10 Suze Orman Quotes Every 30 Year Old Needs To Hear

Investing

Published: May 11, 2024 8:00 am

When it comes to savings and investing, many young people might be tempted to put this off as their retirement years are decades away. But personal financial expert, Suze Orman, would disagree with this mindset. Time and youth are critical keys that young people possess and can be utilized towards a more secure financial future. In fact, Orman says, “The key to their financial independence is their age.”

Instead of coming up with the latest dance moves to feature on TikTok, Orman believes that it’s critical that young people realize that if they start investing earlier, they can gain higher returns. The potential for this diminishes as they get older and wait later to save and invest their money. Suze Orman believes that 30 year olds are also still young enough to take advantage of compound interest. Compound interest enables your money to grow faster because you earn interest on the initial investment plus the interest you already have earned. Read on to discover 10 quotes from Suze Orman that every 30 year old needs to hear.

1. “The key to your financial freedom in the future is investing when you are young.”

Take advantage of time and compound returns.

Being young means you can ride the ups and downs of investing.
Youth can help you absorb more risk.
Small amounts of money now can mean significantly more in the future.

Key Message: Begin Your Investment and Saving Habits Now.

Crypto trader investor broker holding finger using cell phone app executing financial stock trade market trading order to buy or sell cryptocurrency shares thinking of investment risks profit concept. — Start building those investment muscles today.

Thirty-year olds could be in the right financial position to purchase homes and start families, certainly limiting any extra income. However, Orman advises that once all financial commitments are met, having some play money left, they should consider setting a small amount to the side for investments. In fact, there are some investment apps that can take your spare change and apply it to an investment portfolio.

2. “I would much rather see you invest a specific amount of money when you are young, a lesser amount of money, than waiting and have to invest five or six times as much when you are older.”

Double exposure.Two stock traiders making analysis of digital market and investment in block chain crypto currency. Stock trade concept — Waiting longer to invest means you would need to invest more money.

By waiting, you also miss out on potential money growth
You can reach your financial goals with a small amount of money today.
The power of habit

Key Message: It’s About Consistency, Not The Amount

ETF Exchange traded fund stock market trading investment financial concept, Businessman using smartphone with icons of ETF on vr screen. — Be consistent with your contributions.

When it comes to any discipline, it’s about learning as much as you can and proceed to take action, even in a small way. Slow and steady investing will yield greater returns in the future, instead of not taking action. The easiest way to get started is to take advantage of an employer-provided 401K. With their matched contributions, you can take advantage of its growth and withdraw it at retirement.

3. “For those people who are under 30 years of age, the main thing they have to understand is what they have on their side is time.”

When it comes to finance, time is everything.

Money grows thanks to compound interest
You can quickly recover your losses
Can earn higher returns on riskier investments

Key Message: Learn As You Go

Young people toasting red wine glasses at farm house vineyard countryside - Happy friends enjoying happy hour at winery bar restaurant - Life style concept with guys and girls eating at dinner party — You can make investment mistakes early on and adjust those strategies.

As a 30 year old, you still have a few decades of earning to learn as much as you can about investment vehicles that work best for you. From traditional IRAs to investing in the S&P 500, it really comes down to how much risk you are willing to take on and lose along the way.

4. “Time is the most important ingredient in any financial wealth-building strategy.”

Hour glass and calendar concept for time slipping away for important appointment date, schedule and deadline — Time is on your side.

Every year you wait to invest, means a year’s worth loss of compound interest.
Investments can potentially outpace inflation
Face the future with more financial stability

Key Message: Compound Interest is Known as “Interest on Interest”

investment portfolio on screen laptop computer with index stock market and chart with uptrend stock market graph. — Money grows on the interest it has already earned.

It is no mystery that the investing world is wrought with complex terminology. Mastering it really requires time to get up to speed by learning from other experts in the field. The beauty of starting young is that 30 year olds have many years ahead to dedicate themselves to this mastery.

5. “The main thing I would say is that it’s never too late to start.”

higher interest rates and dividends, pile of coins and percentage of company profits. saving money for Invest in growth and pay out dividends, cash reserves.compensation fund for retirement — Time is valuable but it’s not the only factor to achieve financial wealth.

Even if you did not begin your investing journey early, you can still reach your financial goals.
Starting later will require more effort and sacrifice
Begin your investments now.

