GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
Astudy by Capital Onefound that 73% of those surveyed said theirfinancessignificantly contributed to increased stress levels.
If you fit into this category, here are three ofOrmans suggestions for regaining control of your money.
Its essential to develop a mindset where your financial health is more important than how others view you.
According toExperian, the average credit card balance for Americans in late 2023 was $6,501.
Other activities like drinking or smoking would be impossible if you didnt have anything to drink or smoke.
However, credit cards allow you to continue your bad financial habits even after youve spent everything you have.
Getting rid of your credit card and using only cash can help you better understand how much youre spending.
After you spend the cash you have, you wont be able to continue to spend.
This helps teach youfinancial responsibility and planning.
Orman said: The number one law of money is power attracts money.
Those who go through life holding onto their money and being afraid of losing it feel weak.
To Orman, the amount isnt as important as the act.
This point is backed up by research.
A studygave two groups of participants money to either spend on themselves or spend on others.
The research found that the group spending money on others reported stronger increases in happiness.
Refusing to give to others also reinforces the idea that youll always be broke and wont have extra money.
Being generous and helping someone in aworse financial placethan you puts Ormans number one law of money into effect.
You will feel more powerful and others will sense that, opening more doors to new opportunities.
Apart from improving your self-worth through giving, there are a few other important advantages.
you could deduct money that you donate to charity from your taxable income as long asthe charities are IRS-approved.
Donating also encourages better financial planning and discipline, which will improve other areas of your finances as well.
More From GOBankingRates
Share This Article:
