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I'm with you on that. But if your goal is to have savings set aside so that one day you can afford to live on those savings (in "retirement"), then savings alon
by rexreed 10y ago
I'm with you on that. But if your goal is to have savings set aside so that one day you can afford to live on those savings (in "retirement"), then savings alone won't get you there. you need to have actual savings.
- WJW 10y agoThat last sentence seems a bit tautological. Can we settle on "your income has to exceed your expenses" as the best way to build up savings? EDIT: spelling
- rexreed 10y agoOk, yes I get what you're saying now. Trim expenses and pocket the incremental short-term savings into longer-term savings. Sure that can work every bit as much as finding additional income assuming expenses don't change. My tautology referred to different usages of the word "savings". In one case it referred to saving money on something, vs. storing money in a long-term savings account. The problem with English is that savings is used in different contexts here. But yes you're right!