MONEY IRAs

This Innovative Idea Could Improve Your Retirement

State governments are starting to step in to help workers save. Here's why that's a good thing.

A rare innovation in retirement saving is taking shape right now in, of all places, Illinois. In January the state became the first to okay an automatic IRA for workers at certain small businesses that don’t offer retirement plans. Those companies will be required to funnel 3% of their employees’ paychecks into a state-run Roth IRA, though workers can opt out.

It may seem surprising that Illinois is breaking ground in this area—after all, the state’s pension plans are among the worst funded in the nation. But Illinois is actually part of a broad movement. Some 30 states, including California and Connecticut, are developing similar savings programs. Says Sarah Mysiewicz Gill, senior legislative representative at AARP: “We’re reaching a critical mass of states.”

A Local Approach

Why are states taking on retirement planning? Half of private-sector employees don’t have an employer plan—a crucial tool for building a nest egg. In fact, just having access to a retirement plan through work makes a huge difference in whether you save. While 90% of those with a workplace plan have put aside money for retirement, only 20% of those without one have, according to the Employee Benefit Research Institute.

So states will face a huge drain on their budgets as workers with no savings reach retirement and need services such as Medicaid and food assistance. “If Washington were moving faster on this, the states wouldn’t have to,” says Illinois state senator Daniel Biss, who sponsored the new IRA.

No question, Congress has long dodged addressing the looming retirement crisis; it has failed to fix Social Security or create a federal automatic IRA, which President Obama proposed again in his most recent State of the Union address. Obama did introduce the myRA last year, which will allow savers without employer plans to put away as much as $15,000 in Treasury securities. But without auto-enrollment, the myRA’s effectiveness will be limited.

The Illinois program may prove to be an appealing prototype. (First it will need approval by the Department of Labor and IRS.) Still, each state is crafting its own version. In Connecticut, the automatic IRA may be paid out as a lifetime annuity or in a lump sum. Indiana is looking at setting up a voluntary plan with a tax credit. “States are a great laboratory for experimentation,” says Kathleen Kennedy Townsend, founder of Georgetown University’s Center for Retirement Initiatives.

Reason to Hope

Of course, it’s far from certain that state savings plans will make much headway: at 3%, Illinois’s minimum contribution is far below the 10% to 15% of pay that retirement experts generally recommend. And a hodgepodge of state IRAs would be less efficient and more costly than a national plan.

That said, states can sometimes get it right. State-run 529 college savings plans have helped countless families with tuition bills. The Massachusetts health care plan was a model for the national plan that has meant coverage for millions. Perhaps the states’ efforts will push retirement savings higher up the federal government’s priority list. If Illinois can lead the way on retirement, anything’s possible.

 

MONEY

What the Oscar Movies Can Teach Us About Money

The envelope please...

2015 Warrens Award
Leah Bailey

The Oscars do a fine job of honoring great movies. But who honors great movies about money?

No one—until now, that is. To accompany the 87th Academy Awards, MONEY is inaugurating its own prizes to commemorate 2014’s finest cinematic lessons in personal finance. We’re calling them the Warrens, in a nod to Warren Buffett, the shrewd money manager who’s also a celebrated dispenser of financial common sense.

Had the Warrens existed in past years, awards likely would have gone to movies like Blue Jasmine, for which Cate Blanchett won a 2014 Oscar portraying a woman whose life falls apart after her husband’s Madoff-like fraud is exposed. One key lesson from that movie: Don’t abdicate all financial responsibilities to your spouse. Another: Bad things can happen if your self-image is tied up in your net worth.

Another past recipient would have been the 2009 Best Picture Oscar winner, Slumdog Millionaire, which, despite its focus on a get-rich-quick game show, argues that love, not money, is the key to happiness.

So which 2014 movies win this year’s Warrens, and what lessons do they teach?

The envelope please….

— By Kara Brandeisky, Margaret Magnarelli, Susie Poppick, Ian Salisbury, Taylor Tepper, and Jackie Zimmermann

 

  • Best Argument for the Value of Education

    BOYHOOD, Patricia Arquette, 2014.
    Matt Lankes—IFC Films/Courtesy Everett Collection

    Boyhood

    In this Best Picture-nominated movie, Olivia (played by Oscar favorite Patricia Arquette), raising two children without their father, goes back to school to earn her bachelor’s and master’s degrees. That effort ultimately helps her land a dream job as a psychology professor. At a lunch celebrating her son Mason’s high school graduation, Olivia encounters a young man she once hired to install her septic tank and whom she had encouraged to go to community college. Turns out he did just that and now runs the restaurant where she’s eating. “You changed my life,” he tells Olivia. No, it was education that did it—for both of them. (For a guide to affordable colleges that have the strongest economic payback, check out Money’s Best Colleges.)

