Suze Orman is proving success no longer has an age limit.
Today, the 71 year old is one of the most influential financial advisers in the country, a bestselling author and the host of the popular podcast “Women and Money.”
But in her 20s and 30s, Orman never imagined her career after the age of 50. She was a waitress at Buttercup Bakery in Berkeley, Calif. between the ages of 23 and 30, and she made $400 a month. And she didn’t get her own television show until she was in her 50s.
“The only thing that limits you…in life is your own vision, of just thinking you can’t do it, it will not happen to you,” Orman told Know Your Value founder and “Morning Joe” co-host Mika Brzezinski earlier this week. “I just took it one step at a time, and look at what I stepped into, something absolutely amazing.”
Orman appeared on “Morning Joe” to chat about smart money moves women can make amid a looming recession. She urged women over 50 to invest in treasury bonds. With a return of approximately 4.8 percent, Orman advised, “I would not go out further than three or six months at this point in time, because I think interest rates are going to continue to go up. But why not just do something that simple. If you don’t want to risk money in the stock market, and I’d be careful here if a recession is coming, T-bills, I think, are the answer.”
Orman also gave money advice to young women amid a potential recession.
If you don’t need money, don’t take a loan from your 401(k), suggested Orman. Second, if you happen to have equity in your home, it’s not the time to take a home equity line of credit. Orman also advised young women to refrain from buying a home at this time.
“Unless I had a serious down payment and a secure job, I probably would wait for a bit before I purchased a home. And of course, you always want an eight to 12 month emergency savings plan…”
And finally, Orman urged young women to continue to invest in retirement accounts.
“I’m an advocate of Roth 401(k), Roth 403(b) and a Roth IRA. If you have the ability to do a Roth, do a Roth. I don’t care what tax bracket you’re in.”