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January 8, 2009

Suze Orman on Larry King Live tonight! Get your questions ready!

Posted: 10:05 AM ET

Suze Orman, the well-known personal finance expert and host of The Suze Orman Show on CNBC will be our guest tonight on LARRY KING LIVE!!

In the meantime,read her LKL BLOG EXCLUSIVE, "How to be Smarter than the CEOs," HERE

And get your questions ready!  Let us know what you need to ask Suze to help you through these dismal economic times.

Filed under: Larry King Live • Suze Orman


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Robert Hamilton   January 8th, 2009 12:28 pm ET

STIMULUS PROGRAM

Hopefully someone will read this and give some consideration to its merit even tho
you may think it is not feasible and is out of line.
This program I'm presenting is basically a new start for our citizens and our country.
My proposal is a stimulus program that not only will help individuals but the country's
industry as well.
We start by recognizing these facts, that a 750-775 billion dollar stimulus package is
being considered and that the population of the US is currently in the range of 300-325
million, based on the last census.
Now breaking down the population figure into family units of 3-4 people, of course this
number will be tweaked, in fact as with all programs a team will need to be assembled
to establish guidelines and review all numbers.
My program, using these basic figures, would be to give the family unit anywhere from
250-500 thousand dollars. Out of these funds the family would need to pay off ALL debt
including their homes. They also would need to establish a savings account, amount
to be determined, which cannot be touched for a certain time period, again to be
determined. Some families would be required to set up education accounts for qualified
dependents and the family would also be subject to setting up a medical program that
they would be responsible for.
By doing this you now have financial institutions receving an influx of funds by debts being
paid off and savings accounts being established. Now the financial institutions have
money to loan for autos, new homes, and many different large purchases. With people
now buying new items there will be a demand for more products which will cause the
manufacturing industry to increase production and therefore creating the need to hire more
employees to keep up with that production.
We have now stimulated most facets of the economy and to top it off after disbursing these
funds through my program you would still have approximately as much as 700 billion
dollars left out of the governments package. Again as I mentioned what were doing is giving
the population and country a chance to start over.
I know that requirements would need to be established qualifying family units and also
additional requirements for individuals. The team established for this would be quite busy
doing this but consider the fact that out of the 720 billion dollar bailout, which hasn't worked
yet, those funds are being disbursed and no one seems sure yet if they are going to the
right places and what the people thats handles those funds are doing with the money.
Just think about it a chance for almost everyone, and the country, to start over. Sure thats
a lot of money to give people but if handled right it will get people out of welfare and back to
work and being productive.

Thank You
R. Hamilton


Dom D.   January 8th, 2009 5:27 pm ET

Dear Mr. King ,
I have been self employed in the home improvement and repair business since 1991.
In 2008 my business began to decline due to the home and real estate collapse. For the next few months, my salary was minimal, with my net monthly income down to almost nothing. This put my family in serious arrears .
I try to persevere and continue to look for work. The further decline of the housing market and the economy has made it almost impossible for me to keep my business afloat and fulfill my obligations,
I actively seek employment outside my business field with the hopes of securing employment in or out of my field of training, however I have not had any success.
We are currently behind on our home mortgage payments by eight months.
The ongoing financial, physical and emotional stress is affecting my ability to function .
I have not had any source of income for the past year and half. I am not entitled to unemployment benefits as a self employed person, the food stamp program tells us that we do not qualify, our bills have accumulated to the point where we will have no other choice but to file for bankruptcy, my business is no longer operating.
We do not know how long we will be able to stay in our home. We have been trying to renegotiate our mortgage with Countrywide with the help of our Congressman, but it is becoming more evident as time goes by that we are looking at a hopeless and shameful outcome .
I am hoping that you can share my story with our viewers and perhaps ask our elected representatives , what is someone like myself to do, they are very much concerned about helping the large corporations, what about us?

Sincerely

Dom


Kathy in Chico, CA   January 8th, 2009 5:33 pm ET

Because of the merger of Anheuser Busch, I will receive about $43,000 in cash. My tax man said to be prepared to pay 25% income tax. I am 58 years old and my deceased husband intended that money to go to our retirement. Is there any way I can avoid paying such an overwhelming tax?


hugh ~ california   January 8th, 2009 6:39 pm ET

@Robert Hamilton,
I'm not trying to single you out, but how could someone NOT notice your entry since you wrote it like a billboard. When I looked at it I started to get eye-strain. Well, at least you've got passion! Now I need an eye-flush. 😯

I understand it is human to misspell words and I've made more spelling and typo errors than I'd like to admit. But don't some folks realize that a paragraph is more than one sentence! I ask for your understanding, my english teacher was brutally honest.