  • Best Lesson in Estate Planning

    THE GRAND BUDAPEST HOTEL, from left: Paul Schlase, Tony Revolori, Tilda Swinton, Ralph Fiennes, 2014.
    Martin Scali—Fox Searchlight/Courtesy Everett Collection

    The Grand Budapest Hotel

    In director Wes Anderson’s Oscar-nominated movie, famed concierge Gustave H (Ralph Fiennes) is willed a priceless work of art, “Boy With Apple,” by a rich patron of his hotel—who also happened to be his lover. The deceased’s progeny are none too pleased by this unexpected turn and go to great lengths to reclaim the valuable piece of art. This drama could have been avoided if the murdered Madame D (Tilda Swinton) had simply followed good practices in estate planning, such as identifying which possession should go to which people.

  • Best Career-Change Advice (tie)

    BIRDMAN OR (THE UNEXPECTED VIRTUE OF IGNORANCE), (aka BIRDMAN), from left: Zach Galifianakis, Michael Keaton, 2014.
    Alison Rosa—20th Century Fox

    Birdman

    Onetime movie star Riggan Thomson (Michael Keaton) sinks his life savings into a Broadway play to revitalize his career; the attendant pressures, financial on top of personal, pose serious threats to his mental health. One key takeaway: If you’re looking for a second-act career, make sure you have the resources to fund your new venture without having to make the drastic move, in Thomson’s case, of refinancing the Malibu home you promised to your daughter.

  • Best Career-Change Advice (tie)

    LETS BE COPS, from left: Damon Wayans, Jake Johnson, 2014.
    Frank Masi—20th Century Fox Licensing/Everett Collection

    Let’s Be Cops

    This buddy movie won’t win any Oscars — it scored a pathetic 30 of 100 on Metacritic—but it’s got our vote for job-switching smarts. Pals Justin (Jake Johnson) and Ryan (Damon Wayans Jr.) dress up as the fuzz for a costume party, find they like the attention their garb garners, and decide to keep up the act. After they get mixed up in a real crime, one of them—spoiler alert!— heads to the police academy. It’s a smart move to do a trial run on a dream second career. Not so smart: breaking the law in the process.

  • Best Performance by a Financing Campaign

    VERONICA MARS, Kristen Bell, 2014.
    Robert Voets—Warner Bros/Courtesy Everett Collection

    Veronica Mars

    Spunky detective Veronica Mars (Kristen Bell) transitioned from the small screen to the big one in 2014 to help clear the name of her hottie ex Logan Echolls (Jason Dohring). While fans of the cancelled TV show were delighted to see the Neptune High gang reunited, it wasn’t the contents of this film that earned it a Warren — it was the financing. Appealing to a rabid Veronica Mars fan base, Bell and show creator Rob Thomas launched a Kickstarter campaign to crowdfund the film. The effort paid off: The film stands as Kickstarter’s highest-funded film project, and the sixth-highest-funded project ever for the site. If you have a project you’d like to raise money for, start with these tips for a successful crowdfunding campaign.

  • Best Small-Business Strategy

    CHEF, from left: Emjay Anthony, Jon Favreau, 2012.
    Merrick Morton—Open Road Films/Courtesy Everett Collection

    Chef

    This indie hit isn’t just about food and family. It’s also about how to promote your small business on social media—and how not to. High-powered chef Carl Casper (Jon Favreau) makes a big mistake after joining Twitter, losing his cool and firing off a series of obscenity-laced tweets at a famous restaurant blogger. After Carl loses his job, however, his son Percy uses savvier social media posts in a wildly successful effort to promote Carl’s new venture, a Cuban sandwich truck.

  • Best Real Estate Recommendation

    NEIGHBORS, from left: Rose Byrne, Seth Rogen, 2014.
    Glen Wilson—Universal/Courtesy Everett Collection

    Neighbors

    Mac and Kelly Radner (Seth Rogen and Rose Byrne), adjusting to life with a newborn, suddenly have their lives turned upside down when a fraternity moves in next door. Frats throw parties—loud ones that make it hard for babies to fall asleep—and soon the couple and the frat engage in an escalating series of pranks meant to make one another’s lives unbearable. Don’t want to end up like the Radners? Make sure you follow these steps when shopping for a home, and find a good real estate agent who is extremely knowledgeable about the neighborhood where you’re looking.

