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Growing your income is much more important than your rate of savings
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06-04-2022, 06:35 PM
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#1
- r32gojirra
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- r32gojirra
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Growing your income is much more important than your rate of savings
This is because growing your income usually requires sustained effort over a long period of time. Studying, getting professional memberships, qualifications, promotions or starting up businesses. You might try and fail several times lol.
By contrast, cutting expenses can be done overnight. Selling the expensive (leased?) car; moving to a cheaper house (especially if renting); and quitting the 5 star restaurants and cocktail bars (and the women that come with them).
If someone’s earning big money and saving none of it, it doesn’t matter. They can start anytime and eclipse the level of saving of a “Dave-Ramsey-beans-and-rice” -cel in an instant.
By contrast, cutting expenses can be done overnight. Selling the expensive (leased?) car; moving to a cheaper house (especially if renting); and quitting the 5 star restaurants and cocktail bars (and the women that come with them).
If someone’s earning big money and saving none of it, it doesn’t matter. They can start anytime and eclipse the level of saving of a “Dave-Ramsey-beans-and-rice” -cel in an instant.
06-04-2022, 06:36 PM
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#2
- notbadnotbrad
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This is how I cope with my own situation in life srs
I’m a terrible saver but make ok money per year (substantially more than avg)
Thx
I’m a terrible saver but make ok money per year (substantially more than avg)
Thx
06-04-2022, 06:37 PM
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#3
- SoutheastBeast1
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"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
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06-04-2022, 06:38 PM
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#4
- Muscle2021
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- Muscle2021
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couldnt agree more. I mean being a saver is important too but people get too caught up in it instead of getting after it
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06-04-2022, 06:41 PM
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#5
- DeadlyStriker
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- DeadlyStriker
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Completely right. In our age these days speed is everything. The old idea of just saving little by little and ending up retiring and being fine is gone. You can't out save inflation on a normal income anymore. Cash flow and assets. You pointed out the other big thing though. Good money habits. Fun and nice things come after you take care of your finances.
06-04-2022, 06:44 PM
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#6
- SuperHercules
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Agreed but people should avoid the trap of increasing their spending proportionally, and not buy useless bs like jewelry when they start reaching higher income brackets
06-04-2022, 06:45 PM
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#7
- meanstringbean
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- meanstringbean
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Cutting expenses and being able to live cheaply are two different things
A man making 65k with a 50% savings rate will reach financial independence faster than someone making 300k with a 10% savings rate
A man making 65k with a 50% savings rate will reach financial independence faster than someone making 300k with a 10% savings rate
06-04-2022, 07:49 PM
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#8
06-04-2022, 08:01 PM
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#9
- xMetalocalypse
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- xMetalocalypse
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Agree 100% but I'd make strides to do both.
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06-04-2022, 09:05 PM
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#10
- r32gojirra
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- r32gojirra
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Originally Posted By meanstringbean⏩
Technically true (glad you finally figured out how to calculate percentages)Cutting expenses and being able to live cheaply are two different things
A man making 65k with a 50% savings rate will reach financial independence faster than someone making 300k with a 10% savings rate
A man making 65k with a 50% savings rate will reach financial independence faster than someone making 300k with a 10% savings rate
However it’s difficult to survive on $65k and virtually impossible on $32.5k
So the first scenario will never eventuate
06-05-2022, 07:27 AM
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#11
- DandyDink
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- DandyDink
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Originally Posted By r32gojirra⏩
youre wrong about thatTechnically true (glad you finally figured out how to calculate percentages)
However it’s difficult to survive on $65k and virtually impossible on $32.5k
So the first scenario will never eventuate
However it’s difficult to survive on $65k and virtually impossible on $32.5k
So the first scenario will never eventuate
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06-05-2022, 07:34 AM
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#12
- CampingBruh
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- CampingBruh
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Growing your income means paying more taxes
At a certain point tax evading becomes more protiable than working harder just lol. Thats what all really rich people do.
Just lol if you arent starting bs businesses just so you can buy a car under it, or charities that you know the organizer of and laundering your cash that way. Just lol.
