Suze Orman Says You Can Build the ‘Security You Deserve’ — Here’s How
Written by
Ashleigh Ray, AI Editor
Edited by
Ashleigh Ray
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Feeling secure in your financial future is not just a luxury; it’s a necessity that Suze Orman believes is within everyone’s reach, regardless of their current financial situation. The common fear that you’ll never have enough to retire comfortably can paralyze your savings efforts before they even begin.
In a LinkedIn post, Orman offered insightful strategies to dispel this myth and build the financial security you rightfully deserve. Let’s explore how you can overcome this misguided notion and embark on a path to a secure retirement.
Break Down Your Savings Goals
Orman’s advice tackles the heart of the fear: the overwhelming lump sums often associated with retirement. “Forget the scary lump sums you read about, or you see when you plug your numbers into online calculators,” she wrote.
Instead of fixating on the total amount needed, Orman urges readers to shift their perspective. She says to break that total down into what it would look it in annual or even monthly contributions.
This approach makes the goal more attainable and less intimidating. It’s about understanding that saving for retirement is not an insurmountable peak to scale in a single bound but a gradual ascent that can be tackled one step at a time.
Once you have that number, you can start your savings’ journey.
Tried and True Savings Strategies
Make Saving a Seamless Habit
To sidestep the anxiety that might prevent you from saving, automate your savings. By setting up automatic transfers to your retirement accounts, you ensure that you’re consistently contributing without having to wrestle with the decision each month.
This method not only simplifies the process but also fortifies your future financial security, turning saving from a daunting task into a seamless habit.
Create a Flexible Budget
Another crucial strategy is to adopt a budget, but not just any budget. You should use a flexible one that accommodates your changing needs and goals.
Your budget shouldn’t restrict you. It should empower you. With a clear view of where your money is going and where you can potentially cut back to increase your savings, you’ll be on making headway in no time.
Orman emphasizes the importance of being realistic and adaptable with your budgeting, allowing you to steer your finances confidently towards your retirement goals.
Dive Into Investing Wisely
While saving is key, investing is a vital component of building your retirement fund.
While it may seem daunting, starting with small, informed decisions can significantly impact your savings over time. Low-cost index funds or mutual funds are excellent entry points for beginners.
Remember, the goal is steady growth. Let the power of compounding interest work its magic, gradually increasing your wealth.
Stay Flexible and Informed
Orman encourages a proactive stance towards financial education and flexibility in your financial planning.
The economic landscape is ever-changing, and staying informed will help you make adjustments to your savings and investment strategies as necessary. This adaptability is crucial for navigating uncertainties and ensuring that your retirement planning remains on track despite the inevitable financial market fluctuations.
The Takeaway
Suze Orman’s advice is a beacon of hope for anyone feeling paralyzed by the fear of not having enough for a secure retirement. By breaking down your savings goals and utilizing smart saving strategies, you can actively dismantle the misguided notion that a secure retirement is out of reach.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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