Sometimes in my web meanderings, it’s nice to read success stories. Leo at Zen Habits has been there and done that! In The 10 Key Actions That Finally Got Me Out of Debt; or, Why Living Frugally is Only Part of the Solution he says
“But frugal living is only one component. You have to learn to get your finances under control, and to plan your spending, and to create an emergency fund. You have to learn how to motivate yourself to finish the long journey.
And one of the most important steps, as mentioned above, was increasing my income in multiple ways, in a series of steps designed to get my finances in better shape and to pay off debt faster.
Living frugal should be the first thing you do, in my opinion. It is vitally important. But it’s only a part of the equation — spending less only gets you part of the way. Earning more gets you the rest of the way.”
Many of us are already living frugally and not necessarily by choice. There may still be ways that we can snip away at expenses here and there but in order to really make a difference, there is going to have to be more income and preferably from multiple sources.
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