Suze Orman: People Are ‘Still Struggling’ — 4 Strategies She Says Will Help You
Written by
Adam Palasciano
Edited by
Cory Dudak
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The U.S. economy is certainly rebounding in 2024 from the chaos that ensued at the onset of the COVID-19 pandemic. Inflation has cooled, the unemployment rate is lower and the stock market is up.
However, Suze Orman sees it differently. The financial guru is synonymous for her expertise on all things money and personal finance. She’s one of America’s most influential personal finance experts, and she recently said in an interview on MSNBC Morning Joe that “on an individual level, people are not doing okay.”
One key indicator? In 2024, only one in three Americans can cover a $400 emergency expense, according to a recent Suze Orman survey. This very scary reality shows many Americans are in need of financial help.
Orman suggested four strategies to help you get back on track financially.
4 Strategies Suze Orman Says Can Help
Consider these four strategies that Orman says can help you stop struggling financially:
- Know Where Your Money Is: Suze insists on knowing where your money goes, especially in the 50s, 60s, and later years. Lack of money knowledge causes big problems down the line, so take charge of your finances now.
- Save for Retirement Early and Often: Suze recommends saving for retirement consistently and from a young age. For example, if you save just $100 per month from age 25 (with an annual rate of return of 12%), you’ll have $1 million by age 65. Little sacrifices like less eating out or morning coffee runs give you more cash to redirect toward long-term investments which can help build a comfortable financial future.
- Prioritize Self-Care: Supporting others is noble, yet Orman stresses putting yourself first financially. She explained that women notoriously often give more than they receive, but neglecting personal finances is a mistake and can cause struggles throughout life.
- Avoid Wasteful Spending: Orman warns against spending too freely — too many restaurant bills or pricey coffee runs as mentioned. If you give up your morning Starbucks run, you’ll be surprised at how much cash you can free up to add to your savings or put toward your investments. These minor changes can build lasting wealth.
Additional Strategies That Can Help You Financially
Here are several other strategies that can benefit your finances:
- Get a Side Hustle: Getting or starting your own side hustle is a great way to pad your finances and create an additional revenue stream. You can put the extra money towards necessary expenses, savings, investments and maybe even something fun for yourself.
- Add Money to a High-Yield Savings Account: If you’re working toward building emergency savings, be sure to put the cash in a risk-free high-yield savings account. These online-only bank accounts yield much higher interest compared to a traditional bank, and the interest earned each month compounds. You can even set up weekly or monthly automatic deposits that align with your payday. This way, the money will be deducted from your checking account at the same time and you might not even feel the difference.
- Ask for a Raise: If you love your job, but you really need to increase your income, consider speaking with your manager about a raise. If you’ve made yourself indispensable to the company and you’ve put in your time, you might be surprised that a raise is possible.
- Switch Jobs for Higher Salary: If you were denied a raise, sometimes the only way to get a significant bump in pay is by taking a job elsewhere. While it’s not considered a good look by some to job hop often, moving to another company after a reasonable amount of time at your current job can benefit you not only professionally, but financially, as well.
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