Suze Orman Says You Do Not Need Money To Make Money: ‘It’s One of the Biggest Financial Myths’
Written by
Gabrielle Olya
Edited by
Levi Leidy
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If you’re struggling financially, it’s easy to feel defeated before you even begin to try to tackle your money goals.
“So many times people say, ‘You need money to make money’ — not true,” Suze Orman, money expert and co-founder of emergency savings startup SecureSave, told GOBankingRates. “So many times people say, ‘I don’t have any money. What difference is it going to make? I might as well just go and have a good time and spend it.'”
While this is a common way of thinking, Orman said that the belief that you need money to make money is “one of the biggest financial myths out there” — here’s why.
Every Little Bit Counts
Many people have an all-or-nothing view when it comes to money, believing that if they can’t save large amounts of money, they shouldn’t save anything at all. Orman wants to break people out of this way of thinking.
“Start an emergency savings account and start with $25 a paycheck,” she said.
Even if you start with just $25 or $50 per paycheck, this can add up quickly. If you contribute $25 to an emergency savings fund every two weeks, in less than two years, you’ll have $1,000 saved. If you add $50 every two weeks, you’ll have $1,000 saved in 10 months — and it will take even less time if you have access to an employer-sponsored emergency savings fund that offers an employer match, such as the one offered by SecureSave.
“Think about how $1,000 would change your life,” Orman said. “You don’t need money to make money. You just need to want to participate in the money that you already have.”
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