These Are the 3 Internal Obstacles to Wealth, According to Suze Orman
Written by
Rebecca Neubauer
Edited by
Jenna Klaverweiden
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Suze Orman is a financial advisor, author and host of the “Women & Money” podcast. She has dedicated her career to helping people achieve financial freedom and prosperity. However, Orman’s definition of wealth transcends simple finances. In a recent podcast episode, she defined wealth as something that “can never diminish, that can never be taken from you.”
Wealth isn’t just about money, Orman said. It’s a state of being that encompasses emotional, mental and spiritual well-being.
According to Orman, three internal obstacles often stand in the way of attaining true wealth. Here are those three obstacles and how to overcome them.
Also see five ways the middle class can build wealth over the next five years.
Fear
Fear is a powerful emotion that can affect your decision-making and stunt your financial growth.
In finances, fear can manifest in various forms, such as the fear of losing money, the fear of making the wrong investment or the fear of not having enough for retirement. This emotion can lead to inaction or overly conservative financial decisions that hinder long-term wealth accumulation.
On the other hand, fear can also lead to rash decisions, like pulling money from the stock market during a downturn. This knee-jerk reaction can actually lock in losses that may have otherwise recovered if the investments were left alone. According to Hartford Funds, research has shown that not giving into fear and buying stocks when fear is high has historically led to long-term gains.
Besides affecting financial solvency, fear can also keep an otherwise wealthy person — wealthy in relationships, self-worth or sufficient finances — never feel rich enough. Knowledge is a powerful antidote to fear. Overcome fear by educating yourself about financial options and taking calculated risks within your personal risk tolerance.
“You cannot live in fear of what is going to happen,” Orman said.
Shame
Shame is another internal obstacle that can have negative impacts on your financial health. This emotion often stems from past financial mistakes or the belief that you should be further along financially than you currently are. Shame can lead to a cycle of avoidance where you’re too embarrassed to seek help or even acknowledge your financial situation.
Orman said you can have true wealth “by knowing your own thoughts [and] having the courage to stand in your truth, no matter what anybody else thinks about you.”
If you accept your financial circumstances and accept past mistakes as learning opportunities, you can overcome shame and loosen its grip on your finances. Talking to a financial advisor who can help you plan to achieve your goals no matter where you are starting from can also help alleviate feelings of shame.
Anger
Anger is the third internal obstacle that Orman identified as a barrier to true wealth. This emotion can come from feelings of injustice or frustration related to your financial situation. For example, you may feel angry about your level of debt, income or financial upbringing. This anger can lead to destructive behaviors, such as impulsive spending, neglecting financial responsibilities or even sabotaging potential financial opportunities.
Orman said the foundation of wealth is that of strength, courage and integrity. Address the source of your financial anger through constructive methods, like creating a financial plan. Practicing gratitude and focusing on what you can control will also help reduce feelings of anger. By acknowledging your anger, and moving forward toward financial security with strength and courage, you can step into true wealth.
Orman’s holistic approach to wealth underscores the importance of overcoming internal obstacles such as fear, shame and anger. By addressing these emotions, you can move toward not only financial prosperity but also emotional and mental well-being.
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