Comments on: Save your way to a fortune? I don't think so …

By: skkuumar

skkuumar — Sat, 18 Apr 2009 16:07:02 +0000

good one

By: How the (not quite as) poor (as other) people make budgets … « How to Make 7 Million in 7 Years™

Sun, 12 Apr 2009 08:48:29 +0000

[...] … because you can’t save your way to wealth. [...]

By: Are you in the habit of saving or are you in the business of investing? « How to Make 7 Million in 7 Years™

Wed, 21 May 2008 08:35:30 +0000

[...] indeed an elegant and simple long-term SAVING strategy for the Average Joe who thinks that they can save their way to wealth … $1 million by 65 … [...]

By: Meet The Frugals and The Moguls « How to Make 7 Million in 7 Years™

Meet The Frugals and The Moguls « How to Make 7 Million in 7 Years™ — Tue, 06 May 2008 15:56:49 +0000

[...] i) $1,000,000 (or even $2 Mill. or maybe even $3 Mill.) will not be enough for MOST people, you simply can’t SAVE your way to Wealth [...]

By: Who is the Devil’s Advocate’s “devil’s advocate”? « How to Make 7 Million in 7 Years™

Thu, 01 May 2008 17:28:54 +0000

[...] 4. You can [and, must!] save your way to wealth [...]

By: What is the best way to make more money? Payrise? Blogging? Consulting? Investing? Starting a business? « How to Make 7 Million in 7 Years™

Thu, 24 Apr 2008 12:11:31 +0000

[...] when that ‘light bulb’ finally does go off in your head, you just realize that there is virtually no amount that you can earn in a job that can make you financially free, unless your expectations are very low and you intend to work for a very long time OR you can fight [...]

By: How your hobby can set you financially free! « How to Make 7 Million in 7 Years™

Mon, 07 Apr 2008 13:00:09 +0000

[...] you usually can’t just save your way to your dream [...]

By: AJC

AJC — Thu, 20 Mar 2008 14:57:55 +0000

@ Peejay – if you don’t NEED a fortune, then sit back, relax, save a little, and enjoy life with what’s left over . Else, try:

http://www.urbanext.uiuc.edu/thriftyliving/tl-increaseincome.html

http://www.thedigeratilife.com/blog/index.php/2007/11/20/how-do-you-plan-to-get-ahead-ways-to-increase-your-income/

http://www.fool.co.uk/news/your-money/manage-your-finances/2007/08/24/five-ways-to-increase-your-income.aspx

By: Peejay

Peejay — Thu, 20 Mar 2008 04:38:27 +0000

The problem with this line of reasoning is that, although it may seem easy to someone that has already done it, earning more income is the problem, not the solution (I felt the same way after reading Brip Brap’s post also).

Everyone (and especially those that have taken to reading personal finance blogs) already knows that more income is going to help you have more money, but in some cases you might as well be saying that the easy way to save more is to “just” start saving 90% of your income.

Your list:
- Change jobs (assumes you can get a higher-paying job somewhere else)
- Work longer shifts (only works if you get compensation for overtime)
- Ask for a payrise (what about when they say no?)
- Take on a second (third?) job (horrible (you said it )
- Join an MLM ‘opportunity’ (don’t know much about this one)
- Renovate some houses (requires large investment capital)
- Start trading some stocks (better know what you’re doing?!)
- Start a business ‘on the side’ (requires business idea, expertise, time, capital, etc)

Also, Brip Brap listed things such as “selling old DVDs, CDs, books, etc” which is mostly a one-time income, and also seems not too profitable in a flooded (ebay, craigslist) market.

I would be interested to read a post about where to go after all of the “obvious” things are covered.

By: Brip Blap beat me to the punch … and, what an important punch it is! « How to Make 7 Million in 7 Years™

Wed, 12 Mar 2008 12:51:23 +0000

[...] finance … unlike most PF bloggers, who mostly talk about ways to save yourself to a fortune [hint: it can’t be done] he also talks about how to make money, perhaps through improving your career [...]