Podcast Summary: “Friendship Isn't A Financial Plan”

Podcast: Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Episode Date: December 7, 2025
Host: Suze Orman
Duration: ~30 minutes

Overview

In this Susie School episode, Suze Orman teaches listeners a crucial lesson: don't let personal relationships dictate your financial decisions. Through a real-life cautionary tale, she emphasizes the danger of making money moves out of guilt, loyalty, or friendship. Suze also delivers in-depth guidance on tax loss harvesting strategies and offers a timely warning about the importance of vigilance against financial fraud, using a listener’s TreasuryDirect experience as an example. The episode is rich with actionable advice, direct answers, and Suze’s trademark tough love.

Key Discussion Points & Insights

1. Friendship Isn’t a Financial Plan

(Story begins 01:07)

Main Lesson:
Suze recounts a real story about "Susan", who had $2 million managed by a highly successful financial advisor consistently earning 15-28% returns (even after a 1.5% fee).
The Friend's Request:
Susan’s close friend asked her to transfer her account to the friend’s son, a newly minted financial advisor, simply to make the son look good by having a wealthy client.
Pressure & Mistake:
Out of guilt and fear of upsetting her friend, Susan agreed, despite her instincts saying no.
Suze’s Analysis:
- Never base financial decisions on guilt, friendship, or loyalty.
- Choose advisors based on proven performance and long track records, not emotional favors or lower fees.
- “Guilt is not a strategy. Loyalty does not grow your money.” (06:15)
- “You must protect your own financial security, even if that means saying no to someone you care about.” (06:59)
Core Advice:
If the proven results justify a higher fee, that can be worth it. Never risk your financial future to help someone look good or out of emotional obligation.

2. Tax Loss Harvesting — The Right Way

(Segment begins 07:23)

Definitions Explained:
- Realized gain: Profit received after selling an asset, subject to IRS taxes.
- Unrealized gain: Profit on paper only; asset not yet sold, so not taxable.
When to Harvest Losses:
- Only sell a losing stock to offset gains if you no longer want to own it.
- Don't sell stocks you believe in just to create a tax loss.
- “When a stock you love goes down, that is not the time to run from it…” (10:41)
- Buy more at lower prices (dollar cost averaging) instead of selling favorite stocks at a loss.
Wash Sale Rule:
- If you take a loss for tax purposes, IRS prohibits rebuying the same security within 30 days. You risk missing out on market rebounds during that time.
- Example: You sell Apple at a loss, but can’t buy it for 30 days — it may shoot up before you can get back in.
Advanced Tactics:
- If you are ready to part with “loser” stocks permanently, sell them at a loss and simultaneously realize gains by selling winning positions, then (if you still want those) immediately buy back the winners, resetting cost bases.
- “So don't think it's so simple where you sell stocks to offset gains. You only sell stocks that have a loss in it to offset gains if you don't want to own those stocks ever again.” (13:48)
Big Takeaway:
Don’t let the hunt for tax savings cloud your long-term investing judgment.

3. Vigilance Against Financial Fraud

(Segment begins 15:41)

Increasing Risks:
Suze warns that fraud is rampant. You must check every account and report regularly—no sticking your head in the sand.
Listener Story (“Cheryl”)
- Cheryl’s $11,000 was stolen from her TreasuryDirect account after a hacker changed her linked bank, but she only learned of it months later via a secondary email account.
- TreasuryDirect offered little help or communication. Multiple similar fraud complaints online, especially involving "Pathward National Association."
- “If any of you are connected with Pathward National Association or if you have any account that does business with them, I am warning you right here and right now, I would change that account.” (19:28)
Suze’s Recommendations:
- Check all accounts—especially government and investment portals—at least monthly.
- Monitor all associated emails, including secondary addresses, for account alerts.
- Regularly check your credit reports and scores.
- Proactively freeze your credit reports to reduce identity theft risk.
Spoiler Alert:
Suze hints at a new personal finance security product coming in March.

Memorable Quotes

On Making Financial Decisions:
“Friendship is not a financial plan. Guilt is not a strategy. Loyalty does not grow your money.” (06:15)
On Setting Boundaries:
“You must protect your own financial security, even if that means saying no to someone you care about.” (06:59)
On Market Downturns:
“When a stock you love goes down, that is not the time to run from it. That is the time to… dollar cost average into it.” (10:41)
On Tax Tactics:
“You only sell stocks that have a loss in it to offset gains if you don't want to own those stocks ever again.” (13:48)
On Fraud and Account Security:
“You cannot be somebody who just sticks your head in the sand… you have to freeze your credit reports. You have to do things that protect you.” (15:45)

Important Segment Timestamps

01:07 — Introduction and “Susan” story: friendship and money
04:06 — Dangers of choosing advisors based on friendship
05:55 — What matters in choosing advisors: results, not just fees
07:23 — Tax loss harvesting explained
10:41 — When to sell at a loss, and when to hold/average
13:14 — Suze’s personal example with loss harvesting
15:41 — Vigilance in the age of fraud; Cheryl’s TreasuryDirect loss
19:15 — Red flags with Pathward National Association; ongoing risks
20:04 — Practical security tips for all account holders

Suze’s Final Words

Recap:
- Friendship is not a financial plan.
- Sell losing stocks only if you never want to own them again.
- Stay vigilant with all your accounts and credit.
Parting Principle:
“People first, then money, then things.” (20:55)

Summary Takeaway

This episode delivers classic Suze Orman wisdom: prioritize your financial well-being over social pressures and emotions. Don’t let guilt or loyalty cost you your future. Be informed, strategic, and, above all, vigilant in protecting what you’ve earned. These lessons are especially relevant in today’s volatile markets and increasingly risky online environment.

For more resources or to connect with Suze’s podcast community, download the Women & Money App.

