Suze Orman has me on financial lockdown

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My best friend Charlie*, who lives in Minneapolis, was recently home for a visit. When he's in town, it's dangerous for both of our pocketbooks. We love to hit the local antique and secondhand stores, drink grande nonfat no-whip mochas, and get kicked out of Barnes & Noble for giggling too loudly. Seriously, we've been asked to leave. Twice.

On this particular Saturday, Charlie and I were in line at Culver's Click here to learn about third-party website links, our favorite Midwestern fast food joint.

Charlie's faux Dior in it's glory days, before the duct tape (Suze Orman would approve)."Listen," he said, pulling out his faux Dior wallet, purchased several years ago on Canal Street Click here to learn about third-party website links. "I can't spend a lot on this trip. Suze Orman Click here to learn about third-party website links has me on financial lockdown. I'm trying to buy a house. Everyone is getting homemade canned goods and embroidered dishtowels for Christmas."

Charlie has struggled with his finances for as long as I've known him – 22 years. After learning not-so-healthy spending habits from his family, he went on to make several unwise financial decisions – some that occurred as early as high school – that impacted his ability to earn a college degree, his credit score Click here to learn about third-party website links, and now, his options for purchasing a home with his partner.

In the coming weeks I'm going to tell you the story of how Charlie became "Young, Fabulous & Broke" Click here to learn about third-party website links – and how he's working to turn his situation around. Stay tuned.


* Names have been changed to protect the financially challenged.

2 Comments

Do I have to be 70 or 70 and one have to cash in my 401k. I thought it was 70 and my brother keeps telling me it is 70 and one have

mary--Your question isn't exactly on topic, but it's a good one (I'm sure Suze Orman would have a lot to say about this!).
I'm by no means an expert on 401ks, but if I understand this correctly, your 401k distributions have to start no LATER than when you’re 70 ½. On a related note, you have to be at least 59 ½ and have had the 401k for 5 years in order to withdraw from your 401k with no taxes (there are penalties before that).
I'd recommend that you ask your financial advisor about your specific situation, but I hope that sheds a little light! BTW, do you and your brother have any sort of wager going on this one? :)

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