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« The Best Financial Advice I Can Give, Part 1 | Main | The Best Financial Advice I Can Give, Part 3 »

May 18, 2005

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I agree completely. It is the most important facet of successful personal finance, and also the most difficult to convey. In my experience, getting most people to purposely spend less than they earn is often a herculean task.

They've done the opposite (without negative incident) for so long, and seen their peers and models do the same, that any necessary change in lifestyle is practically unthinkable.

Michael --

Yep! And no matter what their income levels, people can (and do) certainly overspend. I've seen people making $140,000 per year and deep in debt because they spent $170,000 per year!

FMF

I agree that saving is important, but you also have to take care exactly how you invest your savings. Just saving is not enough, you have to know how to invest it properly.

Mike --

Of course. Saving money to waste it is not a good strategy. :-)

We'll be covering basic investing in later posts. Thanks for stopping by and hope you do so again.

FMF

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