Three Things You Need to Know About Advice from Financial Gurus (They Won’t Tell You)

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Finances are complicated, the right thing to do depends on your unique circumstances, and following gurus’ advice slavishly will frequently get you in trouble because you think you know something, but in your specific case it may just not be so.

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Financial gurus become such because they know a lot about a complex topic, and are good at communicating that knowledge in a way that speaks to people without much financial knowledge.

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Personal finance is, well, personal, so many of Orman’s strictures don’t always hold true.

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“Don’t lease a car”

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Don’t co-sign a loan

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This depends on what is meant by “too soon.” If it means that you shouldn’t file when you turn 62 and are first eligible for early benefits, that’s not necessarily true.

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Don’t sell stocks when markets are bad

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Read more about Advice from Financial Gurus (that They Won’t Tell You)

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Three Things You Need to Know About Advice from Financial Gurus (They Won’t Tell You)

Finances are complicated, the right thing to do depends on your unique circumstances, and following gurus’ advice slavishly will frequently get you in trouble because you think you know something, but in your specific case it may just not be so.

Financial gurus become such because they know a lot about a complex topic, and are good at communicating that knowledge in a way that speaks to people without much financial knowledge.

What You Need to Know About Advice from Financial Gurus (that They Won’t Tell You)

Personal finance is, well, personal, so many of Orman’s strictures don’t always hold true.

Deconstructing Financial Advice — Suze Orman

“Don’t lease a car”

If you’re in the market for a new car and the dealership just happens to be getting better manufacturer incentives on leased cars than on cars sold, the lease may (rarely) be the better deal.

Don’t co-sign a loan

This depends on what is meant by “too soon.” If it means that you shouldn’t file when you turn 62 and are first eligible for early benefits, that’s not necessarily true.

Don’t take Social Security too soon

Don’t sell stocks when markets are bad

If you do need money when the markets are bad, and borrowing costs are prohibitively high, selling stock might be the lesser evil.

Read more about Advice from Financial Gurus (that They Won’t Tell You)

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