Larry, that was my two-cents. 😉 Happy Birthday Elvis!


A.M. Deist, Fort Walton Beach, FL   January 8th, 2009 8:47 pm ET

Suze: Would it not make sense to cut all unnecessary spending by the government, such as funding the wars in Iraq and Afghanistan, giving foreign aid to any other country, and providing services and jobs for illegal immigrants? Maybe the time has come for Americans to take care of their own!


David Brenchley   January 8th, 2009 9:05 pm ET

Ms Orman:

Just found out today I'm being laid off. Job prospects in our area are slim. I just forcast I will not be able to meet my obligations with my mortgage & car payment in about 3mos even w/ unemployment benifits. What do you suggest I do ...


Kelli from Tampa   January 8th, 2009 9:08 pm ET

David B. I am so sorry for your loss. I am still up for doing as the French did in these circumstances!


David Brenchley   January 8th, 2009 9:10 pm ET

Kelli ... I concur .. our goverment has been very irresponsible ..


Kelli from Tampa   January 8th, 2009 9:20 pm ET

David lets not forget about the CEO's, and rich greedy Wall Street folks they deserve a little guillotine action as well...in fact lets put them first in line. I work with the homeless and we got word December 23rd that the Sadowski Housing Trust Funds are gone as well. Lots of money lost for housing the homeless. I do not know what will happen.


Al Gardner   January 8th, 2009 9:31 pm ET

Happy Birthday and thanks for all the wonderful memories..Al


Captain strasser   January 8th, 2009 9:37 pm ET

suze things are so bad for me now that im planning of filing for bankruptcy,mortgage,carnotes,insurance,child support and so many bills more than my expences.i think suicide will be the best idea so i wont pay no one


Kelli from Tampa   January 8th, 2009 9:39 pm ET

Yeah, the Chinese government's $


Michael   January 8th, 2009 9:39 pm ET

Would Suze throw her hat into the ring to be considered to fill the hole in the President-elect Obama's cabinet for Secretary of Commerce? She seems like a perfect choice.


Cindy   January 8th, 2009 9:41 pm ET

Should my husband still continue to contribute to his 401k at 56 years of age? His employer does not match but he does have a pension when he retires of $3700 month. Current 401k has $244k and $25k in savings with no outstanding debts.


Donna   January 8th, 2009 9:44 pm ET

Why can't the government just give the people a stimulus check for $10,000? The economy would be stimulated by people buying cars, making down payments on homes, clothes, etc?


Joan Moore   January 8th, 2009 9:45 pm ET

On Oprah's show today you advised people not to go to restaurants for a month. Are you trying to put restaurants out of business?


elizabeth   January 8th, 2009 9:48 pm ET

i am in debt 40k credit card...
should you pay for as long as you can, or should i do debt consolidation? so it doesn't take me 10 years to pay??


STEVE REED   January 8th, 2009 9:48 pm ET

It is hard economy for many. Yet the people hit the hardest is The disabled and retired that recieve just enough income that prevents anyhelp. All the high prices for fuel and other items has puched this group to make the hardest decisions. Yet no comment anywhere from Obama camp that any help is coming.


Lori   January 8th, 2009 9:48 pm ET

Dear Susie,

My husband has been unemployed for almost a year. He lost his jon in 02/08. I lost my job in 07/07. I recently found a job making $25,000.00 a year. When I got laid off my job in 07/07 I was making $60,000.00 a year. When my husband lost his job he was making $120,000.00. We have 3 young sons. We live in Florida. We own a house which my 88 year old mother in law is paying the mortage. We have $50,000.00 in credit card debt. He is getting unemployment of $275.00 a week. We have not paid on our credit cards in a year. We are thinking of filing for Bankruptcy.

What do you think?

Thank you


diana miller   January 8th, 2009 9:49 pm ET

I am retired , 72 on Soc security and fortunately had some stocks to draw some income from. I have lost half of it and it was s not much to begin with , under 100,000. Should i pullit out and put it in the bank? half of it?? or what.
Thanks so much.


