Suze Orman Says These Are Americans' Biggest Money Blunders

Esther Trattner    Sat, January 23, 202

Best-selling personal finance author and TV personality Suze Orman has been inspiring Americans for decades to make better money moves and avoid serious financial mistakes. She's been as busy as ever in 2020, providing consumers with advice on how to weather the coronavirus crisis.  In times of hardship and prosperity, Orman will be the first to tell you that what you don't do with your money may be even more important than what you do with it.

Here are 34 of her most fundamental tips for avoiding financial blunders, so you can save more money and make it grow.

1. Don't be too quick to buy a home

Homeownership is part of the American dream, and today's historically low mortgage rates have made homebuying even more appealing. But it's not always the right choice.

"Sometimes it makes sense to own a home," Orman tells CNBC.com. "And sometimes, depending on where you live, it makes sense to simply rent."

If you're in an expensive city, Orman says why not invest in the stock market instead of pouring a lot of money into property? That way, you can grow your savings — maybe into a down payment on the home of your dreams.  A good way to get into investing is by using a popular stock trading app that doesn't charge commissions and allows you to buy fractions of shares with as little as $1.

2. Don't lease a car

In Suze Orman's words, "you should never, ever ever ever, lease a car."  If you lease, you'll sink your money into several years' worth of car payments and be empty-handed when the lease term is done.  Financing is a better option, but Orman says if it will take longer than three years to pay off the car, then it’s out of your price range.

Buying a used car is another way to go. Models that are just a few years old will have great safety specifications and the same audio-visual tech as a new car, at a fraction of the price.

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