Comments on: Spend Less or Earn More? The ONLY answer you need to know.

By: speech therapy for toddlers

speech therapy for toddlers — Sat, 05 Mar 2011 01:14:10 +0000

Very nice article. I have enjoyed reading it. It is very hard to save some money for emergency. It is way easy to spend than to save. If I want to save some money, I would have to cut back on my spending. Most people can never have enough $$ to spend because our want is unlimited.

By: Fin Engr

Fin Engr — Wed, 02 Jun 2010 23:47:37 +0000

@ FS:

Definitely agree. There’s significantly more upside on the “earn more” side.

Once you either start plateauing or hit a long search before the next bump, there’s nothing to say you can’t squeeze an extra 5-15% out by “spending less”

By: Financial Samurai

Financial Samurai — Wed, 02 Jun 2010 02:52:21 +0000

Nice post here J. Doing both simultaneously is a great way to go. However, focusing on making more money is the easiest way. You can make way more money than save money. Shorting a stock will give you 100% if it goes to zero (expenses). Going long a stock could go up 10000%, you never know. .-= Financial Samurai´s last blog ..Is Becoming A Millionaire The Rule Rather Than The Exception? =-.

By: Fin Engr

Fin Engr — Sat, 20 Feb 2010 06:52:58 +0000

@ AHF:

I like that you put “improve” in quotes. That’s a very subtle alteration. I actually had this argument with a friend over what would be considered a “living” wage based on our cultural standards. Not sure why people want to keep up with the Jones when they could try to keep up with the Rockfellers instead?

By: Awareness Home Funding

Awareness Home Funding — Wed, 17 Feb 2010 19:39:18 +0000

Love the analogy! I would like to add to Karen and NextStage that we need to fight the urges to “improve” lifestyle with income. This is simply the concept of living below our means, and as the means increase maintain that lower acceptable standard. Perhaps that is the key, lowering our standards and stop worrying about the “Jones’s” of the world.

By: Fin Engr

Fin Engr — Tue, 16 Feb 2010 04:29:28 +0000

Thanks Karen.

I’ll be working on the “Great Expectations” article next – so be on the look out!

By: Karen

Karen — Tue, 09 Feb 2010 22:03:00 +0000

Hi Fin Engr,
A thoughtful post that proves time=money!
I concur with NextStage that desires often increase when income does–otherwise, we probably all would be able to be the janitor who leaves an endowment to his alma mater!
Keep up the insightful work!
Karen

By: Fin Engr

Fin Engr — Tue, 09 Feb 2010 15:13:27 +0000

@ nextstage:

thanks for the compliment!

On the taxes, depending on how you save – it can be taxed. But hopefully its at a lesser rate than your income, or you’re at least getting tax advantages.

You bring up a GREAT point at the end – “one’s desires tend to increase when income does”. I’ve been thinking about this and even considering writing a post about our greater expectations. It’s not just what your OWN desire’s dictate, but what OTHER people expect from you.

Quick Example: If you are a doctor, and drive up to the hospital in an old, beat-up 10-yr car your patients are going to have cause for concern!

By: nextstage

nextstage — Tue, 09 Feb 2010 05:53:49 +0000

Great article – can easily tie in the decision to make more money to the Outsourcing article, too. Usually people who actively pursue making more money don’t have time to do alot of mundane household chores. But it’s definitely worth it to pay someone $15/hr to walk the dog while they are making beaucoup bucks elsewhere.

However, money that is “saved” is not usually taxed. Money that is earned is.

A wise man once said “It’s not how much you make, it’s how much you save.” Sometimes,one’s desires tend to increase when income does. There’s always the desire to treat oneself. Could be a candy bar or lottery ticket or could be a trip to Paris!

Keep up the good work in getting us to think about how we spend our money!

By: Fin Engr

Fin Engr — Sun, 31 Jan 2010 01:42:28 +0000

@ David.

I hope people take the time to check out your site and articles. Like I said in my email, I think we’re going to start running parallel paths here.

Looking at your finances as a business is an incredible example. There’s too many examples to list in a single reply…