'Do Not Waste $6,500 That You Do Not Have' Suze Orman Warns Musician Against Buying A New French Horn When His Take Home Pay Is $2,900

Suze Orman recently advised a young musician to reconsider a big-ticket purchase — a $6,500 French horn — during an episode of her YouTube series "Approve or Deny." Orman's response was direct: the musician simply could not afford it.

The Musician's Financial Situation

Michael, 28, reached out to Orman to ask whether he should buy a new French horn. He explained that musicians sometimes outgrow their instruments and believed that the new horn would help him improve his musical skills.

Don't Miss:

• ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum.
• Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.

Orman quickly questioned that reasoning. "You haven't outgrown your horn, have you?" she asked. Michael admitted that he hadn't but still believed the new instrument would make him a better musician.

Michael's financial situation is relatively stable but limited. His total take-home pay is $2,942 per month, which includes:

• $980 from his regular income
• $1,962 from VA benefits

His monthly expenses total $1,542, which includes:

• $640 for rent
• $902 for other expenses

Michael also has $2,000 in credit card debt and $6,600 in savings — along with $16,000 in a retirement account.

Trending: Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom

Orman's Concern Over the Purchase

Orman immediately flagged the financial risk involved. She pointed out that Michael would need to dip into his savings or future income to afford the French horn, which could leave him financially vulnerable.

"You don't have enough money in an emergency fund," Orman said. "And you're only making as much money as you're making because of benefits."

Michael mentioned that his financial situation could improve soon, as his rent and expenses were expected to decrease in the spring. He planned to save more money and invest in CDs to help cover the cost of the instrument.

Orman, however, remained unconvinced. "You are denied," she said firmly. "Do not waste $6,500 that you do not have."

See Also: It’s no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.

Focus on Financial Stability First

Orman advised Michael to focus on paying off his credit card debt and building a stronger financial foundation before making such a large purchase. She emphasized that while the French horn might be a worthwhile investment in the future, it was not the right financial move at the moment.

"When you get more money, your situation changes, pay off your credit card debt and then maybe we can talk about it," Orman said. 

Orman's advice highlights the importance of financial stability before making non-essential purchases, even when they could improve professional performance. For Michael, the key takeaway was clear: get the financial house in order before making a big investment.

Read Next:

• Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!
• Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share!