Focus on increasing your income standard, rather than reducing your living standards. You can't grow rich by economising. You can only grow rich by expanding. Think of where you can make more money, not just where you can save money. Only save to invest. Inflation always grow faster than savings interest rate. Which means you can't save to become rich.
iynna's profile thumbnail
Good points! What is your definition of investing? "Only save to invest." when you say this what are your thoughts on people who have saved to say fund their education or buy a nice piece of artwork?
KarenRichard's profile thumbnail
Saving to fund an educational program is also INVESTING, Because the greatest investment you can ever make is in YOURSELF.-Learning an high income skill-Funding a program that adds more experience to you-Buying books that adds to your knowledge positively-Attending impactful seminars All of these are also investment. As for buying an art work, I can only consider it an investment if it's one that appreciates in value... (my opinion though)
What if it's an artwork that brings you such joy every day when you look at it that it makes you a more positive person and has an indirect/non-tangible or -measurable impact? I find that finance focused folks often do not account for things like this.
iynna's profile thumbnail
Fair point - also very hard to quantify and playing devil's advocate here: the question I'd have is do you really need a piece of artwork to make you happy or is there smth else that is cheaper that could provide such joy?
My comment came from a place less about needing, but just acknowledging that life is better with art in it. Imagine if this website was 'designed' by the programmer, if we didn't have music to listen to, and all of our walls were blank (if I took the time I could list many many more examples.) I just notice that the arts doesn't get enough credit for the positive impact it has, and that in business the focus is often so much on money money money with a total disregard for anything else.
iynna's profile thumbnail
This is an interesting take, thank you for sharing.