I love that segment of the Suze Orman show. I was watching it last night and it was fantastic. I decided to have fun this weekend and instead write a post about “Can I afford it?” I thought it might be fun to see what Suzi says.
First up, Teri wants to buy a Greek Coin Necklace for $3200. Suzi at first suggest it’s not the time to buy jewelry. $7200/month income, $260k mortgage, $20k Savings, and $710k in retirement. She was going use her monthly savings for 2 months. Her husband is a police office. Suzi says she was denied because she didn’t have a large enough EF. Wow, I thought she might have had enough, but I guess not!
Second, Henry wants a $1550 Weber Gas Grill. Wowsa, what a crazy grill! They bring $6700/month, owns home outright, $57k savings, and $931k in Retirement. She says he is financially cooked and been APPROVED! I guess because his home is paid for!
Third, Andrew was interested in a 1979 Puch Moped for $350. He $1k/month takehoje, $275/month Rent, $800 Savings, $1100 Retirement. He is only 18 years old. He wants to buy the Moped so he can save on gas. He planned on taking it out of savings. Suzi decided that if he sells cars, he is APPROVED! But if not then he DENIED! Depends on him! I had to laugh, but at least he lived in Florida so he won’t have to ride it during the winter.
Fourth, Camilla wants to go to her family reunion for $413. This family reunion is every 2 years. There was a fantastic family picture. $1600/month take home, $555/month rent, $120 savings, $3400 Retirement. She was planning on using money from her extra job to pay for the trip. Suzi says she can’t afford to not go, so she was APPROVED! Wowsa, that was somewhat shocking, but people first, then money.
Fifth, Sabrina want to buy 2008 Nissa Titan for $30k! It’s for her husband and he’s only 29 to “treat” himself. $5500/month, $159k mortgage, $11 car loan, and $26k savings. Suzi asked them how they will pay for the car? Finance. Suzi says they are denied! I have to say that it’s a lot easier to justify a car payment than it is to justify a credit card bill because that is just “spending”. But a car, is TRANSPORTATION, kwim?
Suzi wrapped up with a Can I afford it Callback, Edith. Edith wanted $2700 Alaskan Fur Parka. Yikes fur! I hope no one throws blood on her. Suzi approved Edith for the Alaska Fur Parka. Edith has been wearing it and people have been complementing her. The woman has says it fufilled a lot of wishes.
Geez, this was an amusing can I afford it segment.
As a side note the last portion of the show was about a woman, Tina, who kept her money and her husband’s money separate. He recently passed away and left her $100k in debt between credit cards and loans. She was SHOCKED! She knew they had debt, but wasn’t aware it was so much on his part.
The $100k in debt was in her husband’s name. But she lived in a joint property state. He owned his own business and she is trying to stay afloat. She recieved $250k in life insurance, but is unsure what to do with it. They had no health insurance, no retirement. Should she pay off the loans or should she set it aside? They are coming after her because of state laws. Suzi told her to pay off the credit card debt, personal loans, etc. She said that’s the safest route. The interest rates were 7-16%.
So that wraps a show by Suzi Orman. I just thought it fun to see her telling people if they can afford it. Do you think they could or couln’t?
14 responses so far ↓
1 Tim // Oct 12, 2008 at 7:03 pm
my wife and I love the can I afford it segment having never seen it before may this past year. it seems for the most part people actually give accurate info. sometimes there seems to be some missing info, but don’t know exactly what is edited out. i don’t think there has been a show where I would disagree have disagreed with her.
2 FrugalChick // Oct 12, 2008 at 7:15 pm
That’s also my favorite part of the show!
3 LAL // Oct 12, 2008 at 9:58 pm
Thanks, I know someone who was on the show was was denied! They were pretty sure they would be before they called but decided it would be cool anyway! They thought it would be fun.
So maybe most people know if they can or can’t afford it but want to just get a reassuring veto or vote yes.
4 Barb1954 // Oct 12, 2008 at 11:57 pm
Suze’s going to be on Oprah again tomorrow (Monday) and do a full hour of “Can I Afford It.”
5 LAL // Oct 13, 2008 at 11:54 am
Thank you for the heads up! Awesome, I will set the Tivo so I can watch. I think it’s the best part of her show.
6 Mary@SimplyForties // Oct 13, 2008 at 5:29 pm
I like that part of the show too. Sometimes I’m surprised by her answers. Every time I think I have it figured out, she goes a different direction. I like Jean Chatzky better than Suze Orman but some of those people certainly need Suze’s tough talking!
7 twenties money // Oct 14, 2008 at 8:20 am
I don’t understand the can I afford it segment. Firstly, if people need someone to tell them whether or not they can afford something… Theres a good chance they can’t. Secondly, Everything I’ve seen people request is garbage. Things that cost way too much money and depreciate way to fast. What is the point of Orman promoting personal finance, savings, retirement and then promoting people wasting their money on useless items that will bring temporary joy for a month or two then end up sitting in the closet somewhere.
8 LAL // Oct 14, 2008 at 10:04 am
Actually many people can but they are SO FRUGAL, they don’t actually think they can afford it. Like the guy Andrew who has almost $1 million in retirement, paid for home, and wants a $1500 Weber grill. I bet he got that rich because he never buys himself JUNK!
But there are a lot of people who deserve a slap upside the head.
What is wrong with buying a grill? Or a fur coat (although I’m not for fur) if you can afford it?
And that goes back to the question, is it wrong to spend?
9 fengshui // Oct 14, 2008 at 5:15 pm
“Actually many people can but they are SO FRUGAL, they don’t actually think they can afford it. Like the guy Andrew who has almost $1 million in retirement, paid for home, and wants a $1500 Weber grill. I bet he got that rich because he never buys himself JUNK! ”
There has got to be a happy medium. Seriously. If someone with these types of assets can’t even make up his own mind about buying himself something that he would enjoy, then he must have spent the bulk of his life living under a rock. How SAD.
10 fengshui // Oct 14, 2008 at 5:20 pm
“And that goes back to the question, is it wrong to spend?”
NO. What is the point of living if you can’t even ENJOY any of the money that you work so hard for???? I’m one pf the selfish people that do not plan on leaving my kids a heap of money in my will. I want to spend the bulk of it while I am alive., and buy my future kids things now while I’m still alive and healthy. I want to travel and see the world, but we won’t do much of that until house is paid off and retirement accounts are in better shape.
However, if I really want something, I think about it. If I’m still obsessing about it a month later, I’ll usually buy it. I just bought myself a pair of dark brown tall UGG boots. They are gorgeous and cost me almost $200. I’ve been wanting them for a year. And after last winter, where we got 100 inches of snow, I know that they will be put to good use. Yes, I should have put that $200 in my EF, but I didn’t. I wanted to treat myself!
11 LivingAlmostLarge // Oct 14, 2008 at 5:46 pm
No there are many people who call Suzi because they want reassurance. I think it’s can be hard to spend money when they’ve spent so long being frugal.
I don’t know why, but it’s true.
12 Shawn Knight // Oct 14, 2008 at 11:18 pm
Gah, I get a case of the giggles ever time I see her show on. It is amusing but she gives absolutely terrible advice, especially in the “Can I Afford It?” segment. She approves people for the most ridiculous stuff even when they have a ton of debt!
13 LAL // Oct 15, 2008 at 11:16 am
Not always. AND not everyone who calls in is in debt. Kinda a broad generalization there huh Shawn?
Or did you not see the guy who wanted a grill with a paid for home and $1m in retirement? I bet he’s doing better than you.
14 retirementcalculators // Nov 6, 2008 at 2:37 am
I always think the callers already know their answer before even asking on these shows.
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