You Cannot Save Your Way to Wealth
Summary
Many people believe they must save money before they can focus on making money. However, focusing on earning more money often yields a higher return.
In my early days of learning about money, I concentrated too much on saving every penny. I clipped coupons and tried to spend as little as possible.
This extreme focus on saving was actually draining my energy and time. I realized I could have been using that energy to find ways to earn more money.
- By shifting energy from saving to making money, you can see better returns and create more opportunities for financial growth.
Video
How To Take Action
A good way of approaching financial growth is to shift your focus from saving to making money. Here's how you can do this with low cost and high value:
Re-evaluate Spending Habits: Start by freeing up your mental space. Stop spending too much time and energy on extreme saving methods like clipping coupons. Instead, use that time to learn new skills or explore opportunities that can help you earn more money.
Skill Development: Focus on developing a skill or talent you already have. Spend time each day practicing or improving this skill. This minimal time investment can lead to better job opportunities or start a side hustle.
Identify Income Opportunities: Look around you and brainstorm ways to earn extra income. You can use online platforms to offer services or sell products. Starting small requires little money but can lead to significant returns.
Set Financial Goals: Create realistic and clear financial goals. This helps you stay focused on making more money rather than just saving what you have. Setting measurable goals can keep you motivated and guide your decisions.
Network and Learn: Connect with people who are already successful in making more money. Learn from them by asking questions and seeking advice. This doesn't cost more than your time and can provide valuable insights and inspiration.
Shift your mindset towards income generation, which helps create more opportunities and a stronger financial future.
Full Transcript
a lot of people have it backwards they're like I need to save money before I can focus on making money you take all that energy and focus you have on saving money what if you took that and put it on making more money which one would yield you a higher return and make you more in the beginning when I first started understanding money the first thing I did was I tried to count every penny I tried to save on everything clipping coupons doing all that stuff you know what that was doing that was stealing attention and time from all the energy I could have put into actually just making more money