  • Best Sales Pitch

    A MOST VIOLENT YEAR, from left: Oscar Isaac, Albert Brooks, 2014.
    Atsushi Nishijima—Courtesy Everett Collection

    A Most Violent Year

    In this movie from Margin Call director J. C. Chandor, beleaguered heating-oil company owner Abel Morales (Oscar Isaac) coaches his sales force on how to close a deal. The key, he says, is projecting an aura of quality in even the subtlest of gestures—if a customer offers coffee or tea, for example, take tea because it’s the “fancy” choice. “We’re never going to be the cheapest option, so we have to be the best,” he says. “When you look them in the eye you have to believe that we are better—and we are—but you will never do anything as hard as staring a person straight in the eye and telling the truth.” Of course, sending a message about quality—whether or not it’s true—does something else: it gets people to spend more. That’s why we pull back the curtain on all the subliminal tricks that salespeople use to loosen your purse strings.

  • Best Argument for Having a Nest Egg

    THE GAMBLER, from left: Mark Wahlberg, John Goodman, 2014.
    Claire Folger—Paramount/Courtesy Everett Colle

    The Gambler

    You’ve probably heard of the importance of building up an emergency fund in order to cope when disaster strikes in the form of a job loss, or perhaps a costly family health issue. The necessity of having a nest egg to fall back on takes quite a different level of importance in this film, in which a literature professor and severe gambling addict named Jim Bennett (Mark Wahlberg) winds up owing several hundred thousand dollars to various underworld characters. At one point, Bennett turns for help to another loanshark named Frank (John Goodman), who offers a brilliant lecture on why an emergency fund is so critical—only with a lot more expletives than the typical personal finance expert. “Somebody wants you to do something, f*** you. Boss p***** you off, f*** you! Own your house. Have a couple bucks in the bank,” Frank explains. “A wise man’s life is based around f*** you. The United States of America is based on f*** you.”

    It’s worth noting that there are also better ways to pay off debt than turning to loansharks. Assuming, of course, your life isn’t on the line in the matter of a few days.

MONEY Love and Money

Why Cupid Is a Tightwad

In the new normal, fiscal prudence is sexier than ripped abs or buns of steel

When it comes to romance, who needs good looks? These days, Cupid is all about smart budgets and a sterling balance sheet, according to the latest findings on love and money.

A whopping 78% of Americans in a relationship say they prefer a partner who is good with money over one who’s physically attractive, according to a recent poll from rewards credit card Citi Double Cash. More than half believe their partner is looking out for their financial future.

Which is not to say Cupid is blind—but the arrow-slinging god of desire may simply be smarting from the Great Recession. Only recently have jobs and wages begun to show much strength. In this new normal, financial survival is sexier than ripped abs or knowing your way around a wine list. So it is that 52% of Americans expect their valentine this year to order takeout, not take them out, according to a love and money study from Ally Financial.

The Ally study also found that 55% are attracted to potential mates with strong budgeting and saving strategies. Specifically, 21% are attracted to those who pay as they go and avoid debt of any kind, while 18% are attracted to those who know how to chase down and seize a bargain. Just 3% are attracted to a suitor who appreciates the finer things and has a high credit card limit.

These findings help explain the rise of a dating site like creditscoredating.com, which seeks to address the concerns of the fiscally prudent lovelorn.

Yet love and money will always have an oil and water quality. People in a relationship are more than twice as likely to say they are the saver and that their mate is the spender in the union, according to a poll from SunTrust. About half agree that they and their partner have different spending habits. And among those who cop to relationship stress, the top cause is financial behavior.

The good news is that two-thirds say they do not have serious recurring arguments with their partner about money, Ally found. So this Valentine’s Day why not go cheap? The data suggest your date will adore you for it.

Read next: This is the sexiest financial habit

MONEY Kids and Money

New Findings About Kids and Money That Your School Can’t Ignore

150206_FF_KidsMoney_1
Getty Images

For the first time, researchers have directly tied personal finance instruction in high school to better adult behavior. This could change everything.

A required personal finance course in high school leads to higher credit scores and fewer missed payments among young adults, new research shows. These are groundbreaking findings likely to alter educators’ thinking in 50 states.

