In this episode of Face Time with the Founder, Mable Chan talks to Suze Orman, America’s most popular TV commentator on personal finance. Nearly 20 million students struggle with college loans every year. As graduation approaches, today’s young millenials are tasked with finding a job in a sleepy economy, dealing with crushing debt, and struggling with social pressures to continue the lifestyles they had in college. Suze tackles the difficult question that all 20-somethings are anxiously wondering: How to tackle debt? What is the “Suze Orman formula?” And how does debt define who you are?
Tune in this Sunday, Mar. 24, to find out. Also, for next Sunday, Mar. 30: Suze’s First Job & How to Impress
Mable: With me on Face Time today is the fabulous Suze Orman – America’s most beloved author, advisor, TV commentator on personal finance. Welcome Suze!
Suze: Glad to be here
Mable: Suze we’d like to start with you book – “The Young, Fabulous, & Broke.” Who is your target generation?
Suze: My target audience was, you just graduated, you were young, you were really fabulous but you really had no money. Because they had more student loans than they could pay back.
Mable: And what is the main message here?
Suze: You have to understand – what to do with the money that you don’t have before you know what to do with the money you have. Here is what’s so very sad. Many people took out student loan debts to live to go on vacation. If you have student loan debt, it’s the most dangerous debt you can have. Even though you can defer your payments it will continue to compound, and compound, and grow and grown. So 20,000 will grow to 40,000 will grow to 80,000.
And then they’ll come to knock at your door.
Mable: So the kids today are living with massive amounts of student loan debt.
Suze: Your number one priority has got to be to get out of credit card debt. Why? Coz credit card debt is bondage. You will never have financial freedom if you are in bondage. And if you are in bondage, you feel powerless.
Here is the Suze Orman Formula: Stop spending money that you don’t have to impress people you don’t even know or like.
People don’t judge you based on what you look like. It’s an initial judgement. But make them focus on you not your cloths. Show them who you are, not what you have.
When you can’t define yourself by the clothes you wear, the car you drive, your job title, the money you have in the bank, you credit card debt whatever is, who are you?
Who are you?