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There is a bulleted list near the end of the article, one of which is “acknowledging privilege”, but there are some more concrete ones as well: - Pay transpare

There is a bulleted list near the end of the article, one of which is “acknowledging privilege”, but there are some more concrete ones as well: - Pay transparency — with your friends, communities and colleagues, and in job descriptions. - Rethinking how we compensate for every kind of labor. One manifestation of the latter would be advocating for policies to reduce the widening wealth gap, e.g. increasing the minimum wage. I dunno, I think budgeting can be important if you’re in the tough situation of not making much money but have lots of expenses (say you have several kids), but for most folks who are looking to “level up” their wealth, I tend not to advise saving more but rather making more. N.b. This applies even to me! I literally cannot save my way to 10x wealth.

Dig1t 4y ago
Of course making more money is the most important, but there's no reason at all you can't do both. These are just two sides of the same coin: the saying "A penny saved is a penny earned" is literally true. If you can plan your finances well and live a decent life while spending a little less, the saved money adds up substantially over time. Additionally, using the saved money to pay off debts has compounding benefits. Good example is the Starbucks coffee habit. Many people in the US visit Starbucks every day, and most of the drinks there cost ~$5-$6. If you bought coffee in bulk at the grocery store and made it at home your amortized cost per coffee can be $1-$2 or even less. That's about $1400 a year saved in coffee. A _huge_ number of people in the US have credit card or other similar debt that they carry over every month and just make minimum payments on. If you applied that $1400 toward the debt principle, it makes a big difference in the long run for many ordinary people. This is just an example with coffee, there are so many things to save money on that don't really affect the quality of one's life much, but will actually save boatloads of cash. Paying people more, pay transparency, the wealth gap, are all good things to talk about that really have nothing to do with making a budget and spending money wisely. Yes there is a mentality that comes along with the budgeting crowd that focuses on self-determination and accountability to ones own actions, but there is nothing in it that goes against the principles of fair pay or transparency.

Dig1t 4y ago

Of course making more money is the most important, but there's no reason at all you can't do both. These are just two sides of the same coin: the saying "A penny saved is a penny earned" is literally true. If you can plan your finances well and live a decent life while spending a little less, the saved money adds up substantially over time. Additionally, using the saved money to pay off debts has compounding benefits. Good example is the Starbucks coffee habit. Many people in the US visit Starbucks every day, and most of the drinks there cost ~$5-$6. If you bought coffee in bulk at the grocery store and made it at home your amortized cost per coffee can be $1-$2 or even less. That's about $1400 a year saved in coffee. A _huge_ number of people in the US have credit card or other similar debt that they carry over every month and just make minimum payments on. If you applied that $1400 toward the debt principle, it makes a big difference in the long run for many ordinary people. This is just an example with coffee, there are so many things to save money on that don't really affect the quality of one's life much, but will actually save boatloads of cash. Paying people more, pay transparency, the wealth gap, are all good things to talk about that really have nothing to do with making a budget and spending money wisely. Yes there is a mentality that comes along with the budgeting crowd that focuses on self-determination and accountability to ones own actions, but there is nothing in it that goes against the principles of fair pay or transparency.