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Even as one of America’s foremost financial advisors, Suze Orman remains committed to living with frugal finesse. “Do I need to be frugal? Not necessarily,” she shares with GOBankingRates. However, she believes that “when you respect and honor money, it respects and honors you back.” In this enlightening article, discover the five thrifty practices Suze Orman still embraces, shedding light on how anyone can cultivate financial mindfulness.
Avoiding Dining Out
Despite her financial success, Suze Orman is deliberate about curbing expenses related to eating out. She explains, “Dining out is costly, and I prefer to manage those expenses wisely.” She allows for rare exceptions, such as when traveling, but maintains a strong preference for home dining.
Extending Car Ownership Tenure
Choosing longevity over luxury, Orman sees great value in prolonged car ownership. “I’m on my twelfth year with my current vehicle,” she reveals, opting not to replace it for mere status reasons. This approach highlights the unnecessary cycle of upgrades many fall into today.
Maintaining a Minimalist Wardrobe
Consistency is key for Orman when it comes to personal style. “The necklace I wear daily has been with me since 1994,” she states. Her minimalist approach extends to only owning one purse since 1993, demonstrating that simplicity can indeed be luxurious.
Securing Retirement Funds
Suze Orman underscores the importance of choosing the right retirement account for lasting wealth. “Selecting a Roth IRA, where investments are made with after-tax income, is crucial,” she advises, cautioning against accounts that only offer immediate tax deductions.
Building Emergency Savings
Orman emphasizes the essential nature of an emergency fund. She notes that 75% of Americans lack a $400 emergency buffer. Encouraging consistency, she suggests depositing $100 monthly into a savings account to accumulate substantial savings over time.
By choosing to adopt Suze Orman’s timeless frugal habits, you too can enhance your financial health and create a more resilient future. Click Here For More Personal Finance tips and strategies.