Comments on: The Two Parts To Increasing Net Worth

By: J. Money

J. Money — Mon, 27 Jul 2015 15:35:21 +0000

In reply to Erik. Always about choices, isn't it? :) We can have whatever we want, but we can't have ALL of it!

By: Erik

Erik — Wed, 22 Jul 2015 15:45:08 +0000

Excellent article. I really enjoyed it.

For me, it is cutting expenses. I believe that increasing income can come with little effort (raises at work will come with experience and time, and you can always start a side project), but decreasing expenses is tough due to peer pressure and life. Example, it’s Friday night and your friends want to go to a nice bar. You don’t want to stay at home, but spending $50 at the bar is not that enticing either. Choices, choices, choices!

Have a great day,
Erik

By: J. Money

J. Money — Tue, 05 Jun 2012 14:55:37 +0000

@Marvin – AWESOME!! Congrats man, that’s great!! Keep killing it! :)
@readtoawake – You got that right, sir. The rules are pretty simple with money, but we just gotta figure out our *own* way to really follow through and make it HAPPEN for ourselves. If we don’t, no one else will for us, right? :)
@Justin @ The Family Finances – Yep! The reminders never hurt either, that’s for sure.

By: Justin @ The Family Finances

Justin @ The Family Finances — Sun, 03 Jun 2012 16:20:32 +0000

Good advice. Personal finance really does come down to a handful of tried and true principles. Too often we lose sight of that and look for something new, when the answers haven’t really changed.

By: readtoawake

readtoawake — Fri, 01 Jun 2012 19:22:31 +0000

AWESOME WAY TO SUMMERIZE SO MUCH RIGHT KNOWLEDGE IN SO LITTLE BUT EFFECTIVE WAY

We have heard a million times before that the key to become rich is – Spend less than you earn. This is great advise and one should follow this without any hesitation.

But sometime spending less doesn’t seem much Fun and If one want to spend more then I think it is better to learn how to earn more money. Making more money really can help you get to where you want to be in life.

By: Marvin

Marvin — Thu, 31 May 2012 21:28:02 +0000

For the past 2 years, I have been living off of less than $20k annually trying to build a business. It was a true struggle just trying to survive. During this time, I changed my lifestyle and developed frugal habits to get by. Luckily, as of last month, all of the hard work finally came to a fruition and I’ve broken that $20K mark!

Although the money increased, my frugal habits remained. It’s quite nice to see green in the bank for a change.

By: J. Money

J. Money — Thu, 31 May 2012 13:21:46 +0000

That Bodo is a very smart man :) I pretty tough plan to follow, but a damn good one if you can pull it off!

By: Gerard

Gerard — Thu, 31 May 2012 07:22:55 +0000

In a book by Bodo Schäfer (he’s a German) I read the observation that most people usualy need about as much money as they make. And thus everytime they get a raise, they increase their spending. His tip on previnting this is you save 50% of the net salary increase (put it directly into a savings account) and are only allowed to use the other 50% for spending. That way your lifestyle increases will grow less than your salary and you will thus be less likely to spend as much as you earn.

By: J. Money

J. Money — Wed, 30 May 2012 15:34:16 +0000

@Rich Uncle EL – Yeah, moving away def. helps with that too for most people, but it’s also one helluva task to do simply to increase your net worth ;) I’d put “making more money” on the list ahead of that (unless you do, indeed, want to move), and there’s no way you can ever max out that department! And the beauty there too, is that you can cut it back down once you hit your goals/etc as well, if you’d like. Just gives you mad options down the road.
@Stephanie – Yeah, awesome!! That’s a great way to handle those raises for sure – treat yourself to something nice, and then slap it all against any debt or savings goals you may have, that’s a great plan :)
@Brent Pittman – Haha, I bet! And I’m sure I’m about to find that out REALLLLL soon too! :)
@Cherleen @ Barbara Friedberg Personal Finance – GOOD!!! That is wonderful to hear, congratulations! Keep it up :)
@Eric J. Nisall – DollarVersity – Haha yup! But we need those people or else there’d be no reasons for our blogs ;) We just gotta keep on spreading the good word, my friend!
@Lance@MoneyLife&More – Oh yeah, for sure. I think there’s def. a point where you can no longer cut out expenses in order to maintain a somewhat-decent lifestyle. I’m pretty sure I’m at that point myself. I KNOW I could cut out more, but the trade off is not worth it to me, so it’s been gungho on making more money now instead. The trick is knowing what you’re comfortable with, and not driving yourself too crazy! :)
@Edward Antrobus III – I see that! I really hope your spices take off – I’m excited to get to use ours that you sent us soon :) That would be a great job to have if you can work it!
@Julie @ Freedom 48 – Yep! So we have to keep reminding people over and over again ;) Kinda like that “you have to hear it 7 times” in order to believe something, or however that saying goes (I think it’s an advertising thing?).
@Matthew Doyle – Good! Periodic reviews are smart things to do – esp to catch yourself like that :) And much better to get in the habit of it now, while we’re all younger, than later when our habits may not want to change much. So right on, brotha!

By: Matthew Doyle

Matthew Doyle — Wed, 30 May 2012 04:26:33 +0000

Many people I know are under the assumption that the more they make, the more they consume. Sometimes I may find myself doing the same thing. Periodic reviews of my financials really help me curb the extra expenses before they get out of control.