In 2024, dining out will no longer exist – at least according to Suze Orman.
In a new interview with The Wall Street Journalfinancial guru and bestselling author (72) revealed that her favorite way to save money is to enjoy meals at home.
“I refuse to eat out,” she told the outlet. “I think eating out at any level is one of the biggest wastes of money.”
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This philosophy also extends to her daily cup of joe.
“I drink Cafe Bustelo coffee every morning. I would die before buying coffee,” she told the local outlet, adding that she drinks “one cup a day and that’s it.”
Orman’s take on eating at home directly defies the “little treat” mentality, a mindset popularized on social media that prioritizes enjoying small pleasures — like coffee and dining out — for a momentary burst of happiness.
But that’s just one thing Orman believes young people get wrong about their finances.
“They don’t understand the value of stockpiling and that the key to their financial independence is their age,” she said. “Let’s say you’re 25 years old and you put $100 a month into a Standard & Poor’s 500 index fund through a Roth IRA every month for 12 months, every year, until you’re 65. You are very likely to average a 12% annual rate of return over 40 years.”
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“At the end of those years, you have a million dollars,” Orman continued. “Waiting 10 years until you’re 35? At age 65, you will have $300,000. [Young people] don’t get it.”
Closet tears. Dominik Bindl/Getty
When Orman splurges, she decides to spend her money on a plane trip.
“I’m seriously wasted in private,” she told the newspaper. “Unless we go to Europe or something because that’s ridiculous.”
Orman also advised people to stay away from making financial changes under the guise of New Year’s resolutions. She hates budgets for the same reasons she hates a child.
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“If you limit, limit, reduce, don’t buy this, don’t buy that, and then all of a sudden you explode and go out and buy everything at once,” she said. The Wall Street Journal.
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Instead of hitting big money goals this year, she recommends asking yourself, “Do you feel powerful and secure?”
“If you don’t have one, do just one thing that could make you feel safer,” she said, whether it’s “saving $10” or — her personal favorite — “not going out to eat.”
Categories: Trends
Source: HIS Education