Have I mentioned how much I love overtime? Only the umpteenth time? Heh.
This week has been nothing but overtime. It's almost sickening, sometimes getting home with just enough time to shower and then go to bed.
But I'm not complaining! In fact, I wish I could work overtime more often.
On a separate note,
Basically, the author believes that we should focus on earning more rather than spending less, because there's always a limit on spending less.
But to me, it's like debating that one arm is more important than the other arm. Why? Aren't they BOTH important? Shouldn't we all do BOTH? Earn more AND Spend less?
To me, it's almost as comical as the popular Miller beer commercial, where people argue over which is more prominent, "Tastes Great" or "Less Filling". Only, these blog authors are actually serious. Personally, I don't see why such hair-splitting is even necessary.
I don't know, what do you guys think of it?
December 12th, 2008 at 07:02 pm 1229108549
December 12th, 2008 at 07:06 pm 1229108816
December 12th, 2008 at 07:10 pm 1229109008
December 12th, 2008 at 07:18 pm 1229109504
I mean, I don't mind if people want to argue that one way is more important than another. I just think that they should qualify that it's for them and not for everyone. Or at least qualify that everybody should focus on both. It'd also help to not use earning extremes (people who earn less than 20k or more than 200k.)
I think the whole thing is rather amusing though.
December 12th, 2008 at 07:39 pm 1229110792
I think spending less is more important, but there is something wrong with forgetting either.
December 12th, 2008 at 08:16 pm 1229112990
It is easier to build wealth if you live below your means AND increase your earnings over time but without increasing your spending significantly.
But if I had to say which is the more important to me, it is to live below your means. Saving is easier when you live below your means... it kind of reminds me of the tortoise and the hare. Slow and steady can win the race.
But I do agree there is no one strategy suitable for all, so BOTH are good goals: live below your means and continue to try to increase your earnings.
December 12th, 2008 at 08:22 pm 1229113370
And there are 2 ways to increase that number – more income or fewer expenses. You have to focus on both. If you but a gun to my head and I had to make a choice, I would choose lowering expenses. The only reason I chose this one is because if you can live below your income, you can always save and invest.
But this like someone saying "which arm do you want to lose?"
December 12th, 2008 at 08:34 pm 1229114064
December 12th, 2008 at 08:58 pm 1229115531
December 12th, 2008 at 10:26 pm 1229120812
If you really want to shelter yourself from financial hardship, you would focus on both areas. IF not, you clearly take on more financial risk. May be your personal choice, but it is more risky.
Since I am adverse to financial risk I find pretty equal importance keeping up job skills, keeping myself marketable, AND living well below my means. & I wanted to be clear - I am no workaholic career woman. BUT I would not feel comfortable if I didn't focus a lot of my energy to job stability. I mean, I could be a bookkeeper and do a lot of the same work for half the pay. Personally, I think that is pretty risky. I'd rather do the same work and get paid twice as much as a certified accountant. In the long run my goal is to work part-time for a pretty average full-time salary. I could never have that flexibility if I didn't aim for the higher paying jobs. & all the saving in the world isn't going to help if you have a low paying job that is also volatile. Personally, I Would find that way more stressful than just keeping up my skills and focusing on my career.
I just had to add that, to be clear. I could take it to the extreme and want to always make more money. Climb the career ladder really high. But because I don't value working quite THAT much, you know, I kind of found some middle ground. My dad was a GREAT role model in that regard. He has never been a manager but he makes bank. He's also never been jobless any length of time. That's the way to do it, if you ask me! Strangely, I have ended up on a very similar path, though I am in a completely different field.
December 12th, 2008 at 11:08 pm 1229123311
December 13th, 2008 at 03:53 am 1229140409
December 13th, 2008 at 03:37 pm 1229182649
http://scfr.savingadvice.com/2008/12/13/quickie-book-review-...
December 15th, 2008 at 02:14 am 1229307252
Anyways, that's a very good point that passive income is an important source of earning income.