Debbie   January 8th, 2009 9:49 pm ET

I am very thankful to not be in debt. I own my own home and have savings. When will things work out for people like me? My CDs and savings accounts are ridiculously low. This may seem like whining but what can you say to people who already pay cash, do not have credit card debt, and do not live beyond their means? I am worried that my retirement pension will not be sufficient since my investments are doing poorly. It seems like the people who want to live on credit always have the best of both worlds!!


billy   January 8th, 2009 9:50 pm ET

what is a good investment vehical for 8 to 10 years???
... aside from stocks.


lou   January 8th, 2009 9:50 pm ET

tell susie there the genius 1 we must stop illegal workers 2 bring all those jobs back that went overseas 3 no more outsourcing without this there is fixing nothing


Manish Arora   January 8th, 2009 9:52 pm ET

Suzie, I did not expect you to give such an unresearched advice to the lady who asked you about her business and if she should close shop. Clearly a wrong advice that you went out straight and suggested that she should close business. How do you know about her books, finances, contracts, relationships with her vendors, customers, what kind of business EVEN!
Very wrong Suzie, here we are talking about creating jobs and staying aflot and not the other way around.

Manish
Engineer, MBA


Will Limkemann   January 8th, 2009 9:52 pm ET

I am a business advisor and did not like the advice Suze gave the business owner who called in and is paying cash.

Suze did not explore how the owner could better market and sell to increase income – rather just told her to close the business.


Ellie   January 8th, 2009 9:52 pm ET

Yes we all have overextended ourselves but in many cases we had no choice. Take for example today I heard that GM has a car, the Volt ready in 2010 (electric) that will really help with the gas consumption problem and free us from this grip. Guess what it costs $40,000. GM still doesn't get it! I earn much less than than and I have college. If I want to do the right thing and purchase American and buy an electric car I am either forced to take something way beyond my means or not buy it. GM still is making cars for the rich. They need to get rid of all their brands and just stick to the basics and maybe they will survive but they are not goint to do it if I can't afford their car of the future! Plain and simple they just don't get it.


Dee   January 8th, 2009 9:53 pm ET

When things are so bad in the U.S., why are we the sole means
of support of many small islands in the Caribbean? Some not even under the U.S flag? Just for the privilege
of POSSIBLY some day using their port? One that is too tiny to accommodate anything other than a P.T. boat?
Millions of dollars each year go to tiny, tiny islands, This is not even counting the "loans" wink, wink.... that never get
paid back. Either from the countries themselves or their citizens. Perhaps some school of business can go over the federal budget and straighten them out. Certainly a case of the shoemakers kids going without shoes.
Dee in N.J.


Griff   January 8th, 2009 9:53 pm ET

whol was she???? You don't need to call me..... You cut her off quick.... But then Larry King is so inteligent..... She is not on Larry's Wave.length,.....


PHYLLIS   January 8th, 2009 9:53 pm ET

Dear Susie, i have just retired in dec. 2008. i have a deferred compensation plan that has lost $21,000 since june. i can hold on until the end of 2009 but do you think i should roll over into an account with Edward JOnes. Please help??? thanks & God Bless.


Jennifer   January 8th, 2009 9:55 pm ET

Didn't the government give the banks money? Wasn't this supposed to help them and take some pressure off of them so they would be comfortable lending?
Then why are they increasing interest rates and percents due in this economy?
thank you


tom oomman   January 8th, 2009 9:55 pm ET

want to thank Suzy for all her financial advises but like to know what was her return on investment for 2008?


ruth esserman   January 8th, 2009 9:56 pm ET

for suzy orman:
with other financial aspects ok, what about mutual funds? they are now
below original amounts invested(equity investment fund, global fund,asset mgr. fund)in addition to losing all the gains achieved during the past 10 plus years. do you recommend taking them out now or holding on till economy and assets return to "normal"? money not immediately needed for living expenses.


Eric   January 8th, 2009 9:59 pm ET

Here's the Suzy challenge. I 36 w/a job w/10 yr seniority. My mortgage is only about 28% of my income, but I pay about the same amount of money in child support each month. My combined child support and mortgage are 85% of my net. I have about $300 in cc payments, which I'm trying to aggressively pay off. Any tips?


Amy   January 8th, 2009 10:00 pm ET

Dear Susie, My husband works for Federal Express. They have just announced that they will not be matching employees 401K this year. I know from listening to you that you should not contribute if your employer doesn't match, but fed-ex says that thay will try to restart contributions in 2010. What should we do in the meantime.