At a certain point tax evading becomes more protiable than working harder just lol. Thats what all really rich people do.
Just lol if you arent starting bs businesses just so you can buy a car under it, or charities that you know the organizer of and laundering your cash that way. Just lol.
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06-05-2022, 07:39 AM
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#13
- iputyouatapoint
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- iputyouatapoint
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Pray for me as I try to get my YouTube channel to 100k subscribers!
06-05-2022, 07:55 AM
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#14
- solidus2k3
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- solidus2k3
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brutal blackpill
best way to get rich is to have a high income not save lmao
but who will buy grade 3 financial advice then
best way to get rich is to have a high income not save lmao
but who will buy grade 3 financial advice then
<HTC>
06-05-2022, 07:55 AM
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#15
Hard to say that definitively. Maximizing your monthly income should be a priority, sure. However savings invested properly yields returns - Which would be considered income. Passive income > active income.
If a family doesn't have a nest egg, it'd be irresponsible to advise them not to worry about savings.
If a family doesn't have a nest egg, it'd be irresponsible to advise them not to worry about savings.
06-05-2022, 08:01 AM
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#16
06-05-2022, 08:01 AM
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#17
- Mountaineer92
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- Mountaineer92
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lol @ savecels
inflation doesnt care about your savings. you need to optimize your cash flow.
inflation doesnt care about your savings. you need to optimize your cash flow.
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06-05-2022, 08:04 AM
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#18
- smashedurgfx10
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Originally Posted By LargePeter⏩
Then you may be clinically retarded, sonlolwut
I can't survive on under $120k a year
I can't survive on under $120k a year
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06-05-2022, 08:05 AM
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#19
- FastBack6
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- FastBack6
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Originally Posted By r32gojirra⏩
I’ve always said this. I honestly plan to work until I’m dead because honestly what the fuk else am I going to do? Retire at 65, buy an RV and wear Teva sandals everyday trying to figure out how to pinch pennies and make my savings last until I’m dead? No thanks.This is because growing your income usually requires sustained effort over a long period of time. Studying, getting professional memberships, qualifications, promotions or starting up businesses. You might try and fail several times lol.
By contrast, cutting expenses can be done overnight. Selling the expensive (leased?) car; moving to a cheaper house (especially if renting); and quitting the 5 star restaurants and cocktail bars (and the women that come with them).
If someone’s earning big money and saving none of it, it doesn’t matter. They can start anytime and eclipse the level of saving of a “Dave-Ramsey-beans-and-rice” -cel in an instant.
By contrast, cutting expenses can be done overnight. Selling the expensive (leased?) car; moving to a cheaper house (especially if renting); and quitting the 5 star restaurants and cocktail bars (and the women that come with them).
If someone’s earning big money and saving none of it, it doesn’t matter. They can start anytime and eclipse the level of saving of a “Dave-Ramsey-beans-and-rice” -cel in an instant.
I’d rather just make 150K a year and continue to buy stuff and live how I want knowing I can always just make more money. “Retirement” is boomer cope.
06-05-2022, 08:05 AM
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#20
- ralphlaurenbrah
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- ralphlaurenbrah
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Easier to increase savings percentage than to increase income at a certain point. After about $250k not many jobs pay more than that. The only way to make more money is to open your own business and that is far easier said than done. I make $250k a year and I save/invest $70k a year. Wish I could invest $100k a year that would be so nice!
06-05-2022, 08:10 AM
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#21
- MrCarrot
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- MrCarrot
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Originally Posted By SuperHercules⏩
That's the main issue, most people live just within their means, whether they earn a small amount or a large amount.Agreed but people should avoid the trap of increasing their spending proportionally, and not buy useless bs like jewelry when they start reaching higher income brackets
I am pretty tight fisted and any time I think of buying something, I ask what value it's going to add to my life, and for how long.
06-05-2022, 08:18 AM
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#22
- donblaximus
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- donblaximus
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Dont agree 100%. Just like making money, saving money is a mentality. Easy to say but harder to do once you have opened up pandora's box.
Life is about balance. Hustle hard, strive to make the most money you can with the least amount of effort, save first, spend some to have a good time rinse and repeat.
