Learning to be frugalis an important part of a balanced budget (cue the cereal box logo).
However, it requires enough work that its easy to believe that frugality is all there is.
Its only one part of financial well-being though.
The bigger this gap is, the better off you are.
However, frugality can only affect one side of this equation: how much you spend.
If the amount you earn never changes, your gap is necessary limited.
But the more you make, the easier it is to save and the more substantial those savings become.
Frugality is necessary, but not sufficient.
Earning more, on the other hand, fast-tracks your path to freedom in ways mere penny-pinching never could.
Youll never get to financial independence without frugality, but it also wont get you there alone.
The Most Crucial Money Lesson, in Three Words: Mind the Gap| Afford Anything
Photo bySteven Depolo.
