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There’s no shortage of money advice out there, but according to money expert Suze Orman, the keys to financial success really boil down to just three things. She knows a thing or two about financial tips and was generous enough to share them with GOBankingRates.
Known for her straightforward guidance on saving money, managing debt, building wealth and planning for retirement, Orman said mastering just three financial rules can dramatically improve your financial future. “If you can do these three things, I promise you, your life will change,” she said.
Here’s what Orman said, the financial rules everyone should follow.
1. Live below your means
Spending less than you earn is a financial rule everyone should follow, Orman said.
He said, “I don’t care how much money you make or have.” “Every person should live below their means but within their needs. (For example), just because you can afford a new car doesn’t mean you should get a new car.”
2. Stop spending on ‘wants’ until you are financially secure
Although it may not be “fun” to only spend money on things you really need, Orman said it’s essential to building savings and financial security.
“Buy only for needs versus wants,” he said. “Now, obviously, if you’re seriously rich (you can spend on your needs), but people who don’t have money, who need to save (money), need to change their behavior.”
3. Find joy in saving
It’s natural to enjoy spending money, but Orman said you should enjoy saving money just as much.
“Have as much fun saving as you do spending,” he said.
You should enjoy seeing your savings grow over time, knowing that you are taking steps that will help you in both the long and short term.
Caitlin Moorehead contributed reporting to this article.