Suze Orman
If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.
Take free money. No matter how in debt you are, if your employer offers a matching contribution on a 401(k) or other retirement vehicle, you must sign up and contribute enough to get the maximum company match each year. Think of it as a bonus.
Find $50 a month for savings. No excuses!
Rather than saying, 'My checking account is a wreck,' change it to 'I will learn how to track my spending and balance my checkbook.'
Don't let what others think or say get in your way; their actions reflect on them, not you.
The chances of a bank going out of business are extremely slim, but it's always a good idea to spread around major sums so every penny is backed by insurance.
The advantage of online banking is that you can pay bills superfast, and your account is automatically credited or debited for each deposit and payment, making it easier to stay on track.
I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance.
Put your financial life on autopilot as a form of 'forced' saving.
I love the Roth IRA. Tax-free income in retirement is a truly great deal.
The last thing family and friends want is for you to spend money on them that you don't have or that you can't really spare.
I am a big believer that orderliness begets wealth.
If you're not staying on top of your money, you are putting your financial well-being at risk.
A pile of bills and statements - whether paid or not - is a sign that someone is clueless about what's coming in and going out.
Like your home's closets, your financial clutter needs an overhaul every now and again, and the payoff will go far beyond the psychic satisfaction of neatening up.
I have never been a fan of bond funds. Unlike a direct investment in an individual bond that you can hold to maturity and be assured you will get your principal back (assuming no default), a fund has no finite maturity date and most funds are actively traded.
Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.
When someone chooses to value herself over the things she can buy, true transformation begins.
I generally encourage people to make good on debts when they have enough money to repay them. But once a delinquency has been reported to a collection agency, paying it off won't help your FICO score. The damage has already been done, and the blemish will remain on your credit report for seven years.
A cash advance on a credit card is one of the worst types of borrowing because the interest rate is typically 21 percent or more.
Structured settlements are a common way for people who have been injured to receive an insurance payout. The periodic payments provide ongoing income and reduce the risk of blowing a lump sum through poor financial choices.
We tend to focus on assets and forget about debts. Financial security requires facing up to the big picture: assets minus debts.
Raise your auto and home deductibles to $1,000 or more, and your premium cost falls at least 10 percent.
Credit unions are often a better deal than banks and tend to pay higher yields on deposits.
The foundation of a financial fresh start actually has nothing to do with money or specific financial dos and don'ts. The first, and most difficult, step is to absolve yourself and your spouse or partner of any guilt.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
What I've learned is that the audience is constantly rotating. Just because it feels like I've said it, there are millions and millions of people that have still never heard of it.
Grace is above praise and blame. I never read the bad stuff people write, but I never read the good stuff, either. Ever. I know who I am, and I know that God looks down on me and smiles. I know that - without a shadow of a doubt.
Every financial worry you want to banish and financial dream you want to achieve comes from taking tiny steps today that put you on a path toward your goals.
For all your long-term investments, such as retirement accounts that you won't touch for at least ten years, you need a mix of stocks and bonds. Stocks offer the best shot at inflation-beating gains. But stocks don't always go up. That's where bonds come into play: They have less upside potential, but they also do not pack the same risk.
You should keep a copy of your tax return indefinitely, but you need to save supporting documents for only three years.
If you make time each month to give your money some attention, you'll start the next year in fabulous financial shape.
Give a portion of your money to others. By releasing an anxious grasp on your money, you will open yourself to receive all that is meant to be yours.
Understand and accept the cycles of money. The setbacks you may have today or next year will not keep you from financial freedom. If you hold on to your goals and dreams, you will get there.
Financial advice needs to change according to what is happening in the economy.
I am a big believer that orderliness begets wealth. A pile of bills and statements - whether paid or not - is a sign that someone is clueless about what's coming in and going out. When you consciously open, read, and file away your bills and statements, you are connecting with your money and taking control of your life.
Yes, your kids should go to school. No, you shouldn't bankroll their degree whatever the cost. You've spent your life creating a sound financial plan; don't upend it by suspending your retirement savings or taking out a home equity line of credit to pay for a pricey college.
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.
It may take you months or even a few years to build up an adequate emergency savings fund. That's okay.
Credit card issuers and HELOC lenders are like fair-weather friends: They cozy up to you in good times, but when the economy heads south, they abandon you faster than Usain Bolt runs the 100 meters.
A revocable living trust allows your heirs to avoid probate entirely and keeps you in complete control of your finances while you're alive. You can always make changes to what's in the trust and to how you'd ultimately like it managed or disbursed.
I want to be clear here: It does not matter what you say in your will or trust; the beneficiary document attached to your IRA accounts and your life insurance policy overrides what you say elsewhere. If you want to change the beneficiary, you must change the beneficiary document.
There is no law saying you have to die before your assets can be passed to loved ones. In fact, gifting earlier can be a lovely way to witness how your money helps your family thrive.
I get mad when people give me presents. I don't want them, I don't need them.
Sometimes your mind lets you do things with your money that make no sense.
It's not what you make, but how you feel about what you make and what you spend.
You have got to be the masters of your own financial future.
Anything that gets people to think harder about their financial security and take some responsibility is a good thing.
The less you have to think about how to spend every dollar, the more likely you are to spend wisely.