"For you to have money, you have to learn to live below your means but within your needs. How do you do that? You do that by simply purchasing needs versus wants. What is a need? Need is food that you buy at a grocery store. What is a want? A want is going out to eat at a restaurant and doing it over and over again."
"Most people don't realize how much money they spend by heading to the drive-through or going out to a fancy restaurant once in a while. Some of us, including me, stop by Dunkin every morning and spend about $20 on coffee and a hot bagel, which comes out to about $600 a month."
"Do I need to be frugal? No, not really. But I love it because when you respect money, when you honor money, no matter how much money you have, then your money turns around and honors you."
Suze Orman remains frugal despite significant wealth. She avoids dining out, categorizing grocery purchases as needs and restaurant meals as wants. Frequent restaurant and convenience purchases can drive credit card debt and reduce retirement savings. Small habitual expenses, such as a $20 daily coffee and bagel, can total about $600 monthly. Orman minimizes spending on clothes and accessories, wearing the same jewelry for decades. Living below one’s means while meeting needs requires prioritizing purchases and clearly distinguishing needs from wants.
Read at 24/7 Wall St.
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