Susan
"Suze
" Lynn Orman
(born June 5, 1951) is an American financial advisor, author, motivational speaker, and television host. [1]
She is the host of The Suze Orman Show
on CNBC. She wrote six consecutive New York Times
Best Sellers; wrote, co-produced, and hosted six PBS specials based on her books; and is the most successful fundraiser in the history of public television. [2] Similar programs that she hosts on QVC, the leading home shopping network, place her as the top seller. [3]
In 2004 and 2006, Orman won two daytime Emmy Awards in the category of Outstanding Service Show Host
for her PBS specials. Over her television career, she has won five Gracie Awards, more than anyone in the 33-year history of the awards. [4]
In 2008, she was selected by Time
magazine as one of the most influential people in the world. In 2009 she was honored by Gay & Lesbian Alliance Against Defamation (GLAAD) with the Vito Russo Media Award.
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Early life and education
Orman was born on the
South Side of
Chicago, , in 1951 to
Russian-
Jewish immigrants Ann and Morry Orman, who ran a deli in
Hyde Park.
[5] [6] Orman came from a working class background and has said that she did not "grow up with money."
[7] She was an undergraduate at the
University of Illinois at Urbana-Champaign from which she holds a
B.A. in
social work (1976).
[8]
Early career
In 1973 Orman moved with friends to
Berkeley, California, and lived for three months in a van on Hearst Avenue. She became a waitress at the Buttercup Bakery on College Avenue. In 1980, a longtime customer named Fred gave Orman a loan of $50,000 to help her fulfill her dream of opening her own restaurant.
[9] Orman invested the money at
Merrill Lynch, but four months later was broke again, after her stockbroker had led her into bad investments.
[10]
Financial advisor
Knowing that she could not make the money back as a waitress, and having started learning more about finances and investing, Orman returned to Merrill Lynch and entered their training program to become an account executive. She discovered through her training that her stockbroker had committed an illegal act and she thus sued Merrill Lynch. Orman received the entire $50,000 back plus interest and was able to pay back her former customer. After she completed the training, she was hired by the firm and remained there until 1983 when she left to take a position as a vice president of investments at
Prudential Bache Securities. In 1987, Orman resigned and opened her own financial planning firm, the Suze Orman Financial Group, in
Emeryville, California. She acted as director of the firm until 1997, when she stepped down as her writing career took off with the publication of her second book.
[11] She received the honorary degree of doctor of humane letters from the University of Illinois at Urbana-Champaign in 2009.
[8]
Writing
- You've Earned It, Don't Lose It: Mistakes You Can't Afford to Make When You Retire
(with Linda Mead) (1997)
- The Courage to Be Rich
(1998)
- The Road to Wealth
(2001)
- The Laws of Money, the Lessons of Life...
(2003)
- The Money Book for the Young Fabulous and Broke
(2005)
- Women and Money: Owning the Power to Control Your Destiny
(2007)
- ''Suze Orman's 2009 Action Plan (2009)
In 1998
Forbes
reported that Orman had misrepresented her credentials, and criticized some of her advice as simplistic.
[13] The
San Francisco Chronicle
ran a follow-up article in which a representative of Orman stated that the book's publisher,
Crown, used inaccurate information without Orman's knowledge.
[14]
Orman has a Q&A advice section in
Oprah Winfrey's monthly magazine
O
, alongside
Dr. Phil's advice section. She is the former author of a biweekly column entitled "Money Matters" on
Yahoo!'s finance website. For many years, she has contributed on a monthly basis to
Costco Connection
, a magazine published by the membership wholesaler. She is also a contributor to several other magazines and publications including
The Philadelphia Inquirer
,
Lowes MoneyWorks
, and
Your Business at Home Magazine
.
[15] [16]
Television
Orman's books contributed to making her a
television personality.
Orman has won two
Daytime Emmy Awards in 2004 and 2006 in the category of
Outstanding Service Show Host
for her
PBS pledge drive specials,
The Laws of Money, The Lessons of Life
and
The Money Show for the Young, Fabulous, & Broke
. Over her television career, she has won five
Gracie Awards, more than anyone in the 33-year history of the awards.
She hosts a weekend financial advice show on
CNBC called
The Suze Orman Show
.
[17]
In 2007, Orman launched a segment called "Can I Afford it?" which was also featured as an episode of
The Oprah Winfrey Show
. People tell Orman what they hope to purchase or refinance and why they want it. She then commands them to "Show me the money". They then tell Orman how much money they make, how much debts they have (mortgages, credit card debt car loans, student loans, etc) and how much they have in savings and retirement accounts. After asking questions such as "How are you going to pay for this?" or "How secure is your job?", Orman then determines if they can or can't afford it by saying they are "approved" or "denied". She then explains her reasoning; those with high
credit card debt, as well a lack of money in savings are usually denied. She will sometimes will follow up with past participants to see their current status. Her
catch phrases are "Self-worth equals net worth", "People first, then money, then things", and "Truth creates money. Lies destroy it."
