FINANCE
manage by simply printing more money . However , this flood of currency decreases its value , resulting in inflation . Inflation benefits debtors but penalizes savers , eroding the purchasing power of their savings . Since 2008 , the US government ' s printing spree has left many savers worse off , grappling with inflation , higher taxes , and paltry interest rates . The current monetary system thrives on inflation , encouraging spending and discouraging saving . otherwise missed . So , while saving may seem counter intuitive in today ' s economy , paying yourself first can be the key to financial liberation .
3 . Look for opportunities
Saving money isn ' t usually my advice , but there ' s a reason I ' m suggesting it now . Let ' s first dissect why saving money can lead to financial loss . In times past , saving was a reliable way to grow wealth . But with the shift away from the gold
In this climate , saving may seem futile — except for one crucial strategy : paying yourself first . This entails setting aside a portion of your income for future investment . When my wife and I were tackling debt , we realised the importance of not only saving but also investing to expedite our financial recovery .
It wasn ' t easy . We had to resist unnecessary purchases and accept that prioritising saving meant enduring creditor harassment . But this pressure fuelled our determination , leading us to seek additional income streams and recognise opportunities we might have
78 JUNE 2024 Real Estate Investor Magazine