Until now, researchers have been unable to show consistent evidence that mandatory financial education improved students’ money management skills. With no proof, states have moved slowly on this front—despite encouragement from the president and federal education officials who see financial education as a critical part of the strategy to avoid another financial crisis.

Only 22 states require students to take an economics course, and just 17 require instruction in personal finance, according to the Council for Economic Education’s most recent Survey of the States. While countries like Australia and England have adopted federal mandates for such coursework, the effort in the U.S. is at the state level and has been slow to gain traction.

Critics of financial education have long argued that kids may learn financial concepts but do not retain them long enough to change behavior as adults, and that the power of advertising overwhelms any lessons of frugality learned in high school. Some believe financial education is a waste, and that we are better off using resources to set up third-party point-of-decision counseling.

Now the whole conversation may change. “I hope many people will read this paper and that many more states will adopt financial education in high school,” says Annamaria Lusardi, academic director at the Global Financial Literacy Excellence Center and an economics professor at the George Washington University School of Business.

Looking at students in three states—Georgia, Idaho, and Texas—that recently adopted relatively thorough financial education requirements, researchers tied to the Center for Financial Security at the University of Wisconsin found that young adults 18-22 in those states had higher credit scores and fewer credit delinquencies than students in neighboring states without a financial education requirement.

Interestingly, the first class of students in each state required to take such a course showed little or no improvement in credit score or delinquencies. But each subsequent class made noticeable strides toward smarter money management. This suggests there is a learning curve for teachers and schools, and that they become far more effective with practice.

Specifically, the research showed that three years after high school, students required to take a financial education class had significantly improved credit scores—up 11 points in Georgia, 16 points in Idaho, and 32 points in Texas, outstripping the gains in comparable states. In the third year, all three states also had cut the rate of credit payments at least 90 days late in this age group by 10% in Georgia, 16% in Idaho, and 33% in Texas.

Young adults have been shown to have particularly low levels of financial acumen; they are most prone to expensive credit behaviors like payday loans and paying interest and late fees on credit card balances. This behavior, combined with soaring student debt, often puts them in a financial bind before they earn their first paycheck. A little financial education, the evidence now shows, may go long way.

Read more about kids and money:
4 Costly Money Mistakes You’re Making With Your Kids
3 Money Skills to Teach Your Teen
8 Ways to Teach Your Kids to Be Financially Independent

MONEY Personal Finance

Turns Out (Gasp) Millennials Do Want to Own Cars

150119_EM_MillennialMyth
Jamie Grill—Getty Images

Young adults want to share everything--except maybe their car

Millennials have spurred the rise of the sharing economy by embracing the notion that renting is almost always better than buying. But even they want to own their own set of wheels, new research shows. Could homeownership, a diamond ring and other traditional purchases be far behind?

Some 71% of young adults would rather buy a car than lease one and 43% are likely to purchase a vehicle in the next five years, according to a survey from Elite Daily, a social site, and research consultants Millennial Branding. This finding suggests young adults that have popularized car-sharing options like Zipcar and RelayRides—and all sorts of other sharing options from wedding dresses to leftover meals—may be warming to traditional ownership.

Could it be that the kids are growing up and want something of their own? Other research shows that millennials, widely regarded as an idealist generation that favors flexibility and personal fulfillment over wealth, have begun backtracking there as well. Increasingly, they link financial health to life satisfaction.

For now, though, home ownership remains largely off their radar: 59% would rather rent a house than buy one and only one in four millennials are likely to purchase a house in the next five years, the survey found. “This shows that millennials don’t know anything about investing, even though they say they do,” says Dan Schawbel, managing partner at Millennial Branding. “A home is a much better investment than a car.”

Schawbel believes millennials are more eager to buy cars because they are delaying marriage and children, and they don’t want to be tied down with real estate. Plenty of research supports that view—and the trend toward delayed family formation. Yet it seems only a matter of time before this generation embraces marriage and homeownership too. The oldest are just 35 and, the survey found, three in five can’t afford to buy a home anyway.

The survey also found that millennials might be struggling less with student debt than is widely believed. Yes, student debt now tops $1.3 trillion. But young adults have money to spend. They are using their income to pay off their loans and getting support from their parents to pay for other things, Schawbel says. That may mean a car now or in the near future, and it seems increasingly clear that eventually it will include real estate. This generation is carving its own path, for sure. But the path may wind up looking more traditional than they know.