In February 2008, Orman appeared on
The Oprah Winfrey Show
and announced that her most recent book,
Women and Money
, would be available for free on Oprah's website for 33 hours. Over 1 million people downloaded the book.
In an April 2008 online interview with the
The Young Turks
, Orman stated that her net worth is more than ten million USD. Orman shared her personal investment portfolio strategy. It is highly concentrated compared with traditional investment theory, which emphasizes asset diversification and a significant allocation to equities for long-term growth. Orman stated: "I have a million dollars in the stock market because if I lose a million dollars, I don't personally care. I buy zero-coupon municipal bonds, and all the bonds I buy are triple-A rated and insured so even if the city goes under, I get my money. I take a little lower interest rate to make sure my bonds are 100 percent safe and sound."
[18]
In July 2008, CNBC began airing new weeknight editions of
The Suze Orman Show
. Orman has also been featured on the
Food Network's
Paula's Party
alongside
RuPaul.
Personal life
In February 2007, Orman told
The New York Times Magazine
that she is
lesbian.
[19] Her partner of seven years is Kathy Travis, a co-producer on
The Suze Orman Show
.
[ [20] [21] [22] In the interview, Orman said that she wishes she could marry her partner partly because it could save them both a lot of money. She says, "It's killing me that upon death, K.T. is going to lose fifty percent of everything I have to estate taxes. Or vice versa."][
]
Political activities
According to the Federal Election Commission, Orman has donated money to the Democratic National Committee and to the 2000 senate campaign of Hillary Clinton (D-NY). [23] In 2008, Orman donated $28,000 to the Democratic National Committee. [24] She stated in an interview with Larry King in 2008 she believes the U.S Democratic Party does a better job of managing the economy and proposing civil rights issues. She also said she likes a lot of what she is seeing with Barack Obama. [25]
Bibliography
Books
- You've Earned It, Don't Lose It: Mistakes You Can't Afford to Make When You Retire
(with Linda Mead) (1997)
- The Courage to Be Rich
(1998)
- The Road to Wealth
(2001)
- The Laws of Money, the Lessons of Life...
(2003)
- The Money Book for the Young Fabulous and Broke
(2005)
- Women and Money: Owning the Power to Control Your Destiny
(2007)
- ''Suze Orman's 2009 Action Plan (2009)
Multimedia
Orman is also creator of a number of non-book products, primarily CD-ROM-based services that offer education and various financial services usually in conjunction with her books and writings.
- Suze Ormans FICO Kit
– First offered in 2002 in conjunction with Fair Isaac Corporation.
- Suze Orman's Will & Trust Kit
– Introduced in 2005 with her personal trust attorney.
- Suze Orman's Insurance Kit
– Introduced in 2007.
- Suze Orman's Protection Portfolio
– First introduced in 2002, in third version.
- Suze Orman's Identity Theft Kit
– First offered in 2008, in conjunction with TrustedID, Inc.
References
- ''Pronunciation of Suze Orman''. ''inogolo''. Retrieved 2008-04-03.
- [1] " fundraiser"
- [1]. ''Wholelife''.
- [1] ''Gracie Awards''.
- Successful Women: Suze Orman
- Celebrity Jews: Briefly noted
- Personal finance guru Suze Orman is keepin' it real despite her astounding success
- "Suze Orman receives honorary degree, addresses University graduates."
- ''Women & money: owning the power to control your destiny'' Suze Orman, pgs. 27-8; Random House, Inc., 2007; ISBN 0385519311, 9780385519311.
- Women and Money
- The Dollars and Sense of Suze Orman
- "Suze Orman receives honorary degree, addresses University graduates."
- Barrett, William P. Sizzling Suze. ''Forbes''. 1998-12-28
- Veverka, Mark. Why Suze? Why All the Hype? Orman's Publicist Goes on the Defense. ''San Francisco Chronicle''. 1999-01-06.
- Orman, Suze. "Moving Past Fear and Toward Success.", Your Business at Home Magazine, Volume 3, Issue 1, January 2008, p. 36
- Internationally Acclaimed Personal Finance Expert; Host of CNBC's, "The Suze Orman Show"
- [1] {{Dead link|date=April 2008}}
- "She's So Money" by Deborah Solomon, Sunday New York Times magazine; 25 February 2007.
- Solomon, Deborah. "Questions for Suze Orman: She's So Money". ''The New York Times Magazine''. 2007-02-25.
- [1]{{Dead link|date=April 2008}}
- Lo, Malinda. "Suze Orman Comes Out". ''AfterEllen.com''. 2007-02-25.
- "Money maven Suze Orman comes out". ''The Advocate''. 2007-02-23.
- NEWSMEAT ? Suze Orman's Federal Campaign Contribution Report
- NEWSMEAT ? Suze Orman's federal campaign contribution search results
- CNN.com - Transcripts