A smart move is to purchase a certified pre-owned car at a dealership. Don't you dare start in about new-car reliability cars today are built to last. If you need a car, spend the least you can for one that's reliable. Even worse is borrowing to buy a car, then trading that car in for another one in a few years - rolling over your old loan balance into a new and bigger loan. Both are financially indefensible, in my opinion. The average monthly payment for a new-car loan issued in late 2019 was $550, and the typical loan runs for nearly six years. What's sitting in your driveway or garage could explain a lot of your retirement stress. If you lower your expenses today, you will have fewer expenses to pay for in retirement. When you live below your means but within your needs, you also set yourself up for a less expensive retirement. Live below your means but within your needs. Your goal should be to spend as little as possible to fulfill your needs. Every time you are considering a new purchase - be it furniture, a cellphone, a computer or a remodeled bathroom - ask yourself if you are paying only what is necessary to meet that need. What I see is that many households allow their spending to veer off to fulfilling wants more than needs. I think you may be able to spend less today to pay for the tomorrow you want. You are so sure there is no way you can create your ultimate retirement.Īgain, I disagree. So many of you tell me that you wish you could make more progress toward your financial goals - paying down debt, building up savings - but that you simply don't have the money to make it happen. Here are 10 steps you can take, right now, to make your ultimate retirement a reality. If you are ready to start, I am ready to help. To give yourself a life where you are not constantly stressed about money requires making key moves today. Being able to envision better things ahead is what makes the so-called golden years truly golden. If you're able to face the future without fear - if you can face it with the strength and conviction that you can handle whatever comes your way - well, your future will indeed be bright. What is in your control is making the most of what you have today and taking the steps to create the future that you want and deserve. On her days off you will find Suze and her wife, KT, spending time out on the water in the Bahamas, following their newfound passion for wahoo fishing.It is a waste of time to focus on what you don't have or could have done better. She also serves on the advisory board of Mogul whose goal is to educate inspire, connect, and advance women of all ages. Orman was an account executive at Merrill Lynch from 1980 to 1983, served as Vice President-Investments for Prudential-Bache Securities from 1983 to 1987, then directed the Suze Orman Financial Group from 1987 to 1997.Ĭurrently, Orman hosts the popular Women & Money podcast, serves as the official personal finance educator for the United States Army and Army Reserve, and is a special advocate for the National Domestic Violence Hotline, bringing her message of awareness and empowerment to women who have suffered financial abuse. Orman’s incredible journey to becoming America’s most recognized expert on personal finance began as a young broker at Merrill Lynch, helping clients of all backgrounds create a financially secure retirement plan.
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