5 Questions with…Suze Orman

Wednesday, Dec. 29, 2010

By Jeff Nuich
CSN Chicago Senior Director of CommunicationsCSNChicago.com Contributor

Want to know more about your favorite Chicago media celebrities? CSNChicago.com has your fix as we put the citys most popular personalities on the spot with everyones favorite local celeb feature entitled 5 Questions with...

On Wednesdays, exclusively on CSNChicago.com, its our turn to grill the local media and other local VIPs with five random sports and non-sports related questions that will definitely be of interest to old and new fans alike.

This weeks guestwithout question, one of the most popular and well-respected personal financial advisors in the world todayshes earned countless awards and accolades in her illustrious career and is as successful as they come in reaching her massive fan base via all forms of mediathis Chicago native can be seen every Saturday night at 8:00 PM & 11:00 PM CT on CNBC as the host and star of her very own showjust a fabulous woman whos one of our very ownhere are 5 Questions withSUZE ORMAN!

BIO: Suze Orman has been called a force in the world of personal finance and a one-woman financial advice powerhouse by USA Today. A two-time Emmy Award-winning television host, New York Times mega bestselling author, magazine and online columnist, writerproducer, and one of the top motivational speakers in the world today, Orman is undeniably Americas most recognized expert on personal finance.

Orman is the contributing editor to O The Oprah Magazine, the Costco Connection Magazine and for the last nine years host of the award winning Suze Orman Show, which airs every Saturday night on CNBC. Over her television career Suze has accomplished that which no other television personality ever has before. Not only is she the single most successful fundraiser in the history of Public Television, but she has also garnered an unprecedented seven Gracie awards, more than anyone in the 35-year history of this prestigious award. The Gracies recognize the nation's best radio, television, and cable programming for, by, and about women.

In October 2010 Forbes honored Orman as one of The Worlds 100 Most Powerful Women. In May 2010 Orman was presented with an Honorary Doctor of Commercial Science degree from Bentley University. In that same month, Orman received the Gracie Allen Tribute Award from the American Women in Radio and Television (AWRT); the Gracie Allen Tribute Award is bestowed upon an individual who truly plays a key role in laying the foundation for future generations of women in the media. In October 2009 Orman was the recipient of a Visionary Award from the Council for Economic Education for being a champion on economic empowerment. In July 2009 Forbes named Orman 18th on their list of The Most Influential Women In Media. In May 2009 Orman was presented with an honorary degree Doctor of Humane Letters from the University of Illinois. In May 2009 and May 2008 Time Magazine named Orman as one of the TIME 100, The Worlds Most Influential People. In October 2008 Orman was the recipient of the National Equality Award from the Human Rights Campaign. In April 2008 Orman was presented with the Amelia Earhart Award for her message of financial empowerment for women. Saturday Night Live has spoofed Suze five times during 2008-2010. In 2007, Business Week named Orman one of the top ten motivational speakers in the worldshe was the ONLY woman on that list, thereby making her 2007s top female motivational speaker in the world.

Orman who grew up on the South Side of Chicago earned a bachelors degree in social work at the University of Illinois and at the age of 30 was still a waitress making 400 a month.

1) CSNChicago.com: Suze, thanks so much for taking time to share a few minutes with us. Lets get right to itWe couldnt be prouder to say you were born and raised in our great city. Whats your fondest memory about growing up in Chicago?

Orman: There are way too many for me to recount in the space allotted, however, my favorite would have to be during the summer riding my bike all by myself from 81st and Oglesby where I lived to LaRabida and sitting there and watching the boats go by on Lake Michigan. It was warm, beautiful and it allowed me to daydream about the what if's of life. And when I think back about the what if's that happened to me...all I can say is WOW! Here's to daydreaming at LaRabida!

2) CSNChicago.com: You grew up on the south side of Chicagois it safe to assume youre a White Sox fan or did you grow up rooting for the north side Cubs as well?

Orman: My dad was hard of hearing and back then, the hearing aids were not as great as they are today... so when my dad watched TV everyone in the family watched what my dad watched, whether they wanted too or not.

