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Episode 3361:
Andy Hill shares how increasing his income didn’t solve his financial problems, despite earning more over time. He highlights the importance of focusing on net worth rather than just income, as building wealth is about managing the gap between earnings and expenses. Hill’s story emphasizes that lasting financial security comes from reducing debt, controlling lifestyle inflation, and investing wisely.
Read along with the original article(s) here: https://marriagekidsandmoney.com/why-increasing-your-income-wont-solve-your-financial-problems
Quotes to ponder:
"My net worth was -$50,000. So it was really my Net 'Unworth.'"
"We grow the gap by increasing income and reducing expenses; we protect the gap by avoiding lifestyle inflation."
"Income can go away in an instant. My income would be gone, but my net worth would still be intact."
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