Suze Orman Provides Free Financial Advice to Soldiers
By Sean Kimmons
Army News Service
WASHINGTON, Jan. 4, 2017 - The Army has enlisted the help of personal finance expert Suze Orman to educate soldiers and their families on money matters so they don't fall victim to predatory loans, mounting credit card debt and other financial issues.
Orman, a best-selling author and television personality, plans to offer her services free of charge to soldiers, including a seven-step online course, normally $54, and an upcoming video detailing the military's new retirement system.
"If anybody deserves the best financial advice in the world, which I am more than capable of giving, it's the men and women who are serving all of us," Orman said today at a Pentagon press conference.
Orman also discussed her desire to visit military bases to speak to troops in-person during seminars.
"Nothing would make me happier than to personally go to every single base in the entire world," she said.
Having such a star in the finance world come on board for free has left many Army leaders thrilled about the future readiness of soldiers.
Personal Finance Tips
"When our soldiers don't have their hearts and minds on their job, it is not good for their security and for the team. And that's why we're so excited to partner with Suze," said Undersecretary of the Army Patrick Murphy, who announced the partnership.
According to Orman, she tries to simplify personal finance tips to make them easier to understand.
For instance, she noted that if a 25-year-old soldier began to place $100 a month into a Roth Thrift Savings Plan, the account will grow to roughly $1 million by the age of 65. But if the soldier waited until 35 years old to invest the same amount, he or she would only get $300,000.
"Those 10 years cost them $700,000," she said. "If you teach that to a 25-year-old, you can bet your bottom-dollar that they're going to start putting money away."
Besides retirement planning, her free online course available to all U.S. troops covers more topics from learning how to live debt-free, tackling financial obstacles to purchasing big-ticket items like a home or car. Any military member can enroll in the course at Suzeu.com, using access code "USA."
Blended Retirement System
With Orman's help, a video explaining the Blended Retirement System, which is set to be rolled out Armywide in 2018, is also in the works as part of the partnership.
As one of the biggest changes to military pay and benefits in 70 years, the BRS is expected to give some sort of portable retirement benefit to about 85 percent of the force, compared to only 19 percent today.
"We love our troops and their families. They are the corps of who we are as a team," Murphy said. "We want to make sure that they get the best advice as possible."
Murphy also hopes Orman's advice will steer cash-strapped soldiers away from payday loan businesses that try to exploit them with high interest rates.
"We've cracked down on some of that, but really that's being reactive," he said. "What we're trying to do with Suze is to be proactive and let [soldiers] know the tools that are out there."
This isn't the first time Orman has partnered with the Army. In May, she signed a four-year gratuitous services agreement with the Army Reserve to improve the financial readiness of reservists using informational videos, written material, town hall discussions and base visits.
She said she's looking to work on these partnerships full-time since she ended The Suze Orman Show on CNBC in 2015. One of her goals now is to be an impartial finance advisor to soldiers who may not be able to find one elsewhere.
"It's very difficult, in my opinion, to get true, honest, unbiased financial advice," Orman said. "It's almost as if everybody who gives you financial advice who's in the financial arena has something to gain from it. We need an unbiased source, which I will serve as."