Key Message: Take Action Today

Businessman touch arrow showing financial growth 2023 on stacked coins business background,Concepts savings money and accounting, investments, banks, bonds, dividends, inflation and digital assets. — You might need to invest a larger amount of your income to make up for lost time.

While some may argue that young people should embark in their investment journey as young as their 20’s, 30 year olds are still miles ahead of, say, their Baby Boomer and retiree counterparts. Building wealth is certainly a long-term game and 30 year olds still have the advantage of time to make that happen.

6. Some money is always better than no money, and the sooner you can begin, the better off you will be.”

Two hand giving heap of coins money with up arrow and percentage symbol for financial banking increase interest rate or mortgage investment dividend from business growth concept. — Develop the habit of saving consistently.

Money always has the potential to grow
The amount that you begin your investments doesn’t matter
Take advantage of compound interest.

Key Message: Leverage What You Already Have

Stock Market Investments Increasing In Share Equity From A Bull Market Run — The longer your money remains invested, the higher potential for it to grow.

Even if you do begin your financial journey with only a modest amount, the beauty of compound interest is that your initial investments can create a type of snowball effect, which means that you will generate a return on both the principle investment and the interest that has already accumulated.

7. Stay/get on track with student loan repayment.

School loans are a perpetual thorn on the side.

Pay on time
Avoid late fees and penalties
Paying school loans will liberate your income to achieve other financial goals.

Key Message: Manage Your Student Loan Debt Responsibly

According to the Education Data Initiative, student loan debt reached a staggering $1.727 trillion. This eye-watering number clearly shows that young people’s earnings are being held hostage by these debt commitments. Orman advises that a strategic plan must be in place to pay these loans off as soon as possible and continue to set some money aside for emergencies and for investing.

8. Spend wisely on needs.

Girl in restaurant had been expecting a reasonable price, but the total seemed much higher. Her mood quickly soured as she realized that her night out had ended up costing more than she had budgeted — Prioritize spending on what’s important.

Differentiate between wants and needs
Spend only on the essentials that help you survive, yet comfortable
Wants are not critical to your survival

Key Message: Be a Savvy Shopper

When it comes to needs, it’s quite clear that people need these essentials to survive, like housing, food, and clothing. Wants are non-essentials that we don’t need. This can include dining out excessively, buying pricey tech gadgets, as well as clothing. It is critical to create a budget and track spending, ensuring that you know where your money is going so that you can change course and put your money to better use.

9. Set up automatic savings for an emergency fund.

You don’t have to remember to put your money in savings
No need for willpower, automation takes care of this action
Mitigates impulse purchases

Key Message: Automation Takes Decision-Making Out of the Equation

Beautiful Businesswoman completes KYC using an online banking program in order to open a digital savings account. The definition of cyber security — Feel more accomplished as your money starts to grow.

With banking technology and apps making it easier to move and manage our money, automation is another strategic tactic that essentially tells our money where to go. No more missed or late payments, late fees, and missed opportunities for investment. With a proper setup, you can ensure that all your financial commitments are met as well as helping you build your nest egg for the future.

10. Open a Roth account for retirement.

Roth IRA written on a piggy bank. Retirement plan. — Contribute whatever you can into your Roth IRA.

Offer unique tax advantages
Offer flexibility
Contributions grow tax-free

Key Message: The Ultimate Long-Term Investment

Young busy business woman manager, lawyer or company employee holding accounting bookkeeping documents checking financial data or marketing report working in office with laptop. Paperwork management — Roth IRAs provides Millennials decades of tax-free growth.

Orman advises that users of Roth IRA’s contribute as much as they are able to their account. Although she certainly respects if funds are limited, she cautions users to think about what their present contributions today will mean for their retirement next egg tomorrow. If some sacrifices can be made today, it could provide more stability in later years.

Why This Matters

Build a strong financial foundation today.

The beauty of being in your 30s means that you have had many years of exploring the latest in technology. With more technological advances, the knowledge gap typically found in investment strategies is beginning to close. Investment apps are making investing easier and more accessible, making it possible, more than ever, for 30 year olds to learn more about saving and investing. If you would like to know what personal finance guru Dave Ramsey has to say to 30 years olds about money read here.

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Read more: Investing, automatic savings, emergency fund, investing, money, student loan repayment, suze orman

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