Suze Orman Says These Are the 3 Biggest Enemies to Building Wealth – The Motley Fool

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Are your fears stopping you from building a solid financial foundation?


Key points

  • Suze Orman says fear, desire, and greed are big obstacles to building wealth.
  • Fear can stop people from even opening their bills or facing their financial situation.
  • Desires can cause people to take on credit card debt to buy things they don’t need.

At its core, building wealth is about finding ways to generate income for the long term. It involves making money, saving money, and investing money. Best-selling author and popular host Suze Orman says wealth goes beyond your finances. She says true wealth is about your spirit and how you feel on the inside. However, the popular financial guru also admits that a positive state of mind won’t pay the bills. Orman believes our emotions can be a major obstacle to wealth building. 

Here are her three biggest enemies to building wealth:

1. Fear

Fear comes in many flavors, and none of them are very helpful. Orman says there’s the fear you’ll never have enough, a fear of failure, and a fear of not being able to do something. “So many of you are so afraid to even try,” she says. “To even try investing, even try opening up your bills, even try telling everybody that you don’t have any money and all you have is debt.”

The trouble is that fear can paralyze you and stop you from actively managing your money. It stops people from making a budget or thinking about how they might do things differently. As Orman points out, fear pushes people to live day to day and stops them from planning for the future. The irony is that this inaction can make your fears reality. “You are literally producing a future, one that you should be afraid of,” says Orman.

2. Desires

Desire is the emotion that causes us to buy things we want, rather than things we need. It’s the voice in your head that tells you that you deserve a holiday even though you can’t afford it, or the temptation to use your credit card to buy new clothes you can’t afford. “It’s these desires that all of us have, the desires to live like our neighbors are living, the desires to have fancy cars, the desires to have the latest electronic gadget,” says Orman.

The successful host says it is dangerous to believe you deserve …….

Source: https://www.fool.com/the-ascent/personal-finance/articles/suze-orman-says-these-are-the-3-biggest-enemies-to-building-wealth/