In the world full of websites, YouTube channels, and Instagrammers, it is difficult to find a legitimate personal finance guru. These days every other person is claiming to be a guru of their domain. But how do you verify their credentials?
As far as personal finance and financial advice are concerned, you cannot take any chances. Make one bad decision and you will have to regret it for a long time. This is where Suze Orman comes in.?
Along with others like Rober Kiyosaki, David Bach, Barbara Corcoran, Dave Ramsey, and Ali Velshi, Suze Orman is one of the most trusted financial gurus. In this post, you will learn a bit about her background and three of her best tips on managing your money.
Who Is Suze Orman?
Suze is originally from Chicago and was born in the year 1951. His mother worked as secretary to a Rabbi, whereas her Romanian father was an employee in a chicken factory. Even after coming from such a modest family, Suze had high aspirations and hence went on to finish her education from the University of Illinois.
Suze Orman?s Contributions to the Personal Finance Industry
Suze Orman is one of the most renowned authors in the personal finance industry. With ten consecutive New York Times bestselling books she is one the most reputed people in the industry. Currently, she runs her company Suze Orman Financial Group. They offer financial services to businesses and individuals all over the nation.?
Furthermore, she also has her own show called The Suze Orman Show on CNBC. The show was quite successful and still considered one of the best.
Top 3 Personal Finance Tips From Suze Orman
1) Always Track Your Finances
Most people do not see the value in keeping track of all their assets and liabilities. They continue to live their life as it comes. Instead of reacting to the money problems as they arrive, Suze recommends keeping a track of all your finances so you can see things coming way before it arrives. This way you can be more prepared. Make a list of all your debts, retirement plans, daily expenses, etc and categorize them either as a fixed expense or variable expense.
2) Keep an Eye on Your Credit Score
A credit score is a statistical number based on your credit history. A credit score is a key determinant of your creditworthiness. Lenders, landlords, credit card issues, etc will look up your credit score every time you wish to do business with them.
3) Save Money Each Month No Matter What
According to Suze, most people only save money when they have a positive balance at the end of the month. At other times, they simply accept the fact that there is no money and move on. This has to change. How can I save at the end of the month if all the money I earn gets spent??
You can do that by lowering your standard of living. This does not mean eating low-quality food and wearing cheap clothes but you have to put a halt to purchasing needles and leisurely items.