Suze Orman Says 'If You're Struggling Financially, It's Your Fault' – Try These 3 Tips To Hit Your Money Goals

Suze Orman, the famous personal finance guru, got people talking recently when she made a bold statement at one of her hugely popular finance seminars. “If you don’t have the money that you want in your life, you are the reason why,” Orman told her audience. The tough-love approach is typical of Orman, who built her career on no-nonsense financial advice.

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Orman further explained, “You’re either thinking you don’t deserve it, you’re saying you’re never going to get out of debt, or you are taking action and giving all your money or anything that you do to somebody else because you don’t think you are worthy.” She clarified that people’s money problems arise from their mindsets and actions.

Of course, this view is not entirely free of controversy but is rooted in the idea that changing how you think and act about money can change your financial situation. Here are three concrete tips inspired by Orman’s advice that could guide anybody toward better financial health.

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First, reflect on the power of mindset. There’s a great deal of pessimism surrounding finances. In Bankrate’s 2024 Financial Success Survey, 27% of respondents felt they would never earn as much as they wanted. Similarly, 61% of renters, according to a poll by the Harris Poll Thought Leadership Practice, said they may never be able to afford a home.

A Clever Real Estate survey showed that almost 30% of Americans with credit card debt believe it would take up to five years to pay off, while 11% believe it will take a decade. A defeatist attitude could also hamper your efforts to improve their situation. Orman says that there is a need for a shift in mindset.

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 “Anything and everything is possible in your life if you simply walk toward who you are meant to be versus away from it,” she said. Positive thinking and belief in oneself to succeed might be the key to financial freedom.

Second, Orman advises living below your means. “Buy what you need versus what you can afford when you can afford more than what you need.” She often tells her followers. Living below your means can be challenging in today's economy where the cost of essentials like housing, food, and fuel has skyrocketed. 

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According to the Bureau of Economic Analysis, the U.S. personal savings rate now stands at 3.9 percent, much lower than 7.2 percent in January 2020. Creating a financial cushion, Orman believes, can be done by finding ways to increase income through side gigs or by moving to an affordable area. 

Finally, Orman is big on automating your savings. In an interview at CNBC’s Women & Wealth event, she says, “I would automate … Meaning, I would choose $50 a month, $100 a month, whatever it may be, and automate it, and you will find that you do not miss it.” Many financial experts agree as research from the Center for Retirement Research at Boston College has shown that auto-enrollments in savings plans, such as the federal Thrift Savings Plan, are highly effective at getting reluctant savers on track for retirement.

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