Suze Orman says "the road to financial security starts with this one rule"

"The temptation to live beyond our means is substantial, particularly with social media insistently urging users to engage in conspicuous consumption. By always spending on stuff we want over the things we need, we impoverish ourselves and undermine our ability to save for a secure financial future. Financial guru Suze Orman says the one rule to live by that can have immediate payback is to be laser-focused on buying only what is needed, not what you can afford."

"Evidence shows that when we shift from a scarcity mindset ("there isn't enough") to an abundance mindset ("I have enough and can choose wisely"), our overall wellbeing improves. Psychological research reveals that a scarcity mindset is linked with heightened stress, anxiety, and impaired decision-making, whereas an abundance mindset correlates with higher happiness, greater relational trust, improved problem-solving, and better life satisfaction."

"In a YouTube Short video, Orman explained it all comes down to one simple rule: you must focus on buying what you need versus what you want. She said she could afford a more expensive apartment, but she did not need it. And if people apply just that one thing to their own life, their situation will begin to dramatically change. Orman challenged viewers to buy only needs for the next six months, not wants, and see the transformation that occurs."

Social media and cultural pressures increase the temptation to live beyond means through conspicuous consumption. Constantly prioritizing wants over needs reduces savings and undermines long-term financial security. Needs include food, sleep, shelter, safety, and meaningful social connection; wants include extra experiences and possessions such as travel, specialty coffee, or hobbies. Shifting from a scarcity mindset ("there isn't enough") to an abundance mindset ("I have enough and can choose wisely") improves wellbeing. Scarcity links to higher stress, anxiety, and impaired decision-making; abundance links to greater happiness, trust, problem-solving, and life satisfaction. Focusing on needs first and delaying wants fosters intentional living and stronger financial resilience.

Read at 24/7 Wall St.