A Guide for High Earners: How to Enjoy Life While Still Saving for Financial Independence
One truth about human behavior is this: no matter how much money we earn, our expenses tend to rise with it.
For example, when a man earns $2,000 a month, it feels complete. But when his salary rises to $5,000, after a few months even that feels small—because his expenses have also increased. Later, if his income reaches $20,000 a month, I can almost guarantee that most of it will also go into expenses. For example, at first, he uses public transport. Then, when he sees an increase in income, he starts using taxis, and lastly, when his income rises to the highest, he buys his own car. However, this is only an example—there will be other things he switches to luxuries.
Our wants are unlimited, and that’s why saving feels difficult.
But here’s the good news: it is possible to build financial wealth while living a rich life.
The Target: Be Rich, Not Look Rich
You don’t need branded clothes or luxury cars to prove your wealth. Look at billionaires like Elon Musk, Mark Zuckerberg, and Bill Gates. They wear normal clothes and don’t waste money on useless things.
Yes, they may own expensive cars or houses—but those were their dream purchases, not habits of overspending.
I am not stopping you from buying your dream items. But make sure your dreams are valuable—like a house, a car, or even a yacht. These may not always be assets in the strictest financial sense (because of maintenance costs), but they are meaningful, once-in-a-lifetime purchases.
Why is building financial wealth important?
Life is a graph of ups and downs. Your prime might not be forever. You might face financial conditions where wealth will help you to face those challenges. Moreover, when a tragedy comes, it doesn’t clean you out completely if you’ve already learned to live simply. If you lose your financial wealth, the hard time won’t feel too heavy because you already know the technique of saving and living on less money. Whereas those who were living a luxury life, when they go broke, they fall into depression as they can’t live without luxuries and might lose hope of climbing back.
Can I enjoy life and still save money for financial independence?
Yes, you can enjoy life while saving. The key is intentional spending ,buying only appreciation and necessity items and avoiding overspending on luxuries. keeping a balance between lifestyle and savings
Tips for building financial wealth through intentional spending, not extreme frugality
First, save money.
How can we save money?
● Stop paying for brand names, pay only for the product.
You don’t need to wear expensive brand clothes because what you are really paying for is their logo. You are a brand yourself—don’t walk around carrying other brands’ load. You can still find quality products from other places at cheaper prices. For example, in my town there is a clothing factory where clothes are sold to big brands at high prices, while the same clothes are available elsewhere at low prices.
● Use electric cars instead of petrol cars as they are 2 to 3 times cheaper to maintain.
Yes, it is true—owning an electric car costs less than a normal car. Although electric cars are expensive, that is a one-time investment. Moreover, there are some cheaper electric cars available in the market. EVs have low electricity consumption and low maintenance costs. Electricity is cheap, and with a single charge you get good mileage. Where a petrol car gives a maximum of 18 km mileage, the rising price of petrol and gasoline makes them a big expense. Furthermore, EVs are good for the environment, and the AI systems installed in these cars give you a futuristic luxury vibe.
● Make a budget.
Making a budget is important for every earner. It doesn’t matter how rich you are—you have to move with discipline. Otherwise, you won’t realize how fast the cash comes and goes. It won’t take much time for your bank account to become empty. Make a budget for everything like groceries, rent, education, savings, etc.
●Use a money pot.
It might sound ridiculous to say you can build financial wealth by saving pennies in a money pot. However, if you’ve read Atomic Habits, you know that 1% improvement daily over the long run gives big results by the end of the year. Saving coins works the same way. Just put small coins in it daily—it won’t feel heavy on your pocket, and in the end, you’ll have a decent amount saved. What can you buy with coins? Better to save them.
● Stop bad habits that consume money.
Bad habits such as smoking cigarettes or drinking consume too much money, and they are also harmful to health. Later, you’ll have to spend even more on medical expenses. Moreover, stop going to clubs and game houses—they don’t give you anything except depression and mental fog. If you stop doing these things, I can guarantee you’ll save a lot of money. In addition, if you have another habit you think is bad and consumes money, then leave it today.
● Stop taking loans.
Yes, buying things on loans is like filling a black hole. Loans take a portion of your income for a long time. You end up paying 30–40% more—first a down payment, then monthly installments with interest. Paying loans feels like a trap; you’re always worried about monthly EMIs. On top of that, you’re so bound by them that you can’t invest or spend money elsewhere. So, wait for the thing and purchase it at once—or control yourself.
● Turn your liabilities into cash flow.
If you have an extra car or any other asset such as a house, shop, or farmhouse, you are probably aware that it is a liability because you have to pay its expenses. However, there is a way to get rid of this liability and turn it into cash flow. The simple method is to give it on rent. It will generate extra income and cover the expenses of your property or car.
Invest your money
Saving money for a long time will not build financial wealth, as inflation is always going higher. After years, the money you saved won’t be worth as much. To build wealth, you should buy assets from your monthly savings such as gold, shares, or real estate like land or property.- you must have knowledge or consult an expert when investing.
- you need to know how to invest or where to invest .
- I recommend you to read financial books like Phycology of Money by Morgan housel and rich dad and poor dad by Robert t Kiyosaki. you can buy this from Amazon
- You can learn from academy or online
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