Suze Orman, Personal Finance Expert, Will Answer Your Questions

How should you be investing your money? How much, if any, should you be contributing to your 401k plan? What can you do to get rid of your debt? HuffPost blogger, host of the Suze Orman Show on CNBC and author of 10 books on personal finance, Suze Orman has spent her career helping people manage their finances. Now she is answering HuffPost reader questions.

Do you have a question for her? If so, please leave your name, city and question in the comments below; tweet your question to @huffingtonpost with hashtag #socialinterviews; or email one to [e-mail] with the subject line "Social Interviews."

We will pick a few of your questions to ask and post Suze Orman's responses. Also, feel free to send us ideas for who you think should be part of HuffPost Social Interviews in the coming months.

Comments

[RCLGuard]

07:59 PM on 06/02/2011

Carlo, San Francisco: I'm a contracted employee with my company and not able to participate in their 401k plan. I max out my Roth IRA every year but want to do more. How do you contribute to a Traditional IRA if it's pre-tax and not with an employer?

[cyoohoos]

05:14 AM on 05/21/2011

My father recently died at 67. I'm now leary of putting money in accounts where the gov't tells me I must be xx years of age to spend it. I want to be able to spend my money when I want to, WITHOUT fear of government fees, taxes, etc.

What is the best savings strategy that I should use? I still contribute to my 401k but I dropped down to the minimum for the match. I have IRAs, but I don't want to use those either if I can't use the money when I want to.

[Brianna Leigh]

10:24 PM on 05/20/2011

Brianna
Pittsburgh, PA

How am I supposed to be able to afford to transfer to a four-year college to complete my degree if my parents don't qualify for financial aid AND don't help with the bill either? I have no co-signers, nothing. It's almost impossible. I'm about to just quit community college and go on welfare. It'd be much easier. I'd appreciate your help.

[Jill1975]

03:24 PM on 05/20/2011

I once saw Orman on a TV program where a viewer asked her what stocks to purchase . Orman put on here best intense look , and said that you need to buy stocks that will go up - you don't want to buy stocks that will go down . She did not name any specific stocks and in general , her comments are devoid of content but she uses her hands and facial expressions to convince the gullible that she is actually conveying some information.
Orman di sell stocks for awile but she was a salesman not an expert on investing . If your looking to Suze ( a little gilrl's name) for advice , you are in trouble.

[Jill1975]

03:19 PM on 05/20/2011

The best way to save money is to not buy Suzie Orman's books . She does not have an MBA from Wharton or anywhere else or even a bachelor's in business or econ . She has a degree in social work and worked as a waitress for years after college ( third rate college). She is not a financial expert in any way.

[cyoohoos]

05:10 AM on 05/21/2011

So only MBA's are capable of providing financial advice? Hmmmm who do you want advice from Donald Trump (whose business have filed for bankruptcy multiple times) or Suzie? And I guess all those MBA's at the big bailed out banks are offering better advice too.

You should look at how a person conducts their OWN life to determine whether or not to take their judgment. Not the degrees they have or the past jobs they had. I worked at McDonalds at one point in my life, but that doesn't make me unqualified for anything other than flipping burgers

[Kourtne]

05:59 PM on 05/19/2011

Hi, Suze, Help me help my husband. No 3 month emergency. Owe 200,000 on house. One income (apx. 60,000). 20, 000 in student loans, 12,000 credit card debt (10, 000 of which is RCI Vacation International time share). I can't even write this with a straight face. Okay, $10,000 windfall due to near fatal motorcycle accident. Husband wants to fix the defunct pool that he demolished 6 years ago in order to remodel. He says he can do it himself for 10,000. He says that we would then be able to re appraise and refi a lower mortgage (currently 1600 monthly.) Geez, Suze, what do we do?

[shaq deisel]

02:40 PM on 05/19/2011

Dear Suze,

Should your name be Susie or Suzanne? or maybe Sammy? Are you gonna have a news conference to announce you have the shoulders of a linebacker?

Sincerely Funny Blog Guy..

