So what is the best advice that I ever received from Suze Orman? Suze Orman has offered a wealth of information over the years on personal finance that I have been able to apply to my own life and to advise others.
However, in mid-March 2013, I was watching the Suze Orman show and Suzie– the world renowned financial advisor (in fact I was watching the show on television while I was in a hotel in another country on business), said the following regarding money during her show:
1.Focus on Needs versus Wants
2. Live Below Your Means
3. Get as much pleasure out of savings as you get out of spending.
I have addressed each one of these pieces of advice below:
Focus on Needs versus Wants. This helped me feel comfortable not buying a hand-made rug from Asia even though I probably was paying 1/3 the cost and get a superior product. I do not need the rug, but I would love to have it. I have always wanted beautiful rug and this one was a piece of art. However, at this time, I need to focus on needs because to focus on this want would cause me to go over budget and live above my means
Live Below Your Means. Enough said. If you have to pay for something on a credit card and even if you are paying with cash, but don’t have a sufficient emergency fund or savings or are over your budget, you are living above your means.
Get as much pleasure out of savings as you get out of spending. This one really hit home for me because I do take pleasure in saving, paying off debt, and staying out of debt—in fact I take even more pleasure out of those things than spending.
What is the best advice that you have ever received from Suze Orman?