Suze's Gold Medal Money Tips

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Recently named one of Time magazine’s 100 most influential people in the world, Suze Orman, host of CNBC’s The Suze Orman Show, is America’s most recognized personal finance expert. A two-time Emmy award-winning television show host and New York Times bestselling author, Orman delivers fast-paced, down-to-earth and entertaining advice that helps people change the course of their financial destinies. During these difficult times, making the most of your money has never been more important. Here are five of Suze’s “nevers” aimed at keeping your money safe.

Never, ever, finance a car for longer than a three-year period of time. If you have to finance a car for 5 to 7 years, you can’t afford that car. Are you stretching yourself and your car loan so you can impress people you don’t even know? Buy what you can really afford, and you will be true to yourself and your bank account.

Never ever co-sign a loan for anyone. Saying no to a friend or family member is never easy, but it’s the smartest thing you can do. If they default, you’ll be on the hook. And if a lender won’t give them a loan without your signature, what’s the bank know that you don’t?

Never close down credit cards. Once you pay off a credit card, keep that card open, even if it’s a high-interest department store card. If you close down a credit card, it increases your debt-to-credit limit ratio, which will decrease your FICO score.

Never think you can get out of paying back your student loans. Even if you declare bankruptcy, you will still have to pay back your student loans. If you’re stuck with a big private student loan at a high interest rate, and you have a good FICO score, look into whether you’re able to transfer some of that loan to a 0% or low-interest credit card, which gives you more options.

Never let money define you—you define your money. Do you buy things to impress people you don’t even know? Your car, your house or your jewelry don’t define who you are. You define things around you. If you learn that one financial guide rule, you will never again buy anything that’s more than you can afford.