Suze Orman: Why High Income Earners Are Living Paycheck To Paycheck

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Personal finance expert Suze Orman and co-founder of SecureSave Devin Miller sit down with Moneywise to discuss why a good percentage of high income consumers are living paycheck to paycheck, and how employers can help.

#personalfinance #suzeorman #savings #financialliteracy

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Timestamps:
00:00 Introduction.
00:51 Americans living pay check to pay check.
03:18 Tips on dealing with inflation.
08:44 Tips on paying off compound debts.
10:27 What is an emergency savings account?
16:02 How much money should you have in your ESA?
21:32 Advice for the younger generation.
25:10 Advice for the older generation.
30:19 Advice for "Vulnerable Households".
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I have been watching here on Oprah show, I consider myself a wise person when it comes to money but I learned to live below my means because of Suze and, car, paid off no credit card debt, close to paying off my house while raising 3 kids as a single mother. God is wonderful to me! And Thank you for your teachings! Great video!

asrattadesse
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Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

GillerHeston
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I had 33 years on my job, when I retired my house was paid off, all credit cards and my car, and I am living my best life on my own

barbarafallin
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I am super impressed by the fact that Suze Orman is still rocking at her age.
I remember watching her show, "Suze Orman Show" twenty years ago and
I can't believe she is almost the same after all this time. God bless her!!

szvqorwnpstahskypfwmp
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Inflation depreciates idle money. I'm in a privileged position to be able to save almost 65% of our net household income, as I placed it on safer investments. The key for us was not spending beyond our means. If you invest and have other sources of income outside of dividends then you will be able to live off dividends. Got north of $200K in my portfolio as I bought a lot of dividend stocks before, I'm buying more now, and I will buy more when it drops further

johnlennon
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Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market

Raymondjohn
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My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.

IrenaDolinsek
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Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life too 🙏🙏🙏

ronwenthapelo
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People don't realize all of the extra costs that come from a bigger house and nicer car. Just because you can afford the payment, doesn't mean you can afford the upkeep, insurance and taxes.

mplslawnguy
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My husband and I paid off our house before pandemic and paif off our cars as well. So yes, being no debt is wonderful feeling. Thank God, to have blessings like it.

hildamiller-
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Insightful video. I just want to know best how people split their pay, how much of it goes into savings, spendings or investments. I'm 27, and earn nothing less $150k per year, but nothing to show for it yet.

Americanpatriot
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I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.

stevensmiddlemass
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Thank you for this wonderful video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong?

graywilliams_.
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I first leaned of Suze twenty years ago when I saw her on PBS. I adopted and still live by many of the things she is saying. I am retired now and still save and invest a little each month, you cannot take anything for granted, and you must plan for the worst.

gbb
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I first knew about Suzie when she was on Oprah helping people get out of debt. I followed her financial plan to get out of my $10, 000 debt and it took me 1 1/2 years to do it. Her book, “The Money Book for the Young Fabulous and Broke” was my financial bible

akosuamroney
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Inflation is producing a slew of problems throughout the world, including food shortages, diesel and heating fuel shortages, and housing prices and financial market crash. This global collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.

jessy
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Suze is speaking the truth. I purchased her books decades ago and followed her advice and been out of debt for over 13 years. One credit card never carry a balance. Live below my means and use the 72 hours rule before I purchase an item to make sure it is a need not a what.

lwilliams
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Suze changed my habits years ago. I turned into a big saver. My late husband and I used a budget from day one of our marriage. We were married 51 1/2 years when he passed . I have a mortgage of less than 3% interest. I have no other debt. I have a healthy savings account and a healthy income. I continue to put money in my savings and put extra principal payments on my mortgage. I am one of the lucky and smart ones ones that has never lived above my means.

dianabinkowski
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The truth is that Americans strive to keep up with the Joneses. Other countries have lower expectations in life, they are happier with less

nagarcia
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I’ve been watching suze Orman since early 2007 when I graduated from college in May 2006. I really love 💕 her advice! Thank you so much 😊

PraveenSrJ