The TV was so LOUD!

I suppose, it was just easier to go and sit with him and enjoy our only TV and watch the White Sox, Bears and Blackhawks, screaming for Bobby Hull! And yes, every now and then we even turned on a Cubs game. However, to this day, I am an avid sports fanjust ask Coach Lovie.

3) CSNChicago.com: Youve been a crusader in helping young career starters get out of their financial crises via your on-going advice and best-selling book The Money Book for the Young, Fabulous and Broke. For most young adults, its either student loan andor credit card debt thats really hurting their financial advancement. What are your Top 3 keys in helping young adults get out of their financial debts right now?

Orman:

1) Don't get in debt to begin with. But if you are already in debt, don't think you can ignore your debt, for you can run but you cannot hide. You have to face it to erase it. So the first tip is to tell everyone you know how much debt you have. Why do I want you to do this? Because if you do, then others will start to be honest with you as well, as you will all realize that none of you have any money. So there is nothing wrong with not going out to spend money you don't have to impress people you don't even know or like. Use that money to pay down your debt. When you get honest about who you really are, what you have starts to increase. Don't believe it? - then just give it a try.

2) Make paying off your student loans that carry an interest rate above 4 your number one priority in your financial life. Student Loans cannot be discharged in bankruptcy (in most cases). So while you may think that you are getting away with not paying your student loans you most certainly are not. The loan companies are just waiting till your 40,000 of student loan debt grows to 100,000 or more and then you can bet your little bippy that you will hear from them. They can garnish your wages to get that money; they can even, as you get older, take your social security check. So you best get on those student loans right now do you hear me! Don't wait - and pay them down now. By the way, what is a bippy?

3) If you have credit card debt on a credit card with a major bank and if you have a good FICO score (anything above 720), you should consider doing a balance transfer to a credit card issued by a Credit Union. Did you know that federally chartered credit unions cannot charge you more than 18 interest by law on your credit cards? Hmmmmcompare that to the 29.9 you may be paying on some of the major banks credit cards. Not all credit unions credit cards are created equal, so go to creditcardconnection.org to find a great credit union near you. And yes, anyone can belong to a credit union.

4) CSNChicago.com: Although things appear to be improving, what are your general thoughts on the Obama administrations handling of our nations financial crisis and is there hope in your opinion that national financial stability will once again take hold in the near future?

Orman: If you are willing to get involved in your own financial affairs and not wait for the government to save you, the economy to save you, the stock market or gold market to save you - and you believe that you have what it takes to save yourself - then you will be just fine. At times like this, you need to learn to live below your means but within your needs. That word was BELOW your MEANS not WITHIN THEM. As far as the President? Well, to find fault or praise with anyone at this point in time does no one any good. What can help is you making the decision that you are going to get involved with your money and help yourself create your New AMERICAN DREAM.

5) CSNChicago.com: Naturally, we all know money doesnt equal happiness, but what would you say to someone who says to you: Money is the root of all evil.

Orman: I would say. You are so DENIED. Are you kidding me! Money itself never did anything to any of you. It can't - it is just a piece of paper! It does not cry when you rip it. It does not call out to you to say "hey you lost me." Money is nothing more than a physical manifestation of WHO YOU ARE. You go out and work for money. You invest, spend or save the money you earn. Without YOU, your money cannot do anything. So, if you think you are the root of all evil, then go ahead and think it. But that too is just a waste of your time. Here is the truth: Money alone will never make you happy, but lack of money sure will make you miserable.

BONUS QUESTIONCSNChicago.com: Thanks again Suze for sharing your time with us. Just one last question that we must knowwhat is Suze Orman doing for New Years Eve this year?! Please tell us

Orman: I will be in Los Angeles with all my friends at the OPRAH WINFREY NETWORK (OWN), watching this amazing network go live for the first time at midnight. I cannot wait. Now that is something to raise your glass to.

Orman LINKS:

Suze Ormans official website

The Suze Orman Show on CNBC

Suzes upcoming RadioTV appearances

Suzes financial Resource Center

Suzes Money Minded Moms site

Contact Suze