As I said before, you have to watch the Suze Orman at least one time in your life. On her show she has a segment called “Can I Afford It” where callers phone in seeking Suze's permission to buy whatever item that they so desire. I previously wrote how to get approved on the segment earlier.
Man's Best Friend
In one of the most recent episodes that I caught on my DVR the other day, a couple had phoned in wanting to clone their dog a Great Dane. The couple has had the Great Dane for over nine years and loved the dog so much that they couldn't bear the thought of living without him. Apparently, the couple did not have children and were not planning on having children. So by doing some research, they had found that they could actually clone their dog. To initiate the cloning process they would have to send the dog overseas to Korea. The total cost of this whole process was roughly $100,000. I repeat $100,000. Obviously, these folks were dog lovers.
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Can Should I Afford That?
As with every caller in the “Can I Afford It” segment, they have to reveal their financial status to Suze. The caller's name was Tom and he was 45 years old. Combined, he and his wife brought in $15,000 a month of income. Not too shabby, but still is that really enough money to clone a dog for $100,000? They currently had $200,000 left on their 30 year fixed mortgage paying 5.25%. The home was valued well above $1 Million (Nice to be them, huh?) so they had a substantial amount of equity in the home. Currently they had $150,000 in savings and $300,000 in retirement. At that point in time, neither I, nor Suze, would ever have “Approved” Tom to begin the cloning process. I mean who would, right? $100,000 to clone a dog is kind of steep, don’t you think? Especially, considering that their current dog is 9 years old. Does that mean that they will have to clone another dog 9 year for now? But as it turns out, in addition to the savings and equity in the home, Tom was also getting a cash distribution from a company he had invested into. So, between the distribution and a small portion of his savings, he was able to pay cash for the entire cloning process.
The Final Verdict
Now the premise of the “Can I Afford It” segment on the Suze Orman show is not really judging the item or items that the caller wants to purchase but just basically can the caller actually afford it. Since the caller was paying for the entire cloning process with cash, and not putting a great hurt on their savings, Suze gave them the stamp of approval. I think she felt odd doing it, as would I doing the same, but based on the numbers; you can't deny that they could afford it.
The question is: how much do you love your dog and would you be willing to spend $100,000 to clone it?