Not that difficult to comprehend but difficult to achieve in real life honestly.
Life is about balance. Hustle hard, strive to make the most money you can with the least amount of effort, save first, spend some to have a good time rinse and repeat.
Not that difficult to comprehend but difficult to achieve in real life honestly.
06-05-2022, 08:21 AM
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#23
Originally Posted By FastBack6⏩
That's assuming for 50 years you're able to work and that work at 150k/yr is available.I’ve always said this. I honestly plan to work until I’m dead because honestly what the fuk else am I going to do? Retire at 65, buy an RV and wear Teva sandals everyday trying to figure out how to pinch pennies and make my savings last until I’m dead? No thanks.
I’d rather just make 150K a year and continue to buy stuff and live how I want knowing I can always just make more money. “Retirement” is boomer cope.
I’d rather just make 150K a year and continue to buy stuff and live how I want knowing I can always just make more money. “Retirement” is boomer cope.
Turning your savings into passive income should be the ultimate goal. If you don't have passive income from investments, everything hinges on one fulcrum. Not a good look brah.
06-05-2022, 08:21 AM
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#24
- donblaximus
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- donblaximus
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Originally Posted By SuperHercules⏩
Its sort of a cycle honestly. When I first started getting comfortable i started buying nice watches. Part of it was because I thought they were cool and appreciated the different brands and what went into them but I would be lying if part of it was a status symbol.....more of a status symbol than a nice house or even an exotic car honestly (an exotic you can feel a large material difference when driving vs a regular car as example)Agreed but people should avoid the trap of increasing their spending proportionally, and not buy useless bs like jewelry when they start reaching higher income brackets
Once I got past a certain point, I stopped wearing my watches......They just sit int he safe. They have appreciated well so all good but even when going on business trips or out to a nice place, I still dont even think about wearing them. Throw on a t shirt and a pair of chinos and head out. Any place that wont let me in dressed like that is not a place I care to spend my time or money.
06-05-2022, 08:22 AM
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#25
- donblaximus
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- donblaximus
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Originally Posted By r32gojirra⏩
You certainly could....if you were living with family.Technically true (glad you finally figured out how to calculate percentages)
However it’s difficult to survive on $65k and virtually impossible on $32.5k
So the first scenario will never eventuate
However it’s difficult to survive on $65k and virtually impossible on $32.5k
So the first scenario will never eventuate
06-05-2022, 08:51 AM
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#26
- Johnez
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- Johnez
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I agree it's important, but not more important. This is like saying having a good diet is more important than exercise. I wish the importance of income was stressed more when I was a kid, I'm heavily behind and it sucks.
Every dollar you save is going to net you more at the end of the day versus every dollar earned when you consider taxes plus whatever it takes to "earn" that dollar. What does it take to earn the dollar? Gasoline, your meals, your unpaid commute time, wear and tear on the car, etc and is of course taxed. A dollar saved goes 100% tax free back into your wallet, requires no input cost.
The thing with earnings though is there is of course unlimited potential. With savings your limited to your set income.
People who go on about spending shed tons of money right now because they don't want to deny themselves trip me out. It's not like your life is drastically more miserable if you drive more sensible cars and choose to eat and drink out less. In exchange you get more money working for you making even more money to enjoy badass chit later. Steady stream that doesn't require your continuous effort is where it's at IMO.
Every dollar you save is going to net you more at the end of the day versus every dollar earned when you consider taxes plus whatever it takes to "earn" that dollar. What does it take to earn the dollar? Gasoline, your meals, your unpaid commute time, wear and tear on the car, etc and is of course taxed. A dollar saved goes 100% tax free back into your wallet, requires no input cost.
The thing with earnings though is there is of course unlimited potential. With savings your limited to your set income.
People who go on about spending shed tons of money right now because they don't want to deny themselves trip me out. It's not like your life is drastically more miserable if you drive more sensible cars and choose to eat and drink out less. In exchange you get more money working for you making even more money to enjoy badass chit later. Steady stream that doesn't require your continuous effort is where it's at IMO.
Virtue is its own reward.
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