Suze Orman says this investment advice is the 'most overlooked financial tip'
According to Suze Orman, this investment advice is the most overlooked financial tip.
Personal Finance pooh-bah Suze Orman made the headlines by advising consumers to stay away from traditional IRAs and 401 (k) pension plans.
The television personality and bestselling author said in a pivot podcast that taxes have to be high if you withdraw money when you retire, as the government has to find a way to pay off its massive coronavirus debt. She recommends using a Roth IRA or Roth 401 (k) that offer tax-free withdrawals.
It's amazing advice - but is that what Orman recently called "the most overlooked financial tip"?
Is it the guide she gave investors to continue buying stocks when the market is fueled because you are getting stocks of great companies at great prices? (When stocks started to slide in late February, Orman said people should be "happy.")
No, it is not.
What is this tip that many people miss?
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Orman says there is an investment that outperforms everyone else.
It enables you to make smarter financial decisions. It helps you lower your healthcare costs and save money on life insurance that you may not know can cost less than $ 1 a day for a million dollars.
It keeps us "focused on the job we have or the new job we need now," Orman writes on her blog.
When it's time to take out disability insurance to protect your income if you ever get seriously ill or injured, tip can also help you save money.
It gives you energy to take your work to a new level and work longer, "if this is a priority," says the financial guru.
So what is this key to success that many people leave in the drawer? It became particularly important during the pandemic.
"I can't think of a better investment in your current and future self than taking better care of you," says Suze Orman. "It starts with sleep. And make sure you connect with friends and relatives just to chat and be connected."
The link between health and financial security
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Orman says that people often don't think about the important connection between their emotional and physical health and their financial health.
"If you are stressed in life and especially if you are stressed about money, it will take a toll on you," she says.
In a recent survey by the Census Bureau, nearly half of US adults said that either they or someone in their household lost income as a result of the COVID 19 crisis. And about a third reported symptoms of severe anxiety or depression.
"For those of you who have difficulty maintaining a positive outlook in this very troubling time, please do not hesitate to seek professional help," said Orman. "And don't you dare to be ashamed."
She says contact your friends for advice on where to find help, and try to get more exercise and eat healthier. Because if you pay more attention to your mind and body today, it will pay off in the long term - in retirement. You must be in excellent financial condition when you are retired and also in good physical condition.
"If you take better care of yourself today, the chances of you retiring in better health will increase. It will be worth so much that you can get the most out of retirement as a healthier person," Orman says on the blog.
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