574: You Cannot Starve Your Way to Wealth

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Learn to set 5 spending priorities, why you can’t starve your way to wealth and what to do instead.

This week, two people sent me this quote from my book. I guess I need to talk about it. 

“You cannot starve your way to wealth. You can only cut so many expenses before you are living in the woods! There is the rare exception of the high-paid tech worker who squirrels away quite a bit of his or her multiple six-figure salary and gets to $1,000,000, but for most people, it is impossible to simply save your way to wealth. There must be an investing component to grow your money and get it to begin compounding for you. Many stories I have read about people saving money and becoming millionaires oddly omit the part where they compounded their money at a high rate. Compounding is how one grows and multiplies money over time. Your money grows, and the money it creates grows too.” – You’re Already a Wealth Heiress, pg. 13.

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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America’s Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom.