3 Reasons Why You Should Focus on Making More Money Instead of Saving

In the world of personal finance, much is said regarding the merits of living on less than you make – and rightly so. Living within one’s means is an honorable practice and anyone who does so can save money, build up capital, and someday develop an abundant flow of passive income. That said, allow me to give you three good reasons why you should focus more on earning extra income and less on saving money.


It has been said all over the place, but we must address this fundamental principle of personal finance. Income is the single most important factor in personal finance. It determines what sort of housing you can be approved for, your ability to borrow funds, and even your social status.

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While saving money often means simply doing less costly activities and consuming fewer goods and services, it can sometimes require that you prepare budgets, visit certain stores, collect certain coupons, buy particular products or brands, plan meals, clip coupons, sign up for rewards programs, and more. Effective frugality requires extraordinary patience and dedication, and although the process will yield a system of thrifty habits and these habits often remain long after incredible amounts of wealth are achieved. You have to start valuing your time more and more each day. Think about what you’re doing on a daily basis, whether that’s scrolling through Facebook or Instagram. And think about whether you are making money from those activities or not. If you’re making money from these social media platforms or researching about things you need to know before deciding whether or not deciding to jump in with both feet and getting the wall st mastermind course, then sure, spend more time on it. But if not, then it’s best if you started using your time more efficiently.

In my case, it is often the finer things that motivate me to achieve financial success. I relish the idea of buying quality goods without worrying about the cost, having the freedom to not fret over every consumer decision I make, and of spending less time concentrating on personal finance. Yet, the saver mindset requires a habitual devotion to frugal habits, and these behaviors last for so long that it becomes easy to forget what you are working towards.


Consider your standard monthly salary amount and then estimate the total number of fixed expenses you have (these are things that you have to pay for such as rent, car insurance, or cell phone bill). For some people, cutting down on frivolous expenses can unlock an incredible amount of money. On the other hand, some of us have an income to expense ratio that only affords a few hundred dollars. While saving an extra 200.00 dollars per month for a year could yield a nice little emergency fund of $2,400 or the ability to invest in some stocks or bonds, the truth is it would be a negligible amount for many people.

Sticking with this example, imagine spending that $200.00 on audio equipment for a podcast, or on a certification that would lead to a higher paying job. If you choose to not focus on scrimping that extra money for savings and instead enrolled in a $1,200 class which qualifies you to perform a new profession earning $15,000.00 more per year, then you would effectively generate almost ten times the funds that you would have if you had focused on saving.


The beauty of focusing on income as opposed to savings is that most of these newly acquired avenues of compensation are recurring in nature. In other words, as your time becomes worth more to clients, those gains continue. Once you establish an additional $10,000 per year in annual earnings, you prove that you are capable of earning that amount the next year. This is not just true on an individual basis. Businesses operate this way as well. When a speculator considers buying out a small business, the determining factor is the earnings report – year after year, can this company turn a profit? If the answer is yes, then the overall value goes up.

Consider ways in which you can increase your earnings outside of your primary salary. Although prudent spending is a worthy objective, a diligent focus on developing your skills will yield the greatest wealth in the long run.