David Brenchley   January 8th, 2009 10:00 pm ET

guess Larry doesn't read his blogs ..


Manish Arora   January 8th, 2009 10:01 pm ET

Will Limkemann, I agree 100%. Ive never found Suzie to have the edge. I dont understand why CNN even bother with her.

Manish Arora
Los Angeles


Gladys   January 8th, 2009 10:02 pm ET

Suze,

I am 60 and plan to retire when I'm 66 so I don't need money now but have less than 10 years to be invested in the stock mkt. What should my portfolio look like?


Ken   January 8th, 2009 10:02 pm ET

Is there any relief from the government for Real Estate Brokers and agents. We have spent our life savings building our business and now this happens. Is there any help for us? Thank you. KEN


michele   January 8th, 2009 10:03 pm ET

I'm with "Elizabeth". My CC debt is higher and I also thought about debt consolidation until I read Suze's new book and now I so much more afraid and confused on how to pay my debts.

Quite frankly, I am shocked more guidelines to keep the credit card companies from gauging their holders are not being created. If they would lower the rates and minimize penalties, people would be able to stay current and have some money to put back into the economy (or, better yet, start saving).


sandra   January 8th, 2009 10:03 pm ET

Suze, I am a widow that has great hind sight. My son that lives with me is 24 (Down syndrome). We both get ss and I am here to tell you that I cannot save a dollar. Everytime I get ahead something goes wrong. yada yada yada, I,061.00 each mo. x's 2. Mortgage yes 429.00. vr. 8.025% 30 yr. One credit card. 1,493.00 bal. No int. for 12 mo. I fell and spent 5 days getting blood and stablized from internal bleeding.---– so now- no insurance for me or my son. Missouri Gov. Matt Blunt took my son off 2 yrs. ago. Thank GOD that he is healthy. So, my cost for nov. was$ 27,00.00 and counting. I have checked for two yrs. and my son has pre-existing condition. So no-one will ins. him. I am 60 yrs. old. There is one place that my son can work and after 2 yrs. at the job when he was in high school, he now refuses to work there. I cannot leave him alone, as he is moderately retarded, so that I could work. We have one factory and a small walmart supercenter. any suggestions?????????? Sandy from: small town s.w. Missouri USA


Bill Huston   January 8th, 2009 10:05 pm ET

I have recently retired and still have a mortgage, visa, and car payment. Would it be wise to use most of my 401k to pay off those debts? It will still leave me a few thousand left over, plus my monthly teacher's retirement, and SS in 3 years (I am 59). My wife is still working, but things will get by, but I will have an IRS penalty. Would it be worth paying off these debts and not have the interrest that goes with them. I do plan to pay off the visa and car, but wonder about the house, which is the lions share of all our assets.


Betsy Stone   January 8th, 2009 10:07 pm ET

Suze
I am A single mother of 3 currently recieving no child support from their father. I am very concerned about their as well as my future. I currently only make about $24000/year. About 3 years ago, I took it upon myself to open a roth ira account to which I contribute $75/month.I also have about 83 shares of m&t bank stock. In a few months I will be able to participate in the 401k program at my work. Obviously, I dont have much, if any, money to play with. My questions to you are
1. What should my main priorities be to take care of myself and my children? (life ins? college savings?retirement for myself?)
2. I have a BS degree in environmental science. I currently am employed as an opthalmic assistant. Any good ideas on how I can supplement my income? I live in rural NE PA
Thank You Betsy Stone


Debbie   January 8th, 2009 10:08 pm ET

Just in case, Suze does read my earlier comment and wants to reply, please notice corrected email address.


laurie   January 8th, 2009 10:09 pm ET

I was dissappointed that suzie said to quit going to restaurants for a month. we own a restaurant, we pay cash for every thing. we are struggling we need business or my daughter and son in law and three other employees are going to be unemployed. Eating is something you have to do.


Kim Matthews   January 8th, 2009 10:20 pm ET

This may sound strange, but Suze's hair color looks great on tonight's show. Is it possible to show a picture somewhere on your website so that I may carry it to my hairdresser?
Thanks so much


Vickie Sipe   January 8th, 2009 10:39 pm ET

Thanks very much for having Pricilla Presley on your show tonight my husband and i enjoyed it very muchas we both loved Elvis very much.We have seen Graceland and hope to get to see it again.Itruly do not know what the music world would have done without Elvis. I have cried many a tear over the lost of Elvis. We have a lot of his music that we listen a lot.We also have dvds with some of his shows on that we have watched often and cherish greatly. We want to Thank Pricilla and Lisa Marie for keeping memories of Elvis alive.


