I was scolling the Reddit and what I is common between a lot of pwople is that they are earning quite well as compared ti the average salary of India but still they cannot save enough. They are broke after every month. Reason is that their expense is same or sometimes more then their income.
PC: Pixabay.com
So even if you are earning 20K or 2Lakh, their is no difference if you are not saving enough. And that's why more money doesn't mean more wealth. When we say that first step should be earning more, this is because when you earn more and if your expenses is less then you can save more. But more and more people what they are doing is that they are earning more but at the same time they are spending more too.
FOMO is real in real life too. People wants to have that apartment in societies, having a car for status and a lot of things so that they can show the world that they are successful. But success doesn't mean which car you are riding or in which society your house is. Success basically mean you are happy, you don't have much debt and at the same time you have good financial health. I know society as well as our family wants us to have some comfort.
We can do it but only when we have enough saved as well as the expenses are taken care. And that's were the discretionary expense ot wants expense can come into picture. But if you are only spending on the discretionary and not saving enough then it's a problem. This is the problem for most of the people, their income increasing and their spending also increasing. This means even if you have more money, it doesn't mean more wealth.
Posted Using INLEO
In most cases more money means more responsibilities.
Cheers
Yes like many people I have experienced this firsthand. My income doubled but so did my expenses. I only started forcefully restructuring my finances this year to prevent a looming disaster
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Ah sometimes having a huge income also means huge expenses .
Lifestyle changes because it can now be afford 😆