You don't need to spend a lot of money to throw a fantastic party or decorate your home. Nate talks with party planner Colin Cowie and financial expert Suze Orman at O, The Oprah Magazine's O You! event in Miami about achieving what you want without breaking the bank.
The rich and famous often turn to Colin to oversee spectacular parties. In fact, Colin says the most expensive affair he has ever planned was a $25 million dollar wedding! Most people don't have that kind of cash, but Colin says that doesn't mean they can't throw a stylish celebration. "Style really has very little to do with money," he says. "It's really about attitude toward one another and how we welcome one another into [our] homes."
Being a host or hostess who aims to please is something Colin says money cannot buy. "I believe that from the moment you get out of the car you are in my hands until the moment that you leave," Colin says. "So, there is a carefully thought out beginning, middle and end."
Furnishing your home with expensive décor is a financial mistake Suze says many people make in an effort to impress guests, friends and foes. Suze says when people cannot afford the furniture they want or a home addition they think they need, they make the mistake of taking out a home equity line of credit. "What is wrong with leaving equity in a home? Since when have we gotten to this place where we are a society who uses our house like a credit card?" Suze asks.
Mixing a few expensive pieces of furniture that you can afford with less expensive items is something that Nate says is stylish and Suze says makes financial sense. The money you save on decorating can be used to pay off your mortgage, Suze says. "My goal for everybody is once they know they have a home they are going to stay in the rest of their life, they should make it their number one priority to pay off that mortgage in full," she says.