Suze Orman and Dave Ramsey are popular TV hosts who dish out sound personal finance advice to viewers. Both of them advocate “buy term insurance and invest the rest”. The war continues between whole life and term life insurance and it never seem to be resolved. Here are their standpoint:
Suze Orman 1:
Dave Ramsey:
Suze Orman 2:
{ 6 comments… read them below or add one }
Hi Alvin,
I got to say that i strongly agree with what you have posted and what Suze Orman advocates.
In my earlier years,i bought a few life insurance thinking that we can get back the money when we are old and due for retirement.
Its until these few years that i realize that i have make a mistake to purchased those crap insurance products.
Another piece of crap is the investment linked product which promised investment and protection coverage.
You actually paid a premium for the so call ‘jack of all trade’ kind of product but in truth investment and protection never goes hand-in-hand.
The true insurance products which are really benefit people are those which earns financial adviser very little commission.My two cents point of view is that the insurance industry are rewarding people who are not seeking the best interest for their clients.
Too bad they don’t understand life insurance, investing, and liquidity use and control of their money. I want to keep my taxes down not pay more taxes. If I pay off my mortgage I can’t get to the money without going back to the bank and get another loan. By the way Suze Orman is not a licensed insurance agent in my state. What else does she lie about?
Hi Andrew, I am sorry to hear about your bad experience. I believe many others have similar encounters. Time and time again, it has been proven that having a trustworthy adviser is of paramount importance. One way to defend yourself against such ’salesmen’ is to build up your financial knowledge so that they do not take away your money easily.
Hi Brian, let’s not shoot others down. Everyone has his/her views on certain matters. Personally, I am on your side with regard to mortgage redemption. Mortgage loan is good debt and is also the largest leverage a person can get. As for life or term insurance, it really depends on the person’s needs. I welcome more of your arguments :)
Wasn’t trying to shoot anybody down. Just making a point that somethings are said in the video that are not true. That makes me question the validity of the person on the video. Suze and Dave have quite a following, I’m just not one of them
Thanks Brian for your kind comments. Suze and Dave are indeed popular but I have yet to read their books. They gave me a feeling that their advice are somewhat similar to David Bach’s.
I strongly agree with Alvin that gaining more financial knowledge certainly helps,after all, who cares about your financial well-being than yourself.
One point to note is that,successful adviser doesn’t necessarily constitute good adviser that give sound advises.
Your financial knowledge will determine whether your adviser are ethical and giving the advises to your best interest.