Many people are in the dark when it comes to money, and I'm going to turn on the lights.
Suze OrmanRead
If you wait to see how much money you have left at the end of the month to put toward savings, the answer may be zero. So, set up an automated monthly transfer from your checking to savings account. Once you lock into that commitment, you'll be forced to scale back spending to make ends meet.
Interpretation
Automating savings ensures you prioritize saving money before spending.
In this quote, Suze Orman emphasizes the importance of proactively saving money rather than waiting until the end of the month to see what remains. By setting up an automatic transfer from your checking account to your savings, you create a habit of saving first, which can help you manage your spending effectively and ensure that you save consistently.
In practice
During a personal finance seminar to encourage attendees to save more effectively.
Many people are in the dark when it comes to money, and I'm going to turn on the lights.
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But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
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