MONEY 401(k)s

Why Your Employer May Be Your Best Financial Adviser

150121_RET_ADVISOREMPLOYER
Thomas Barwick—Getty Images

Employers are offering more than 401(k) advice. They are adding financial wellness programs that help workers budget, save for a home, and more.

Large employers are taking on the roles of retirement adviser and financial educator in increasing numbers, new research shows. This is welcome news, because the federal government and our schools have not done a great job on this front, and individuals generally have not been able to manage well on their own.

Employers have been tiptoeing into retirement planning for workers for years as part of their 401(k) plan benefits. Typically, the advice has been offered in the form of printed materials and online informational websites. More recently, personalized advice has become available through call-in services and, in some cases, face-to-face meetings with planners arranged through work.

But what started as help with, say, settling on a contribution rate and choosing appropriate investment options has evolved into a more rounded service that may offer lessons in how to budget and save for college or a home. A breathtaking 93% of employers intend to beef up their efforts at helping workers achieve overall financial wellness in a way that goes beyond retirement issues, according to an Aon Hewitt survey.

This effort promises to fill a deep void. Just five states require a stand-alone personal finance course in high school, and just 13 require money management instruction as part of some other class. Meanwhile, the Social Security and pension safety net continues to grow threadbare. Someone has to take charge of our crisis in financial know-how.

Employers don’t relish this role. It comes with lots of questions about fiduciary duty and liabilities related to the advice that is proffered. Yet legal obstacles are slowly being cleared away to encourage more employer involvement, which is coming in part out of self interest. Financially fit workers are more productive and more engaged, research shows.

A company that offers a financial wellness benefit could save $3 for every $1 they spend on their programs, according to a Consumer Financial Protection Bureau report. These programs also reduce absenteeism and worker disability costs. That’s because money problems may cause stress that leads to ill health. So helping employees improve not just their retirement plan but their entire financial picture makes sense.

Among the upgrades most popular with employers, Aon found:

  • 69% offer online investment guidance, up from 56% last year, and 18% of the rest are very likely to add this feature in 2015.
  • 53% offer phone access to financial advisers, up from 35% last year.
  • 49% offer third-party investment advice, up from 44% last year.

Aon also found that 34% of employers have cut their 401(k) plan’s administrative and other costs, compared with just 27% a year ago. This echoes a BrightScope study, which found that employers generally are beefing up investment options while reducing fees in their 401(k) plans. In all, it seems employers are embracing their role as financial big brother—for their own good as well as the good of their workers.

MONEY Millennials

Millennials Increasingly Link Money With Fulfillment

money jigsaw puzzle
VisualField—Getty Images

Focused on purpose and meaning, millennials nonetheless wind up more satisfied when their finances are in order, a new study suggests.

Millennials define success more broadly than older generations, seeing it as less about wealth and more about a healthy and fulfilling life. But even as this generation tries to change the world through jobs and investments with purpose, among other things, it may be finding that financial success and personal satisfaction often go hand in hand.

Millennials who describe themselves as successful—whatever that may mean to them as individuals—report more healthy finances across the board than those who do not, new research shows. For example, 31% of millennials who say they are satisfied with their current lifestyle report annual income over $75,000, while just 24% of all millennials earn that much.

Might their healthier income be part of the reason? That seems likely, based on a broad range of findings in a new survey from MoneyTips.com, an online personal finance community geared at 18-to-34 year olds. Young adults describing themselves as satisfied with their current lifestyle, or successful, not only had more income but less debt, more savings, and more confidence in their ability to retire comfortably.

None of this would feel surprising if not for the widely espoused view that millennials favor quality of life issues including job flexibility, social impact, and personal experiences over career and earning power. Maybe they are growing up and realizing that money may help—or at least not hinder—such pursuits. Or maybe their worldview is evolving at a subconscious level as the real world bears down on them.

Either way, a generation that grew up with participation trophies and helicopter parents—and unbridled optimism—seems to be waking to the connection between a satisfying life and healthy finances. Nothing in this survey suggests millennials have lost their zeal for meaning. But financial security has a creeping sense of place.

Asked what financial concerns keep them up at night, 46% of millennials who call themselves successful cite being able to earn enough to secure their future. That compares with 55.6% of all millennials. Likewise, just 23.7% of self-described successful millennials worry about their ability to pay day-to-day expenses, and 33.6% worry about their ability to live within their means. That compares with 41.2% and 42.2%, respectively, for all millennials. A higher percentage who feel satisfied also say they are on track to meet their financial goals, have calculated how much they will need in retirement, and stick to a monthly budget.

