Suze Orman said timeshares are a silly investment

[Mono~rail]

This is an old thread that died about 4 months ago.

Feel free to discuss, but please don't direct any advice towards me. Thanks.

 

[grlpwrd]

Well, she recently introduced her girlfriend plus the fact she has assets over $25 million.

Umm, kinda easy to give advice when she is not us or has the same challenges or goals. JMO, folks.

 

[disneysteve]

Well, she recently introduced her girlfriend plus the fact she has assets over $25 million.

Umm, kinda easy to give advice when she is not us or has the same challenges or goals. JMO, folks.

I don't understand your point. When I look for advice, particularly financial advice, I look to people who have succeeded where I haven't yet. I don't want advice from someone just like me. I want advice from someone who maybe was in my position in the past and rose above it. Suze Orman wasn't always wealthy. She started just like everyone else and worked her way up. That's something that I respect. She wasn't born into wealth. She earned it on her own.

 

[Toby'sFriend]

Originally Posted by grlpwrd View Post
Well, she recently introduced her girlfriend plus the fact she has assets over $25 million.

Umm, kinda easy to give advice when she is not us or has the same challenges or goals. JMO, folks.

She started out as a waitress in California without a penny to her name.

As for the Timeshares, I pretty much agree with her.

 

[CarolA]

I own one and I agree with Suze. I "invested" money in DVC that was NOT part of my long term finanical plan and I don't consider it an asset, more like a liablity. It is an investment in me, but that does not go on the balance sheet.

If you have not funded your retirement, your emergency account and can't afford the monthly fees etc without feeling a pinch DO NOT BUY DVC or any timeshare.

 

[momrek06]

This is an old thread that died about 4 months ago.

Feel free to discuss, but please don't direct any advice towards me. Thanks.

Just as a point of interest, after watching Suze this past Saturday night 3/17/07...and saw her comment to the caller...I decided to use "YAHOO SEARCH" to get more info on Suze and her reasoning as to why she did not like timeshares other than calling it silly.

I typed in "SUZE ORMAN TIMESHARES" into Yahoo Search and this THREAD, yup THIS thread from the DIS popped up as #1.!!!

I then started reading through it and found it all very interesting in my attempt to research the pros and cons of timeshare.

Just thought I would let you know!

 

[bellarella]

Well, she recently introduced her girlfriend plus the fact she has assets over $25 million.

Umm, kinda easy to give advice when she is not us or has the same challenges or goals. JMO, folks.

And what, exactly, does her sexual preference have to do with her ability to give financial advice?

I agree with DisneySteve, I want advice from people who are where I want to be, not where I'm standing now. She made her own money. To go from a blue collar job to having assets over $25 million gives her pretty good credentials for giving advice.

 

[momrek06]

And what, exactly, does her sexual preference have to do with her ability to give financial advice?

I agree with DisneySteve, I want advice from people who are where I want to be, not where I'm standing now. She made her own money. To go from a blue collar job to having assets over $25 million gives her pretty good credentials for giving advice.

ITA!!!

 

[TDC Nala]

I don't consider my DVC an investment. I just wanted somewhere to stay.

 

[disneysteve]

I don't consider my DVC an investment. I just wanted somewhere to stay.

This I can agree with.

A timeshare is a PURCHASE, not an INVESTMENT.

 

[kjs1976]

I'm glad to see people call it a "purchase" instead of an "investment".

 

[hentob]

Well, she recently introduced her girlfriend

I did not know she was gay

I will stop listening to her now.

 

[froggygrrrl]

I like to think of our timeshare as a "quality of life" investment. In order to get maximum benefit of the money we have spent on it, we must take a vacation every year (oh, yes, the horror!) In a society where workaholism is running rampant, it's nice to be forced to take a break and get away from it all. If we didn't have a timeshare we would probably talk ourselves into reasons why a vacation isn't worthwhile. I'm so glad that isn't the case anymore!

 

[dsanner106]

I have never considered my timeshares to be more than pre-paid vacations. Owning them ensures that I will take vacations every year and that is important. That being said, I usually come out way ahead with my timeshare trades over what I could get for the same money annually. I bought all but one of mine resale for as little as a few hundred dollars. They are deeded for life and can be willed to my kids. I pay maintanance fees of as little as 225 and not over 450 per year for a 2 bedroom unit that sleeps 8. I have traded for units in several disney resorts, Ireland, Cancun, and many states. To sleep 8 at disney means 2 rooms at even a value resort that can be over 225 per night, 7 nights being over 1575.00 Those rooms have about 320 sq feet each, my timeshares usually have well over 1000, I can eat out like anyone else, or cook my own meals and save a ton of money. My kids have their own bedroom with tv etc. I have taken vacations with basically no money in the bank. My MFees were paid, so I just packed our food and spent a lovely week at the beach for only the cost of gas for the trip. A hotel and meals would have been 3000.00 at least.

Drew

 

[mommytomy3]

I like to think of our timeshare as a "quality of life" investment. In order to get maximum benefit of the money we have spent on it, we must take a vacation every year (oh, yes, the horror!) In a society where workaholism is running rampant, it's nice to be forced to take a break and get away from it all. If we didn't have a timeshare we would probably talk ourselves into reasons why a vacation isn't worthwhile. I'm so glad that isn't the case anymore!

This was a factor for us as well!

 

[shelly3girls]

I don't consider my DVC an investment. I just wanted somewhere to stay.

ITA as I think most DVC members do. I don't know anyone who bought into DVC as an "investment" yet it seems that others who do not choose purchase criticize it as a "bad investment." Every DVC member I know (including those on this board) buy into DVC b/c they already go or plan to go atleast every other year and usually stay deluxe. DVC will most likely save them money (especially for us since we are a family of 5). Yes, there are some that finance and it is not a wise purchase but I don't think even those people consider it an investment.

 

[disneysteve]

I don't know anyone who bought into DVC as an "investment" yet it seems that others who do not choose purchase criticize it as a "bad investment."

Yes, there are some that finance and it is not a wise purchase but I don't think even those people consider it an investment.

I think the problem arises from the lousy reputation the timeshare industry has. This is gradually changing thanks to Disney, Marriott and a few other big players who have brought a level of credibility to the field.

The high pressure sales tactics and deceptive marketing practices pressure people into making really poor decisions. They catch people who are often financially naive - young couples on their honeymoon, for example. And they suck them in by paying them a nice premium or giving a nice gift for coming to the "free breakfast presentation." Then they use creative charts to show how much money you can save by buying in to the timeshare property. And, of course, they won't take no for an answer. People end up buying just to escape the room.

Only after the fact, do people learn that what they just blew thousands on could have been gotten way cheaper on the resale market, as dsanner106 said. Plus, in many locales, comparable accomodations can be booked for about what the annual fee is without buying anything or committing to any long term deal.

Again, I think Disney, Marriott and a few others stand as exceptions to the problems in the industry. They still aren't investments, but they might not be unreasonable purchases for those who can comfortably afford them.

 

[4evryng]

Timeshares are a waste of money. We own one in Lake Buena Vista. We bought it thinking it would be convenient since we like to travel. Due to its location, the maintenance fees/taxes keep rising. It is paid off but if we were to sell today, we would get a third of what we paid. Also, it is affliated with RCI. The book has a lot of great destinations. However, the availability is scarce and you still have to pay an exchange fee. The only bonus is that we can transfer the deed to our children when we pass on. All in all, we would not do it again.

 

[Mellie2162]

I haven't read through all the posts on this thread, but my general opinion is the same as the one poster who said to each his own. We bought into DVC a few years back and ended up having to sell it recently. We did not lose any money on it and in fact were able to sell it relatively quickly. That being said, if I were out of debt and had the money to buy one I most definitely would buy into DVC again.

 

[patsal]

As an "investment" they are silly. You will not get a return per se on it and it does continue to cost you throughout the ownership. As an investment in your family it is, IMHO money well spent if you have that kind of disposable cash. In the long run you will get many vacations for the price of less in very nice accomadations, but that is what you will get. If you are looking at a time share as a financial investment you may be looking at a time share from the wrong perspective.
I have a DVC membership, but I don't look at it from the perspective of a finanacial investment, I look at it as an investment into quality time with my family. It is a luxury not a necessity. I had the expendable cash and that is how I chose to spend it rather than on season tickets to the theater, or to sporting events, or for other discretionary spending. It works for me, and I feel I've spent my money wisely.