongest suits."
"Term Life Insurance: Suze Orman advises people to augment any no-cost workplace life insurance with term life insurance that pays 20-25X their annual income to protect their families. Term Life policies that can pay as much as a $1.2 million death benefit can be had for as little as $30 per week, but if the insured is the family breadwinner, this can be a crucial protection from getting a house foreclosed, impoverishing the family, or other disastrous after effects."
Suze Orman built a media empire through books, television, and podcasting focused on financial and money management advice. She learned financial lessons after losing savings when a broker placed her restaurant funds into risky options, then worked at Prudential Securities rising to VP before starting her own venture. Controversies include the Bancorp Approved prepaid debit card accused of hidden fees and false credit-score claims. Core counsel centers on common-sense principles, practical tips, and preparation for worst-case scenarios. Her guidance on insurance, credit cards, estate planning, and emergency funds is adaptable to individual circumstances.
Read at 24/7 Wall St.
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