Save Yourself Plan

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Q: I recently heard Suze Orman promoting her Save Yourself Plan. Can you tell me a little bit more about it and whether you think it is the smart way to start saving money.

I truly admire Suze Orman because she has influenced people - women especially - to save more and open their eyes around their money. If you sign up for TD Ameritrade Plan and end up saving thousands of dollars foryour emergency savings or 5-year goal, then this plan is successful. However, here is what I don't like. The plan advertises a competitive interest rate of 0.25%. In fact, you can get a much higher interest rate at ingdirect.com or smartypig.com of at least 1 or 2%. I also want to make sure you understand investing and mutual funds before you begin buying them. This plan is at TD Ameritrade which is a brokerage firm. If you decide to start buying mutual funds, be sure to read more about them beforehand. At the end of the day, if you are able to save more money because of this plan and had not done so previously, then go for it! Just be sure to read the fine print.

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