Wednesday 9 March 2011

Suze Orman On The 'New' American Dream

It was a chance meeting with financial guru Suze Orman seven years ago that changed Deontae Murphy's life.

In October 2003, his mother, Dionne Murphy, brought him to New York from their home near Washington, D.C., as a present for his tenth birthday. While at Rockefeller Center, they ran into Orman.

"How much allowance do you get?" Orman asked him at the time.
"$10," he said.

"And if I told you that if you put it in the bank, the bank would pay you, what would you do?" she asked.

"I would put it in," he said.

He did, and so did his mother. She started investing in a 529 college fund for her son, based on Orman's advice.

The Murphys didn't have any further contact with Orman until a few months ago, when Deontae, now 17, entered his senior year of high school and started applying to colleges.

In the intervening years, his mother had managed to put away $570 a month so that his college fund now stood at more than $30,000. Deontae said he wrote an e-mail to "The Suze Orman Show" to let them know how much the advice helped. He will be the first one in his family to go to college.

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