Suze Orman's Webcast Transcript
Oprah: Thanks, Marjorie, for bringing this up. Thank you so much. We have breaking news including today's total through tonight, so far the number of downloads of Suze's book has reached over 2 million.
Suze: Yea! Is that true?
Oprah: Yes. That was your goal and now there it is.
Suze: Is it so—were you telling me the truth before it was only 1.4? I'm not saying that you weren't. But was—is that true?
Oprah: Yeah. Yeah. It happened.
Suze: Do you see how that is?
Suze: You see, you just have to say what you want. Now there's a lesson there.
Oprah: There you go.
Suze: The lesson was, you were happy with 1.4 million.
Oprah: I was happy.
Suze: But I wasn't because I had a goal and a vision and an intention for giving away this book. And the intention was at least 2 million people's lives would be changed. That 2 million people would get something for free and they would read this book and they would be able to take action that changed themselves and, therefore, changed the world. And that was my intention. And you can ask your producers from day 1, I said—
Oprah: Two million?
Suze: —two million. From day 1—
Oprah: I didn't have the number, so I was very happy with whatever happened.
Suze: I envisioned it and that was my intention in giving away 2 million books.
Oprah: So can somebody tell me what happened from the beginning of this webcast when I was told 1.4 to now? You know, 600,000 people went on the Web and did it? Because—
Dean: The updates don't come in real time.
Oprah: The updates don't come in real time. We just got the update.
Suze: Oh, great, though. I'll take it.
Oprah: I'll take it. Boy, you called that one in. That is huge.
Suze: That's great. Thank you, everybody.
Oprah: Boy, Richard is—Richard is applauding. That was our angel guy. Richard's applauding and understanding what you said about calling it in. What you attract.
Suze: Yeah. I was very clear with what I saw for the giveaway of this book. It was 2 million people. I wanted double what we gave away when we gave away Women & Money.
Suze: I wanted—you can ask the producers from day 1 I said 2 million. My goal was 2 million.
Oprah: I know. And when I sat down here and you seemed genuinely disappointed with 1.4, I'm like, "Take the 1.4, Suze."
Suze: I never settle for less. I only settle for more.
Oprah: Wow. Love that. We're also getting some e-mails from our students. So how does a person buy municipal bonds is what one of the students needed to know.
Suze: Oh. Well, chances are if you're a student, you don't need to buy municipal bonds. But the best way to buy municipal bonds is through a financial adviser, believe it or not, who specializes in municipal bonds. If you're going to buy a municipal bond, and for those of you who don't know, a municipal bond is a bond, a debt instrument, where a municipality, like a city, is needing money, and you're lending that city, so to speak, your money so that they can do something in their city.
Suze: The only type of municipal bond I would be buying if I were you in today's day in age are general obligation municipal bonds, which I wrote to you in the e-mail as well.
Oprah: That's right. You sent it in my e-mail.
Suze: And the reason is a general obligation municipal bond is the obligation of the city, state that you are doing it from. It's not a revenue bond, which is from the revenue of some project, because maybe that revenue won't come through. So look at general, good quality, general obligation municipal bonds if you're going to buy one.
Oprah: All right. One more question from the troops. Is there a FICO in Canada?
Suze: There is a FICO in Canada. It works different a little bit in terms of the scoring technique. We go from 300 to 850. I think they go into the 900s. But absolutely Canada has its own FICO scoring system. It is not called FICO, but it is a credit scoring system that works very, very similar to how it works here. South Africa has one. They have them all throughout the world.
Oprah: Okay. Nicole from Tacoma, Washington. Hey, Nicole, you're on the phone. Hi.
Nicole: Hi. I've got a big decision to make. About a year and a half ago I got a great promotion that moved me from Phoenix, Arizona, to Tacoma, Washington. Where in Phoenix I had a house or I still have a house, unfortunately, and I've been trying to sell or rent that house over that past year and a half, and at this point I owe $208,000 and I'd be lucky to sell it for $75,000.
Nicole: And I'm feeling foreclosure might be my best opportunity.
Suze: Have you rented the house out since you moved out of the house?
Nicole: We've been trying, but we can't get anybody in.
Suze: Wonderful. Is—was it your primary residency before you moved?
Suze: All right. Here's what's important about that. There is a debt relief act that says when you do a short sale or a foreclosure, you owe the bank $250,000, all you can sell this house is for $75,000 so you're essentially $175,000 short of what you owe the bank if you sell it, correct?