5 Top Money Regrets Suze Orman Sees All the Time
Personal finance expert Suze Orman, who is the author of 10 New York Times bestsellers and host of a popular podcast, has not only encountered incredible wealth and financial success, but she has seen people make calamitous money mistakes that come with big regrets.
In fact, she recently announced on her Women & Money podcast that while the goal of having money is security, the goal of life should be “to live a life where we have no regrets.”
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Her belief that a life without regrets is also a life that ensures security – financial, psychological and emotional. To help her listeners find that security, she listed the top five money regrets she sees all the time.
1. Not Investing Earlier
Orman noted that women often tell her their biggest financial regret is not making investments earlier in life. She also made clear that time is a rare resource that cannot be bought at any price – meaning, do not waste time, and invest as early as you can.
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2. Trusting the Wrong Person
“You have got to trust yourself more than you trust others,” Orman said. Trusting your finances with the wrong person – a selfish partner, or shady/incompetent financial advisor – can lead to the misuse or abuse of one’s finances.
3. Staying Silent About Money
Orman insisted that silence creates dependency on whoever you trust to handle your money. Ask questions, speak directly with investors, and involve yourself in financial conversations to stay educated.
4. Spending To Impress
“Nobody is thinking about your handbag as much as you think they are,” Orman said. Investing in things to represent you to the world, rather than speaking directly for yourself, is a trap that Orman warned many people fall into and regret. “People recognize your inner power before they admire some stupid clothing that you may have on.”
5. Waiting for 'Someday'
“Someday has to be the most expensive word in the English language,” said Orman. Constantly putting off goals and dreams for “someday,” rather than pursuing them right now, can keep you from doing what is necessary with your money and your life. “You cannot wait for someday. Your new word should be ‘today.’”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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