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Making more money is not the answer for wealth creation

Whether it is YouTube or TikTok or even the Internet, some "expert" has tips on how to hustle, make more money, invest in crypto to get rich overnight, get a side job, etc.  Now if you are trying to go ahead in life, I am all for it.  My focus has always been wealth creation meaning getting rich.  However, what happens when your income goes up, often because you are doing one of the things mentioned above is that people convince themselves that they must now also improve their lifestyle, meaning a better or newer car, fancier cell phone, meals delivered to their homes, subscriptions, etc.  So what ends up happening is that their expenses go up more than their income and they are back to where they were or have actually fallen behind because their expenses as a percentage of income have gone up.

The Key to Getting Rich is Saving and Investing

Trust me, this is what helped us become a millionaire couple.  Yes, over the years, we have worked hard, gotten promotions/raises, started new businesses, etc., but we have always saved, meaning spending a lot less than our income, and when our incomes went up, except for a minor upgrade, we have actually kept expenses as a percentage of income as low as possible.  In fact, as we have become older, this number has gone down -- our incomes are up but are expenses are down.

Most importantly, whether the markets are crashing or going up, keep investing, preferably in quality stocks and ETFs.

The reason I say this is because when you get that second job or try to figure out another way to grow your income, chances are you will have to work extra and have less time for yourself and with family.  On the other hand, when you save and invest, you are working the same, but building a future full of wealth.

Ultimately, the key is to find a balance between earning and saving that works best for you. This may involve increasing your income through side hustles or seeking a higher-paying job, while also making a conscious effort to cut expenses and save money.