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A CNN survey found 76% of households live paycheck-to-paycheck and are piling on credit card debt.
Of those surveyed, 71% said money was a stressor in their lives.
Financial guru Suze Orman has enormous empathy for people in debt.
Her own rags-to-riches story suggests she can relate to their struggles.
1way to resolve it or prevent it from getting worse.
So what is this key to financial security that Orman champions?
Lets get into it.
Retirees who didnt save a boatload of cash and invest aggressively in their younger years are particularly at risk.
But people also get into or worsen credit card debt by prioritizing not only needs but also wants.
Its of critical importance that you focus on needs far more than wants.
To embrace the financially savvy philosophy of putting needs well before wants sounds pretty simple.
But have you ever really dedicated yourself to this practice?
Its actually difficult to successfully pull off in a consumerist society.
Orman provided some tips on how to do it.
Do you should probably Spend That Much on Your Needs?
Yes, you need food and shelter.
But do you need the food from DoorDash and the shelter provided by the biggest house on the block?
As you do that, add up the weekly or monthly costs of your wants, per Ormans suggestion.
You are plenty experienced at this, so you know the assignment, Orman wrote.
Ask yourself if you could eliminate those wants, if only temporarily.
Or maybe cut the amount spent on those wants by 50%.
Keep Yourself in Check Before Buying Anything
Look at that fantastic cashmere sweater on sale at Gap.
When youre in or nearing retirement, needs can change and possibly even shrink.
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