About 40% of self-described successful millennials owe at least $15,000 while 45% of all millennials owe that much. When it comes to money in the bank, 58% of successful millennials have at least $10,000, while just 46% of all millennials have that much. Certainly, savings and income aren’t everything. But this next generation has come a long way from thinking finances matter little at all.

MONEY Financial Planning

5 Simple Questions that Pave the Way to Financial Security

Analyzing 20 years of data, the St. Louis Fed found that five healthy financial habits are the key to future wealth.

Want to know how your bank account stacks up against that of your neighbors? You’ll get an idea by asking yourself five simple questions, new research shows.

The St. Louis Fed examined data from the Federal Reserve’s Survey of Consumer Finances between 1992 and 2013 and found a high correlation between healthy financial habits and net worth. In the surveys, the Fed asked:

  • Did you save any money last year? Saving is good, of course. Just over half in the survey earned more than they spent (not counting investments and purchases of durable goods).
  • Did you miss any credit card or other payments last year? Missing a payment isn’t just a sign of financial stress; it may trigger late fees and additional interest. An encouraging 84% in the survey made timely payments.
  • After your last credit card payment, did you still owe anything? Carrying a balance costs money. In the survey, 44% said they carried a balance or recently had been denied credit.
  • Looking at all your assets, from real estate to jewelry, is more than 10% in bonds, cash or other easily sold, liquid assets? If you don’t have safe assets to sell in an emergency, you are financially vulnerable. Just over a quarter of those in the surveys have what amounts to an emergency fund.
  • Is your total debt service each month less than 40% of household income? This is a widely accepted threshold. A higher percentage likely means you are having trouble saving for retirement, emergencies, and large expenses.

The average score on the 5 questions was 3, meaning that the typical respondent—perhaps your neighbor—had healthy financial habits 60% of the time. That equated to a median net worth of $100,000. Those who scored higher had a higher net worth, and those who scored lower had a lower net worth.

In general, younger people and minorities scored lowest, while older people and whites scored highest. Education was far less relevant than age. “This may be due to learning better financial habits over time, getting beyond the financial challenges of early and middle adulthood and the benefit of time in building a nest egg,” the authors wrote.

It should come as no surprise that healthy financial habits lead to greater net worth over time. But the survey suggests a staggering advantage for those who ace all five questions. One of the lowest scoring groups averaged 2.63 out of 5, which equated to median net worth of $25,199. One of the highest scoring groups averaged 3.79 out of 5, which equated to a median net worth of $824,348. So these five questions not only give you an idea where your neighbors may stand—they pretty much show you a five-step plan to financial security.

TIME Economy

Minimum-Wage Increases Go Into Effect Across the Country

The wage hikes in several states and D.C. are expected to affect 3.1 million people

Roughly 3.1 million workers across the United States woke up to a little New Year’s Day present on Thursday, January 1, when increases in the minimum wage took effect in 20 states and the District of Columbia.

The recent bumps brought the total number of states with a minimum wage above the federal wage floor to 29, the New York Times reports. The federal minimum wage is $7.25 an hour.

Some of the increases are relatively tiny—a few cents—while some, of a dollar or more, could have a more significant impact on the economy. Minimum wage hikes in more states are set to take effect later in the year, according to the NYT.

The minimum wage hike is expected to impact 3.1 million of the 3.3 million Americans who earn the minimum wage.

[NYT]

TIME Television

Suze Orman to Leave CNBC After 14 Years

AOL's BUILD Speaker Series: In Conversation With Suze Orman
Jenny Anderson—WireImage Suze Orman speaks during AOL's BUILD Speaker Series

621 episodes of 'The Suze Orman Show' have aired to date

Personal finance expert Suze Orman is saying goodbye to CNBC after 14 years with the network.

The Suze Orman Show, which has been on the air for 621 episodes to date, aired only once a week, on Saturdays. Now, Variety reports, the anchor will head a show five nights a week, called Suze Orman’s Money Wars, through Warner Bros.’ Telepictures Productions. Its host network has not yet been announced.

“I want to personally thank Suze for her friendship and for her incredible contributions to CNBC,” channel president Mark Hoffman wrote in a staff note Tuesday.

The final episode of The Suze Orman Show will air March 28.

[Variety]

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