This Prominent Financial Advisor Refuses To Eat Outside: 'One Of The Biggest Wastes Of Money Out There'

Noted financial expert Suze Orman has shared her opinion against eating out, branding it as a significant squandering of monetary resources.

What Happened: On Monday, during an interaction with The Wall Street Journal, Orman, who is a best-selling author and podcast host, expressed her disapproval towards setting lofty financial goals, advocating instead for smaller steps to ensure financial security, such as saving $10 or forgoing meals at restaurants.

“I refuse to eat out. I think that eating out on any level is one of the biggest wastes of money out there,” she said.

During her conversation with the Journal, Orman underscored the necessity of living within one’s means, irrespective of the extent of those means. She narrated her instance of purchasing a $250,000 apartment in New York City despite having the means to buy a $1-2 million penthouse at that time.

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Orman and her wife, Kathy Travis, often ask themselves, “Is this a want or a need?”

She encourages others to adopt this practice for the next three months as a financial exercise.

Furthermore, Orman emphasized the significance of comprehending financial compounding, particularly for the younger generation. She believes that the secret to their financial independence lies in their age and the potential of compounding.

Why It Matters: Orman’s beliefs on financial matters have long been influencing her audience. Previously, Orman emphasized the importance of distinguishing between needs and wants. She posed a crucial question, “When do you buy what you can afford versus what you need when what you need is less than what you can afford?” This sentiment aligns with her recent statements on living within one’s means.

Moreover, Orman advised against bonds as a long-term wealth-building strategy, favoring growth stocks instead.

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Photo Courtesy Andrey Bayda On Shutterstock