Internationally renowned personal finance expert Suze Orman has been recognized by USA Today as a “one-woman financial advice powerhouse.” This New York Times Best-Selling Author and two-time Emmy Award-winning television host has been ranked by Forbes as one of the World’s 100 Most Powerful Women. Suze Orman’s personal life story is proof that you can change the course of your financial destiny at any age. It was not until her 50’s that she launched her own personal finance program, “The Suze Orman Show” in 2002.
Orman is known for her direct, common sense approach to personal finances. Her advice is straightforward and free of financial jargon commonly circulated throughout the personal finance world. She is debt-averse, risk-averse, and is a strong proponent for developing a long-term financial plan to ensure a more secure retirement.
Her advice is particularly important for those nearing or at retirement age. Her approach for those in their 70s include understanding the current options available for distributions within their retirement accounts. This ensures that individuals have enough to live on throughout their retirement. She is also a strong proponent of maintaining a healthy lifestyle to avoid the growing costs of healthcare. Want to know more? Read on to learn more about the eight Suze Orman quotes that every 70 year old needs to hear.
1. “Every financial worry you want to banish and financial dream you want to achieve comes from taking tiny steps today that put you on a path toward your goals.”
Why It Matters:
- Albeit small, begin taking steps today.
- The key is to be consistent.
- Every day can lead to progress.
Big Goals Require Small Steps
Suze Orman is all about taking small steps towards complete financial empowerment. For one thing, she has been known to criticize America’s daily Starbuck’s run, emphasizing the importance of making your coffee at home and socking away the money into a retirement account. For 70 year olds, it could be as simple as foregoing the daily or weekly restaurant meals, opting instead for whipping up healthy dishes at home. It’s a double win as you optimize both your savings and your health.
2. “Just because you can afford it doesn’t mean you should buy it.”
Why It Matters:
- A key principle in wise spending
- Cost is only part of the equation
- Do you really need it?
Make Wise Financial Decisions
Boring and tedious as it sounds, financial well-being requires us to make more informed decisions about the purchases we make. Before a purchase is made, it is important to ask ourselves a series of questions to ensure that we are not simply impulse buying, thereby draining our bank accounts. We need to ask ourselves if by purchasing this item, it will contribute to our lives in a meaningful way. Can we simply use what we already own?
3. “You can have all the money in the world. You can be a multi-billionaire, but if you do not have your health it means nothing. Your health is the No. 1 important thing in your life.”
Why It Matters:
- Your health is foundational
- Money can’t buy good health
- Don’t sacrifice your well-being
Pursue Health Over Wealth
The commonly used adage, “An ounce of prevention is worth a pound of cure,” bears an important truth. Without your health, you can truly do nothing. Financial security is all well and good, however, if your health and well-being has taken a back seat for decades, it will only be a matter of time before ill health will begin to manifest itself in the form of a variety of diseases. Taking care of your physical, mental, and emotional health will pay rich dividends as it will enable you to live the rich life you desire.
4.“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.”
Why It Matters:
- Financial security brings emotional and mental well-being
- It clears the mind to fuel focus on things that matter
- You will no longer be financially vulnerable
Financial Freedom Brings Peace of Mind
The greatest fear of most adults is suffering a financial, catastrophic event that could ultimately jeopardize their financial security. Therefore, it is critical to plan and take the necessary actions to ensure a secure financial future. Seniors of retirement age should consider shifting their efforts towards more conservative investments such as bonds and moving away from more volatile investments, like stocks. As always, they should consult an investment advisor to help navigate this shift.
5. “Live below your means but within your needs.”
Why It Matters:
- Cornerstone for financial stability
- Don’t increase spending as your income increases
- Have enough for your essentials without depriving yourself
Avoid Overspending and Prioritize Financial Well-Being
One of the most problematic spending behaviors today is spending as much as one earns. Over time, this type of behavior can lead to financial ruin. The winning strategy is to spend less than you earn. This will inevitably create a surplus of funds for whatever life may throw at you: an unexpected car repair, medical bills, etc. This financial cushion will ensure you have the money to invest further into your retirement.
6. It’s impossible to map out a route to your destination if you don’t know where you’re starting from.
Why It Matters:
- Set realistic goals
- Allows you to identify obstacles
- Enables you to leverage your strengths
Have Clear Goals
Just like you can’t build a solid home without a blueprint, you cannot arrive at financial freedom without a clear roadmap. An effective roadmap will outline all the necessary steps you need to take to get you to your final destination. You begin by taking stock of your current financial situation such as you debts, your expenses, income and devising a budget. When you have a starting point, it will be a baseline to refer back to in order to track progress on your goals.
7. “People first, then money, then things.”
Why It Matters:
- It’s important to build strong connections
- Invest in experiences that bring joy to your life
- Foster a healthy relationship with money and with people
A More Holistic Approach To Life
Life is much more than just the accumulation of possessions. Living a rich life is also based on forming strong connections with the people you love the most. Forming these connections eliminates feelings of isolation. Just knowing that someone you love can be there for you during life’s most stressful times contributes to a state of peace and emotional well-being. Money is merely a tool, not the end goal. It’s all about achieving a balance in life.
8. The key to making money is to stay invested.
Why It Matters:
- Don’t sell when stocks drop
- Money grows exponentially after a period of time
- Stay disciplined
Practice Smart Investment Strategies
When it comes to investing, Orman believes that this is definitely a long game. It’s easy to grow anxious when the media and other financial gurus are urging investors to sell, but this is not the best strategy. “Panic selling” is never a good move. Market fluctuations will happen, however, it is more wise to simply ride the storm out. These events are usually short-term and you can reap the benefits of compound interest.
Orman’s advice stems from the belief that you are never too young or too old to start getting your financial life in order. However, there are great benefits to starting your journey to financial freedom while you are still young. To learn more about Suze Orman’s quotes for 20 years olds, check out her quotes here.
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