Increasing income, not cutting expenses, is key to building wealth

Saving money isn't the sole ingredient in building wealth. In fact, according to financial planner Eric Roberge and his wife Kali, pinching pennies alone won't get you very far. “In addition to saving money, we really focus on increasing our income,” the couple said on a recent episode of their podcast “Beyond Finances.” Cutting expenses, managing your cash flow, and not giving into lifestyle inflation is important, Kali said, but “if you can't increase your income, I think it's always going to be a struggle to get to where you want to go.” The Roberges said they enjoy traveling and consider it a priority in their budget, but cutting back on expenses, including rent, to afford travel or other luxuries is finite. You can only “realistically cut so many expenses,” Kali wrote in a tweet. Read more here >>>

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