Focus on saving more by cutting back or focus on earning more? (paying, rent)
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I know people talk about saving by butting back on this and that but no one seems to touch on how to earn more money.
Why do we seem to focus on saving( not that this is a bad thing) and never touch on earning more.
Some of you will say-"it's more realistic to save than it is to increase your income".
For the record, earning more DOES NOT mean you'll spend more it means you'll be less concerned about saving every penny.
I know this goes against the grain of what people say. I just wanted to hear what some of you have to say.
I think people opt for the saving more because it's the only thing they know. Earning more requires being creative and maybe even learning a new skill( writing, Internet marketing, tele-sales, etc..) that requires one not to be lazy.
And some just don't believe they are smart enough to do it.
I know people talk about saving by butting back on this and that but no one seems to touch on how to earn more money.
Why do we seem to focus on saving( not that this is a bad thing) and never touch on earning more.
Some of you will say-"it's more realistic to save than it is to increase your income".
For the record, earning more DOES NOT mean you'll spend more it means you'll be less concerned about saving every penny.
I know this goes against the grain of what people say. I just wanted to hear what some of you have to say.
I think people opt for the saving more because it's the only thing they know. Earning more requires being creative and maybe even learning a new skill( writing, Internet marketing, tele-sales, etc..) that requires one not to be lazy.
And some just don't believe they are smart enough to do it.
Discuss........
Learning how to use what you have/earn the best way possible (lot's of out of the box thinking here) is the only way to improve your life while not always worring about more and more money.
I think it depends on the situation. If it were something temporary, like a higher than expected bill/repair or time out of work for a short term disability, then cutting back expenses is fine. If it were a situation where I was living paycheck to paycheck/not able to meet my obligations, I would look for ways to increase my income.
Cutting back/saving provides immediate results. Increasing your income takes time to gain experience, find a job, learn new skills, etc. The fastest way to increase your income is to ebay/craigslist extra stuff from around the house. But again, its only a temporary stopgag and other measures would need to be taken to keep the income coming in.
I chose a career path that I knew paid well (even if it's not my favorite thing in the world) because I never wanted to be concerned with pinching pennies. So far, so good. I don't live an extravagant life at all, as I'm frugal by nature, but I've never had to decide between paying rent or going to the grocery store, and I've always been able to buy small luxuries if I wanted them.
So yes, I'd say there is some value to the idea that earning more money is an option. The thing is, if you don't start out down that path, it can take a lot of time and effort to get to that new position. It's easier to find a coupon for the cable bill than to negotiate a raise with your employer or get a certification for a new job.
Focus on accommodating yourself to a lifestyle that is comfortable and affordable on less than you are currently making. Then, if and when you make more, you have two options. Raise your lifestyle, or go into saving and investing big time and make yourself surprisingly rich. But you will be under no economic pressure to make more, and you can then have personal freedom in the employment marketplace.
One thing i learned when i retired was just how much it cost me to work. But you can do it both ways and a combination is proably the best method to maximize savings.
I think they go hand-in-hand at least in the beginning. Spending money in order to have lots of things is targeted for a certain audience. So is being a savvy investor targeted for a certain audience. However, I don't think most people can do both of these activities unless they bought and sold a house at the right time or inherited lots of money.
I get the feeling that somebody is trying to make me believe that saving money is so yesterday and it is the route for duller people. You may have heard this "You don't get rich by saving." I don't agree. Saving money has opened many doors for us but we started young.
Increasing your earnings is more important than cutting back and saving. I sometimes now make more in a day of overtime than I did in a month of working right after getting out of college. Even if I cut back 100% of my expenses back then, I would only have been able to save my (meager) monthly income, which is a drop in the bucket to what I make now. By "professional" standards I don't even make that much now, but I made so little after college 6-7 years ago that I just kinda got used to that life style I guess.
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