Podcast Summary: “Friendship Isn't A Financial Plan”

Podcast: Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Episode Date: December 7, 2025
Host: Suze Orman
Duration: ~30 minutes

Overview

Key Discussion Points & Insights

1. Friendship Isn’t a Financial Plan

(Story begins 01:07)

Main Lesson:
Suze recounts a real story about "Susan", who had $2 million managed by a highly successful financial advisor consistently earning 15-28% returns (even after a 1.5% fee).
The Friend's Request:
Susan’s close friend asked her to transfer her account to the friend’s son, a newly minted financial advisor, simply to make the son look good by having a wealthy client.
Pressure & Mistake:
Out of guilt and fear of upsetting her friend, Susan agreed, despite her instincts saying no.
Suze’s Analysis:
- Never base financial decisions on guilt, friendship, or loyalty.
- Choose advisors based on proven performance and long track records, not emotional favors or lower fees.
- “Guilt is not a strategy. Loyalty does not grow your money.” (06:15)
- “You must protect your own financial security, even if that means saying no to someone you care about.” (06:59)
Core Advice:
If the proven results justify a higher fee, that can be worth it. Never risk your financial future to help someone look good or out of emotional obligation.

2. Tax Loss Harvesting — The Right Way

(Segment begins 07:23)

Definitions Explained:
- Realized gain: Profit received after selling an asset, subject to IRS taxes.
- Unrealized gain: Profit on paper only; asset not yet sold, so not taxable.
When to Harvest Losses:
- Only sell a losing stock to offset gains if you no longer want to own it.
- Don't sell stocks you believe in just to create a tax loss.
- “When a stock you love goes down, that is not the time to run from it…” (10:41)
- Buy more at lower prices (dollar cost averaging) instead of selling favorite stocks at a loss.
Wash Sale Rule:
- If you take a loss for tax purposes, IRS prohibits rebuying the same security within 30 days. You risk missing out on market rebounds during that time.
- Example: You sell Apple at a loss, but can’t buy it for 30 days — it may shoot up before you can get back in.
Advanced Tactics:
- If you are ready to part with “loser” stocks permanently, sell them at a loss and simultaneously realize gains by selling winning positions, then (if you still want those) immediately buy back the winners, resetting cost bases.
- “So don't think it's so simple where you sell stocks to offset gains. You only sell stocks that have a loss in it to offset gains if you don't want to own those stocks ever again.” (13:48)
Big Takeaway:
Don’t let the hunt for tax savings cloud your long-term investing judgment.

3. Vigilance Against Financial Fraud

(Segment begins 15:41)

Increasing Risks:
Suze warns that fraud is rampant. You must check every account and report regularly—no sticking your head in the sand.
Listener Story (“Cheryl”)
- Cheryl’s $11,000 was stolen from her TreasuryDirect account after a hacker changed her linked bank, but she only learned of it months later via a secondary email account.
- TreasuryDirect offered little help or communication. Multiple similar fraud complaints online, especially involving "Pathward National Association."
- “If any of you are connected with Pathward National Association or if you have any account that does business with them, I am warning you right here and right now, I would change that account.” (19:28)
Suze’s Recommendations:
- Check all accounts—especially government and investment portals—at least monthly.
- Monitor all associated emails, including secondary addresses, for account alerts.
- Regularly check your credit reports and scores.
- Proactively freeze your credit reports to reduce identity theft risk.
Spoiler Alert:
Suze hints at a new personal finance security product coming in March.

Memorable Quotes

On Making Financial Decisions:
“Friendship is not a financial plan. Guilt is not a strategy. Loyalty does not grow your money.” (06:15)
On Setting Boundaries:
“You must protect your own financial security, even if that means saying no to someone you care about.” (06:59)
On Market Downturns:
“When a stock you love goes down, that is not the time to run from it. That is the time to… dollar cost average into it.” (10:41)
On Tax Tactics:
“You only sell stocks that have a loss in it to offset gains if you don't want to own those stocks ever again.” (13:48)
On Fraud and Account Security:
“You cannot be somebody who just sticks your head in the sand… you have to freeze your credit reports. You have to do things that protect you.” (15:45)

Important Segment Timestamps

01:07 — Introduction and “Susan” story: friendship and money
04:06 — Dangers of choosing advisors based on friendship
05:55 — What matters in choosing advisors: results, not just fees
07:23 — Tax loss harvesting explained
10:41 — When to sell at a loss, and when to hold/average
13:14 — Suze’s personal example with loss harvesting
15:41 — Vigilance in the age of fraud; Cheryl’s TreasuryDirect loss
19:15 — Red flags with Pathward National Association; ongoing risks
20:04 — Practical security tips for all account holders

Suze’s Final Words

Recap:
- Friendship is not a financial plan.
- Sell losing stocks only if you never want to own them again.
- Stay vigilant with all your accounts and credit.
Parting Principle:
“People first, then money, then things.” (20:55)

Summary Takeaway

For more resources or to connect with Suze’s podcast community, download the Women & Money App.

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Friendship Isn't A Financial Plan

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Summary

Podcast Summary: “Friendship Isn't A Financial Plan”

Overview

Key Discussion Points & Insights

1. Friendship Isn’t a Financial Plan

2. Tax Loss Harvesting — The Right Way

3. Vigilance Against Financial Fraud

Memorable Quotes

Important Segment Timestamps

Suze’s Final Words

Summary Takeaway

Summary

Podcast Summary: “Friendship Isn't A Financial Plan”

Overview

Key Discussion Points & Insights

1. Friendship Isn’t a Financial Plan

2. Tax Loss Harvesting — The Right Way

3. Vigilance Against Financial Fraud

Memorable Quotes

Important Segment Timestamps

Suze’s Final Words

Summary Takeaway