There are many articles on cutting out your daily “whatever” and save $100,000 over 20-30 years. This is true, but the focus should be on having a good restraint on spending. If you are in the 30% tax bracket, that $10 item that you want to buy costs you ~$11 after sales tax and requires you to earn $14 to afford it. So as Ben Franklin wrote, “a penny saved is a penny earned”…but in his day, there was no income tax, so today, this is “a penny saved is a 1.3c earned”.
But you should also focus on increasing your earnings. This is done by increasing your skill-set so that you are more valuable to someone who needs your skilled labor. In this article, Grant mentions some of these points.
Grant Cardone explains why your focus should be on earning, not saving.
Source: Self-made millionaire: Forget skipping Starbucks. Here are 5 real ways to get rich
