Ep 84. Suze Orman: Can You Afford College, a Wedding, a Divorce?

Suze Orman, a renowned financial advisor, joins Oprah Winfrey on the 84th episode of the 23rd season of The Oprah Winfrey Show, to discuss one of the most important financial questions young people and their parents face: Can you afford college? In a candid and revealing interview, Suze provides a step-by-step guide to planning for college expenses, starting from the moment a child is born.

The discussion opens with Oprah asking Suze about the biggest mistake most parents make when it comes to planning for their child's college education. Suze explains that the biggest mistake is thinking that they can pay for everything on their own. She advises that parents should start saving for their child's education as early as possible, even before the child is born. Suze mentions the benefits of opening a 529 college savings plan and investing in a variety of age-based portfolios.

As the conversation progresses, Suze delves into the nuances of planning for different types of college expenses. She talks about the importance of choosing the right college, the impact of scholarships and grants, and the role of student loans in college financing. Both Oprah and Suze address the question of whether or not it's worth it to finance a college education with loans and what the long-term implications of such a decision might be.

Moving on from college planning, the discussion turns to the financial implications of marriage and divorce. Suze emphasizes the importance of being financially independent, even within a marriage. She talks about the benefits of prenuptial agreements and the role they play in protecting both parties in a marriage. Similarly, Suze stresses the importance of having a sound financial strategy in the event of a divorce. She provides her expert opinion on issues such as spousal support, asset division, and child support.

Throughout the episode, Oprah and Suze speak candidly about the importance of financial planning at every stage of life. They discuss the pitfalls of living beyond one's means, the consequences of bad credit, and the importance of financial literacy. Suze provides practical advice on managing debt, building credit, and saving for retirement.

The episode closes with a thought-provoking discussion about the value of money. Suze shares her perspective on why money isn't just about the numbers, but about the emotions that come with it. She talks about the importance of recognizing one's own relationship with money and being mindful of how we spend it.

Overall, The Oprah Winfrey Show season 23 episode 84 featuring Suze Orman is a must-watch for anyone looking to improve their financial literacy and plan for their financial future. Oprah and Suze's conversation is insightful, informative, and ultimately empowering. With practical advice and a focus on long-term financial planning, this episode is an invaluable resource for anyone looking to take control of their finances and achieve financial success.