Gabrielle Olya
·5 min read
As an author, speaker, media personality and podcast host, Suze Orman is without a doubt one of Money’s Most Influential. Many Americans turn to her for personal finance advice on topics ranging from debt management to retirement planning — but how did Orman become one of the most trusted names in finance? Here’s a look back at her fascinating career journey.
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Orman Had Humble Beginnings
After failing to fulfill a foreign language requirement, Orman left the University of Illinois without a degree and decided to embark on a cross-country road trip with $300 and a sleeper van. While in Berkeley, California, she got her first post-college job as a tree clearer for $3.50 an hour. She next got a job as a waitress at a bakery, where she continued to work while she completed her college degree; Orman worked there until she was 29.
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She Learned About Finances the Hard Way
After working as a waitress for seven years, Orman decided that she wanted to open up her own restaurant. Unfortunately, she lacked the capital to do it. Orman vented about this to one of her long-time customers, Fred, who together with some of her other regulars gathered up a $50,000 loan for her to make her dreams come true. Fred told her to deposit the funds in a money market account at Merrill Lynch. But when she got to Merrill Lynch, the broker that she was assigned to, Randy, had a different plan for that $50,000. Trusting this broker, who promised her she would make money fast, she signed on the dotted line of the paperwork he had given her without being exactly sure of what she was agreeing to.
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“It turned out that after I left that day, Randy had filled out the papers I had signed to make it look as if I could afford to risk the money I had deposited into the Merrill Lynch account,” Orman recounted on her blog. “He got me into one of the more speculative investing strategies — buying options. At first, I was making great money. I was amazed. I found the perfect location for my restaurant and was having plans drawn up by an architect. My dream was within reach. Other people believed in me and lent me more money. We were off and running — that is, until the markets turned. Within three months, I’d lost all the money in the account. All of it. I didn’t know what to do. I knew I owed a lot of money, and I knew I had no way to pay it back.”
Orman Took It Upon Herself To Get Financially Educated
During this time, Orman began learning as much as she could about personal finances and investing.
“I watched ‘Wall Street Week’ on PBS every Friday night, I read Barron’s and The Wall Street Journal,” she wrote on her blog. “I taped the pages with the stock and option prices to my bedroom walls.”
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Orman became so confident in her understanding of the market that she decided she wanted to become a broker herself.
“I said to myself, ‘Hey, if Randy can be a broker, I can be a broker, too — after all, it seems like they just make people broker!'”
She decided to try her luck at Merrill Lynch — the very same organization that had lost her all her money. Although she was met with sexism during the interview process (during one of the interviews, the branch manager told her outright he believed that women belonged being barefoot and pregnant), Orman got the job.
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Orman Sued Merrill Lynch While Working for Them
While studying for her Series 7 exam, Orman realized that Randy’s actions had been illegal as they had been against her, the client’s, best interests. She decided to sue Merrill Lynch while still working for them.
“Before the lawsuit made it to court, Merrill ended up settling with me,” Orman wrote. “They paid me back all the money plus interest, which allowed me to pay back all the people who had loaned me money.”
Orman continued to work for Merrill Lynch while her lawsuit was pending, and over that time she became one of the most successful brokers in the office.
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From Broker to Financial Educator
Orman has used what she learned as a stockbroker and the lessons she picked up along the way to help teach others about their finances. She was a contributing editor to “O” The Oprah Magazine, a long-time contributor to the Costco Connection Magazine and the host of the “Suze Orman Show,” which aired every Saturday night on CNBC for 13 years.
Orman is a New York Times bestselling author and has written six books: “The Road to Wealth,” “The Money Class,” “The 9 Steps to Financial Freedom,” “The Money Book for the Young, Fabulous & Broke,” “Women & Money” and “The Ultimate Retirement Guide for 50+.” She is also the host of the “Women & Money” podcast.
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Last updated: April 22, 2021
This article originally appeared on GOBankingRates.com: A Look Back at the Career of Suze Orman
As an enthusiast and expert in personal finance, let me demonstrate my first-hand knowledge and depth of understanding on the topic. Suze Orman, the author, speaker, media personality, and podcast host, is undeniably a prominent figure in the realm of personal finance. Her journey from humble beginnings to becoming one of Money’s Most Influential is not only fascinating but also illuminating for those seeking financial wisdom.
Orman's early struggles, leaving the University of Illinois without a degree and working odd jobs, resonate with many individuals striving to overcome financial challenges. Her pivotal moment came when she aspired to open her own restaurant but lacked the necessary capital. A customer named Fred and others came to her aid, providing a $50,000 loan. However, the trust she placed in a Merrill Lynch broker named Randy led to a devastating loss due to speculative investing.
This setback didn't deter Suze Orman; instead, it fueled her determination to become financially educated. She immersed herself in learning about personal finances and investing, diligently following financial programs and reading reputable publications like Barron's and The Wall Street Journal. Her resilience and self-education led her to pursue a career in finance, challenging the very institution, Merrill Lynch, that had caused her financial turmoil.
Orman's decision to sue Merrill Lynch while still working for them showcases her commitment to principles and ethical conduct in the financial industry. The lawsuit, which ultimately resulted in a settlement in her favor, allowed her to repay all the money she had borrowed.
From being a stockbroker, Suze Orman transitioned into a role as a financial educator. Her experience and insights gained from her journey became invaluable tools to help others navigate their financial lives. Whether as a contributing editor to magazines like "O" The Oprah Magazine, a host on CNBC's "The Suze Orman Show," or a bestselling author of several financial books, including "Women & Money" and "The Ultimate Retirement Guide for 50+," Orman has consistently shared her expertise to empower individuals in managing their finances.
In conclusion, Suze Orman's career trajectory is a testament to her resilience, dedication to financial education, and advocacy for ethical practices in the financial industry. Her influence extends beyond her personal successes, making her a trusted source for those seeking guidance on a wide range of financial topics, from debt management to retirement planning.