[angelroost]

05:15 PM on 05/18/2011

Hi Suze
Im a 57 year old woman with 3 kids still at home. 2 are in college and one has another year of high school...trying to minimize the kids college debt by letting them live at home. My partner of 9 yrs recently ended our relationship and left me $100,000. I only bring home 1400/month so will have to use some of the money to live on. I'll go to college in the fall with a pell grant to get new job skills. Question is, what to do with some of the money so I don't just use it for living expenses and end up broke at 62. I am currently renting. No debt. Own my 11 yr old car. Thank you!

[JoeGdr]

03:19 PM on 05/18/2011

Is it at all practical to live in today's world and not own a single credit card? I always hear that you should have one "in case of an emergency," but is that not what saving -- something I have never had trouble doing -- is for? So is there any reason, other than for the occasional "emergency," why I should have a credit card?

Joe / San Antonio

[JoeGdr]

03:43 PM on 05/18/2011

The fact the my time here is so limited is precisely why I have only purchased things with my own cash thus far. Freedom, freedom, freedom. Beyond that, though, I am not much for going on spending sprees. Even if I lost all my money today, I already have everything I've ever wanted -- and I'm only 23.

[justkeepswimming]

03:36 PM on 05/18/2011

Do you ever plan to rent a car or buy anything online?

[JoeGdr]

04:39 PM on 05/18/2011

I make purchases online with my debit card. As for the renting of a vehicle, I think I should be fine. Mass transit if my preferred method of transport anyway.

[Matt Raven]

05:02 PM on 05/18/2011

That is what debit cards are for.

[AVBDenny]

03:18 PM on 05/18/2011

Hi Suze,
My husband and I (both in early 30's, no kids) have decided to move in to his mother's large house as she has a disease which leaves her unable to maintain the house on her own. She has decided to have an addition put on to the first floor so she doesnt need to go up stairs at all. Bids have come back around $70K. She has about $2.5M net worth, between IRA, a trust left by her diseased husband, and a CD coming to fruition soon. She's intent on getting a loan to pay for the house, which, by the way, is paid off. Its valued at about $700K. Can you give us your advice as the best way to pay for this addition, as I think her fear is she will run out of money...she's 65.
Thank you!

[Peter Combs]

04:14 PM on 05/18/2011

Not sure what Suzie would say but, Ask your/her accountant if borrowing the money makes sense based on the second mortgage interest rates and what her earnings are on investments.

Its a balancing act between the two. Run the numbers for both , the answer will be obvious one way or another. Most CD's pay nearly nothing these days. If she is inclined to roll the CD over, using it to pay for the addition would make much more sense I suspect.

[dayala]

03:04 PM on 05/18/2011

Suze

you talk about Index and ETF's, should I dump my employer's Managed Mutual Funds 401(K) and rollover the funds into my Roth IRA. I'm 60 so won't have that penalty albatross but I will have the taxes to pay, better to get them paid now while I'm still employed rather than when I'm retired, right??

[sittingbull]

04:37 PM on 05/18/2011

You wouldn't pay a penalty rolling from a 401k to a Roth no matter how old you are and that is pretty basic stuff......if you don't know that then hopefully you have an advisor walking you through your allocation and investment selection….if not then you’re cruising for a bruising. Back to the Roth, though you wouldn't have to pay a penalty, you would have to pay the income tax. Also, if you have the money sitting in money market yielding less than 1% outside of your IRA then you should think about it, but if you need to use the money from your 401k to pay the bill you should probably reconsider the Roth conversion……you’re probably too old.

[darquelourd]

03:25 PM on 05/18/2011

depends on your future annual income? would it be in the six figure range?

[RhiannonRings]

02:17 PM on 05/18/2011

I know what you mean. It's stressful!

[Shirley Fisk]

02:04 PM on 05/18/2011

5/18/11
2:05pm
Washingotn, DC

Dear Suze,

What should I do if it appears to me that a bank or credit union with which I formerly had an account has been into ID theft--allowing others to cash checks that should have come to me, etc.??? Or even a bank or credit union with which I am currently doing business? Or even a bank with which I have not ever had an account?
I don't think this question fits into a 'twitter."