More income equals more wealth
The idea that more income equals more wealth is not entirely accurate.
Wealth is not just about how much money you make but also about how much money you keep and how you manage and invest that money over time.
Factors such as debt, expenses, savings, and investments can all play a role in building wealth.
When you start earning more, you often spend more. Buying things you’ve always wanted or felt you needed. In the end, you’re not any better off financially.
Don’t fall for lifestyle inflation. Get your personal finance basics right. If you haven’t read our personal finance checklist for beginner’s check it here.
Share this with your friends and family. Help out your buddies.