One of the things I love about my job is that skipping out of a business meeting with John by saying, “I have to go watch Oprah” is a perfectly legitimate excuse.

But only if Suze Orman is on. So I can write about it the next day.

The financial guru was on yesterday and unlike her own show, which I don’t watch any more, she spent most of the time answering questions. Although the platitudes in the first half of the show got to me a little, here was some concrete advice for homebuyers, which I thought was pretty well-grounded.

1. Expect to add 40% more expenses per month to your rent if you wish to buy a home.

2. Have 20% down. If you don’t, buy PMI (Private Mortgage Insurance) upfront.

3. Unless you know what you’re doing and have a plan for it or you are a sophisticated investor, stick with a fixed rate loan.

4. If you can’t afford your home, you must sell it and buy something you can afford.

5. Sellers must drop the price of their homes to the point where they sell and lose all attachment to any numbers they may have in their heads.

And lastly,

6. After saving six months of reserves for emergencies, the best investment is to save 20% for a home. It’s the best tax advantage a person will have in the years to come.

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