The main benefit of frugality and saving is that they are good habits that lay a strong personal finance foundation. That being said, being frugal definitely has its limits. Although scrimping and cutting corners can result in significant savings, at some point, it simply becomes impractical to cut anymore. Meanwhile, those trying to save their way to prosperity will sadly discover that it’s a painfully slow process.
The bottom line: Frugality has its merits to be sure, but for those looking to build wealth or get out of debt as fast as possible, increasing income is a much better strategy.
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