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/biz/ - Business & Finance

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1727010 No.1727010 [Reply] [Original]

Which is more important: a frugal lifestyle based on steady saving and investment or an aspirational lifestyle based on improving yourself and quickly increasing your income?

>> No.1727019

Depends on you really, Who are others to tell you how to live a life?

My mother always told me: "Don't think how to spend less, but think how to earn more."

My father was the frugal type.

Both of my parents are successful and earn abou the same. But I'm more inclined to my mothers lifestyle, what's the point of lowering my living standards if I don't have to? That doesn't mean that you need to spend recklessly or spend what you don't have, mind you.

>> No.1727046
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1727046

>>1727010
live frugally with steady investment while pursuing aspirational dreams. You know what your problem is? You have a negative attitude

>> No.1727064

>>1727010
The way I've seen it is to live frugally while you're young so you can build up your investments and career, while also having enough money to enjoy yourself that you aren't blowing entirely on living expenses.

Once/if you have a family, that's when you live truly frugally and spend that money on improving your family's life

>> No.1727086

>>1727010

spend less. its like dieting.

u still need make 6 figs tho

>> No.1728826

>>1727010
I lived in a shitty little condo but used to take epic trips. Enjoy shit you'll be talking about 20 years from now but don't waste money on stupid day to day shit.

>> No.1728834

>>1727010
>you can't be frugal and increase your income at the same time

>> No.1729135

>>1728834
The statement does not say that

>> No.1729251

>>1727010
Depends on your capability, for most people slow and steady is the way to go. If you are capable and can make large sums of money doing project work, then shoot for the stars!

>> No.1729262

1. high salary
2a. high savings rate
2b. long-term investment approach
...
99. aspirations
...
999. frugality

Frugality is overrated, and too often confused with intelligent spending. You can spend a reasonable amount of money in your youth and enjoy a fun life without sacrificing your savings goals. The key is having a decent wage/income.

Also, no one cares about your aspirations. All the aspirations in the world won't make up for a fundamental lack of intelligence, skill or talent (the things that lead to a high salary). Yes commitment, focus, and dedication can help, but the simple truth is that you can't visualize yourself into wealth.

>> No.1729266

>>1727010

Both in relation to the other

Bring frugal with a 100k income is very different than frugal with a 30k income

Someone with millions being frugal can be considered lavish to someone only making 100k per year

>> No.1729274

>>1727010
a frugal person may very well become a millionaire by the time they're 70.

someone that takes more risks may very well become a millionaire 3 times by the time they're 70 and be broke just as many times in between.

I read somewhere that the average millionaire entrepreneur has declared bankruptcy 3 times in their life. This seems about right.