Hope you're all having a great day so far. Its been cloudy and windy here in NYC and I've been working nonstop since around 7:00 am this morning- but no complaints. Enjoying every second.
I wanted to pass by the blog and share with you guys part II of my Suze Orman financial takeaways post. If you missed part I check it out here.
In this post I am sharing the remainder tips and "financial mantras" which I've learned from Suze over the years and which have been very valuable in my personal financial life.
- Financial health equals independence and freedom: Every time Suze would mention this I totally understood where she was coming from. From a very young age, I adopted frugal tendencies. To me, saving as much as I possible means the flexibility and freedom to do the things I love. For example, I was able to Travel to several countries around the world during my 20s because of my propensity to save as much as I could. I wouldn't spend $2.50 on a coffee but I'd spend hundreds on an experience. And this personal approach to life still continues today.
- Learn to find as much joy in saving as you do in spending: People are different. There are those people that love saving everything they can while there are others who see no point in saving and rather spend everything they have in the latest gadgets or fashion. I totally understand this. However, for those who love to spend, remember the immeasurable benefits that come with putting money away and then having that money work for you.Those benefits can outweigh the joy you get from a new pair of shoes or a purse for example. It can buy you eventual freedom. Just consider that.
- When an opportunity arises, don't fear it, go for it-- sometimes people see potential in you that you don't see in yourself.
- Never finance a car for more than three years: This one is kind of random but is something Suze would repeat over and over again in her show. If you have to finance a car for longer than that. Leave it alone.
- Stand in your truth: As Suze herself indicated many times- "in order to create lasting security you must learn to stand in your truth. You must recognize, embrace and be honest about what is real for you today and allow that understanding to inform the choices you make. Only then will you be able to build the future of your dreams." You can read more about this and even sign and print a pledge, check that out here.
- Is better to do nothing than something you don't understand: Dont jump in to doing things simply because you feel you may be "missing the boat". Take the time to educate yourself as much as you can and then move forward.
- Be weary of financial advisers that work for commission and may be only out there to fend for themselves. For the best personal finance adviser in the world, look in the mirror. No one will understand your finances as much as you.
....and last but not least, her infamous quote:
- People first, then money, then things: Apparently people misunderstood this quote for years. Specifically the first part. People first refers to ourselves. We have to think of ourselves first and make sure we have our "oxygen masks" on before we are able to help others.
And that's all folks. This post concludes my "tribute" to one of my favorite personal finance TV shows of all time. I wish Suze the utmost success as she switches gears in her career. The Suze Orman Show will be missed.
Do any of the takeaways above resonate with you?
As always, thanks for reading and cheers to profits!