Brip Blap beat me to the punch … and, what an important punch it is!

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I came to Brip Blap’s blog because of a trackback somewhere else (I can’t remember exactly where now) but I was attracted to some of his ideas because he seems to ‘get it’.

Firstly, who or what is Brip Blap?

Brip Blap is a blogger who writes about personal 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 prospects …

I am at the other end of Brip Blap’s journey … having made it … and, I also have this desire to teach/write, that’s why I started this blog a month or so ago … as my way of ‘giving back’.

I have made a lot of money, using most of the ‘traditional’ ways (business, consulting, real-estate, investing, etc.) and I am loosely planning a book about the lessons that I have learned … this blog is a way to air some of those ideas and get feedback …

The particular idea that got me to look at Brip Brap’s blog (and, I have added him to my blogroll so that you can easily find him, and others that I like) was the one where he asked people to think about increasing their income  not (just) cutting costs …

The wrong way to think: “spend less than you earn.” If you have been reading about personal finance for any length of time, I’m sure you’ve come across this advice before. It is the wrong way to think, and it will not make you rich.The right way to think is this: earn more than you spend.

He hit that nail on the head!

There was a small book that I came across a few years ago written about this idea for business owners – I wish I could remember the name of that little book – but, Brip Blap beat me to the punch of writing about applying this simple-yet-powerful idea for EVERYBODY.

Let me summarize the concept for you:

You can’t cut your expenses and expect to get rich … you can only cut a maximum of 100% of any cost.

You can’t just save on your current income and expect to get rich … you can only save a maximum of 100% of what you earn.

But, you can increase your income even in just some small way to start … keep going, and you can earn 110%, 200%, 500%, even a virtually unlimited amount more than you currently earn …

… then, invest just a small proportion of that and you can easily be rich.

For 15 years, I saved diligently, I cut costs diligently, I delayed gratification diligently with a very poor outcome … I guess I was laying the groundwork and building some great lifetime financial habits … 

… but, it was only when I also started to concentrate on increasing my income that I made it to $7 million … and, that whole process only took 7 years!

If this strikes a chord with you, go read his post then come back here for ideas on how to apply that thinking and what to expect when you do …

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9 thoughts on “Brip Blap beat me to the punch … and, what an important punch it is!”

  3. “I delayed gratification diligently with a very poor outcome” – love it.

    Same here, why deprive yourself when you can work on the other angle.

    I don’t think Oprah, Warren and Bill Gates got to be Millionaires by skipping lattes. LOL

  4. True, Monk … but, the saving/delayed gratification stage is still SOOOO important becasue it sets the habits that slow you down when making money (i.e. spending too much of what you earn instead of investing) AND no matter how much you make you still have to budget to live of your eventual ‘nest egg’ … just ask MC Hammer 😉

  5. Agree, but over the long haul you’re just peddling along

    When you flip it around, earn more than you spend. You are still lbym but yet you are focuses more on increasing your income/cash flow. Therefore your lbym bar can be raised a little.

    In other words you cannot do one without the other. DO BOTH.

    MC Hammer and lottery winners tend to blow it all simply b/c of the lack of financial knowledge. Assuming you have the knowledge, like most pf bloggers, well now it’s time to focus on increasing your income.

  6. Always knew I needed to make more money – why I used to focus on promotions rather than raises (more per)…plus they open you up to broader opportunities.

    I like Brip Brap’s lists – I had actually started on a few of them, figuring they will take time to grow, but when they do it will be nice for a little extra. It gives one pause to think about whether or not we can do more with our free time than we are.

    Diane

  7. Thanks so much for the post. Great comments by Moneymonk, too, because I do think you need a mix. You have to earn more than you spend, but you can blow that by increasing your spending far too rapidly, too.

    Diane, that’s great! My lists are just starting points – I’m sure you and everyone else can take those ideas and go a LOT further with them than I could in a general public comment.

    thanks AJC!

  8. Well, you certainly started something, BripBlap. Thanks … and thanks for everybody who has commented to date.

    AJC.

  9. Pingback: linklings, economic end game edition -- brip blap

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