There are two parts to getting ahead financially – spending less and earning more. Some bloggers seem to think that you can either spend less or earn more. This isn’t an either/or situation though. It is entirely possible to be frugal and also be rich. A couple of well known examples of very rich and frugal people are Warren Buffet and the late Sam Walton. The book “The Millionaire Next Door” noted that frugality was a common trait among the profiled millionaires. I’m not sure why some people think you can’t be both frugal and rich. The definition of frugality is the practice of economy in the use of resources or the lack of wastefulness. Even if you’re rich you shouldn’t want to be wasteful. Every year you hear tales of famous athletes who earned millions during their career and are now broke. This shows that even if you earn more you still need to pay attention to spending less.
Many blogs do focus more on one side of the equation. This blog definitely focuses more on the spend less side of the equation than the earn more side. Frugality is the area I have more experience with and expertise in so that is the main focus of my writing. I think many focus on spending less because it is easier to do and quicker to put into practice. Earning more usually takes some time to develop and many people aren’t sure how to earn more.
I would like to point out that I don’t entirely ignore the earn more side of the equation. I have wrote about making passive income from sources such as dividend investing or Mr. Rebates. I’ve also written about making money with alternative income sources such mystery shopping, medical studies, and blogging.
Both spending less and earning more are important. Neither side of the equation should be ignored.