Salient point on financial intelligence
But all savings relies on the ability to receive an extra dollar and say, "I could spend this, and spending is awesome, but I'm not going to." It's the same as turning down a big meal after exercising. And it's just as hard.
It might seem obvious that savings is your ability to reject what you could spend. But the majority of financial goals are about earning more - better investment returns and a higher-paying career. There's nothing wrong with that. Earning more is wonderful, just like exercise. We just shouldn't lose sight of the fact that earning more will do little for building wealth if every extra dollar is offset by a dollar of new spending.
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Leave your gains alone
Earning more will do little for building wealth if every extra dollar is offset by a dollar of new spending.
Wealth has less to do with your gains and more to do with your ability to leave gains alone without cashing them in.
Temptation to spend
It is tempting to spend more when your income rises. But savings rely on the ability to receive an extra dollar and say: "I can spend this money, but I'm not going to."
Save Money, Build Wealth
- It's simple, but easy to overlook is that building wealth has little to do with your income or investment returns and lots to do with your savings wealth.
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