Updated: February 7, 2024
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What you’ll hear in this episode:
Which one would you prioritize? Minimizing your spending so you can save and invest as much as you can every month. Or use your time to look for an investment that will give the highest returns?
Many would choose to look for the best investment instead of minimizing their spending so they can invest more. And I think that’s a mistake. Below is an illustration why learning how to save more is better and should be done first before looking for an investment with high returns.
It’s important to save and invest. Do both if you can. But if you must choose, then maximize your savings first.
Invest where it is convenient at the start, then optimize your spending and maximize your savings. Later on, it will be easier to reallocate your money towards an investment with better returns.
Highlights and Excerpts
There’s nothing wrong with looking for the best investment, and you should. But if you really want to grow your wealth fast, then your initial focus should be to maximize the amount you save every month.
It’s important to save and invest. The best way to build your wealth is to maximize your savings and put the money in an investment that gives high returns. Do both if you can. But if you must choose, then you should maximize your savings first.
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