Larry Cooper   January 8th, 2009 11:40 pm ET

I think that Suzie Orman's comments to the lady tonight that if she had to borrow money to keep the business going, to shut the doors.

If all the companies took that idea, I would almost assure you that 95% of them would have gone out of business their first year. The USA would be worse than a 3rd world country.

I agree that careful thought and planning should be used in any business, but......

I feel that this comment by Suzie was totally irresponsible!

It is easy for a multi-millionaire to lecture hard-working small business owners with this kind of advice. I would almost guarantee you that Suzie had to borrow money at some point in time to keep her "doors open".

Business owners need to evaluate their business, and if there is no possibility to succeed, then shut the doors. However, many who stick it out for a few more days may succeed. When the going gets tough, the tough get going!!!!

Read the stories of successful companies and wealthy Americans. Most of them had significant financial problems long before they succeeded.

Listen carefully and evaluate thoroughly what Suzie says. Most of her advice is sound , but to say that if you have to borrow money to keep the doors open, then shut down the business is by far her most outrageous and irresponsible statement I have heard her say.

Beware worriers--Some advisers would have everyone get in a shell and hide away and never take a risk that may lead to wealth and success.

Suzie, please be careful how you advise people. Your comments may cause many potentially successful companies to give up.


John Hanley   January 8th, 2009 11:52 pm ET

RE Robert Hamilton, 12:28 pm ET. Robert, I will not take the low road and critisize your spelling as I a far from perfect in that area myself. I realize you mean well but everyone who suggests that the goverment stimulus plan simply give 50 to 500 thousand dollars per individual or family so we can all pay off all our bills are simply ignoring the reality that our government does not have this money. Even if the government did as you suggest and we all paid off all of our personal debts, we, as a nation, would still be on the hook for trillions of dollars printed with nothing to back them up with. Better we all say a prayer and play the lottery.


jean   January 9th, 2009 12:46 am ET

wash mutual has just cancelled my prov visa acct that has been
open since 2000 with never a late payment. will this have a
negative effect on my credit score ?


Larry   January 9th, 2009 12:48 am ET

Do you know anything about the new law to take effect 2/10/2009 on the CPSIA on testing products for child safety. appears to be something that is far reaching to put a lot of small bus. out of business I am talking about resale shops thrift stores etc. it says they are exempt but goes on to say if something sold if it has lead for example you would still be responsible


kAPILA   January 9th, 2009 12:48 am ET

Larry,

By inviting the so called financial specialist the crappy Suzie Ohman, you just < I am sorry to tell you, you just entered the categoy of contestants deserving the nobel prize for looniness!!

Congratulations to you Larry.

If Suzie can make money with all her humbug, we all should be able to make a million dollars, no wonder America is the market for all Morons, hence so called the American Way of life!!


Cesar   January 9th, 2009 12:51 am ET

We, American people are pay so low, that we have to used credit cars?
In others countries people do not need, cell, internet, cars and many things to work and live!!


DUSTIN WOLVERT   January 9th, 2009 12:56 am ET

I WOULD LOVE TO KNOW HOW SUZE ORMAN GOT SUCH GORGEOUS TEETH!!! WOW!!


Bea Garcia   January 9th, 2009 12:58 am ET

Suzie,

I am 150 lbs overweight, diabetic and in need of a hip replacement.
I am considering Gastric bypass to loose weight fast so I can have my hip replacement. My insurance will not cover the $25,000 surgery. My question, – should I take it out of my Tax Sheltered annuity or should I borrow the money. I am 64 years and I am still working. My TSA and Retirement funds have lost quite a bit. I have about $50,000 in TSA and about $200,000 in my Optional Retirement.

Thank you so much for your help.


Jeanine   January 9th, 2009 12:58 am ET

How can I find a new Financial Planner???? The planner I have now is retiring and she has given me NO suggestions for a new one. How do I know who I can trust???

Jeanine


Vilma Montfort   January 9th, 2009 12:59 am ET

You are talking nice about saving money. What happens if you live on very little and you are one of those that does not have enough to cover the basics, then what. One of those that because I have a guide dog, I am not allowed to work as a substitute teacher even though I have a degree in Science and minors in language, geography and mathematics. Thanks. Vilma


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