There are two broad approaches in the journey to be Rich-earning more and spending less. A few experts even recommend that one should do both to become rich faster. This topic can be debated for centuries and each standpoint has its merits. The question we are taking up now is whether frugality should be a life-long affair! Let me give my opinion.
My considered view is that sooner a person moves from frugality to the process of earning more, the better it is. My thinking is based on the simple logic that there is a limit to one’s frugality whereas there is no limit to one’s earnings. In fact, people tend to give up the efforts after some time, since it is indeed monotonous and not a happy one.
Given the opportunities that exist today, people are discovering better and more opportunities to increase their income. To me it looks that being frugal life-long is a very defensive approach and effort to earning more is positive. Actually one shifts from ‘scarcity consciousness’ to ‘prosperity consciousness’.
Granting that one should expand his mind from frugality to higher earning, the timing is another point. May be the initial three to five years in one’s career may be the time to kick start one’s savings and investments and thereafter the focus should be on earning more. Again the best approach is to counsel with your Financial Mentor and go by his guidance.
Of course, focusing on higher earnings does not mean reckless spending but shifting one’s priority to a higher plane. There is nothing wrong in value based spending but the thinking is skewed towards reaching higher income. You will start to think in terms of leveraging as a tool for expanding your earnings.
Let us look at the lighter side of life. It seemed a miserly father had a miserly son. One late evening, the son proudly reported his achievement of the day by saying, “Dad, today I saved five rupees.” The father was too pleased and asked him how he did that. The son said he did not take the usual bus and just ran behind it. The father advised him,” Son, in future you can save more, if you run behind a cab!”
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