It's not what you earn, it's what you save!

Yes, I do agree, but saving seems to be a lost art these days. Before you can save anything you ave to have something to save. Actually I think my favorite proverb is "Your expenses will expand to take up all of your income."

Hi sweetie. I agree with your dad. The more people earn, the more they spend and don't worry about tomorrow or the day after. The less you earn, the more you learn how to budget and save. Hope you listen when your dad talk to you. TATA.

this is something in my mind when i thought of transferring from this city to the other location with my job. i know there are some other offices we have in the other cities. and if our agency could have one office installed in a city near the province where my wife have a house, i will request for a transfer to that office. currently, i work in this city where i rent a house. my salary is not even enough for all the needs, like electricity bills, water, and the basic consumption. if i can get a job in a city near my wife's home, we can even save the money for the rent. electricity is much cheaper and i will also save some money for the fuel. i agree with your thoughts.

Your father is basically right. no matter how much you earn, if you do not know how to save and manage your finances, you could still end up broke and in debt. Money is a very effective tool in acquiring the things we need, we just need to always check and balance our finances to avoid spending to much. Saving is also the key to riches. Our savings can be further used as investments or capital for business.

Hello basqui, your dad is right,, LOL I have worked as professor for more than 40 years , am retired now, i had saved regularly, they were made fixed deposits in various banks, i earn interst regularly on that...I bult homes already, yes it was due to the savings i made.. Thanks for sharing. Welcome always. Cheers.

I just came from a job interview, about an hour ago. It was a panel interview. The interviewer asked the applicant I was with, why he left his previous company. He answered that he left because, although he was given commissions from the products he was able to sell (plus incentives like night differential and all those), his basic pay was only 17,000PHP. It came to mymind that, if he was recieving 17,000 plus lets say 5,000 on commissions, plus another 5,000 for other incentives, that would give him roughly 27,000 a month. Thats more than enough for someone who is single and still lives with parents who doesnt oblige him to share on expenses. But what if you were living alone, and paying for several bills? or if you have your own family already? for me, choosing the job, especially its compensation package, would all depend on the following reasons: 1. status in life (single, married, with kids, living alone, etc.) 2. the reason why im working (to be able to buy what i want, to invest on something, so you could start a family, etc)

you have a very wise father. that's a lesson i am learning right now. it's not how much i can earn, but how much money i can put away for a rainy day and for my future that's really important! your father is a smart man and that's some great advice he passed on to you

It is said that 'money saved is money earned'. If I need to spend Rs.100 and I can save those Rs.100/-, it means that I have saved Rs.200/- (Rs.100/-, I would have spent, otherwise).

i agree with your dad. lots of people will spend their money on the latest fad whatever it may be, but you are secure in the knowledge you have money saved up. to that end, i only shop in thrift stores for my clothes!

I agree with your father! I know of people that make $100,000 per year but they are very poor--they have a lot of credit card debt and big mortgages, car loans and so forth. They really have nothing, the banks own everything they have because they would not save up for something but demand it right away and use a credit card. I don't make much but I consider myself well off--I have no credit card debt, my mortgage is small and affordable and I have a decent savings account so that if anything bad happens I am prepared. See the difference? That "rich" person is poorer than I am because I save and manage my money well. Your father is wise.

I do agree with that, as you can earn and earn, but if you can't save any of it, then you really aren't accomplishing anything. I have had a hard time saving money,up until March of this year, and still it isn't easy, but it is easier than it was. I don't really make all that much online, but I just continue to do what I have been doing as I know I iwll eventually get paid, albit not all that much. I have had to help my daughter with her bills, which in essence hurt me a little and I told her I am not going to do it anymore. Her husband lost his job, and that is hwy, but I told her that he needs to do whatever he can to make money even if it is flipping burgers, but that is beneath him I guess. I hope that I can start saving more than what I have been able to do, as I know it will help in the long run. Good luck to you and happy mylotting.

I am sorry, basqui. I do NOT agree with your father. There is always a limit to how much you can save. You can buy the cheapest shoe, but still you have spend something on the shoe. You cannot live without slippers/shoe throughout your life. Likewise, you can save only upto a limit, beyond that , you HAVE to spend. You can't avoid. But, this is NOT the case with Earning. You can continue to earn as much as you can. There is NO limit to earning. The only limit is your thinking. That's why I always advise my clients to concentrate on their income. Saving part, I will look after.

Your father shared very wise words with you and this is something that I've seen with practical applications in my life. You see, several years ago when my husband and I were looking for our first house, we were offered a mortgage that was higher than we would be comfortable spending. There are a lot of people that would have taken that mortgage, but my husband and I are more in favor of saving money than spending every penny that we earn.

I don't entirely agree with that premise in a sense that what you earn limits how much you can save. Given the same spending habits, you can save more if you have higher income. If I were your father, I would have advised you to accept the higher paying job (if all aspects of the jobs are the same except the salary)for practicality's sake and just give you another advice regarding the benefits of saving.

Yes, I think your father was quite right about this. Although it is important to earn enough money to save.. If we can save some of our money, we can feel as if we have had a surplus of money - therefore we can feel richer. My Dad used to say to me to put something aside each time I got my wages, even if it was only a small amount. The weeks and years will go by and before I know it, I will have accumulated more savings. It is a good habit to have. _Derek

hi basquit well he has a good point but it also depends on how many bills you have to pay each month, how much rent you must pay each and every month. You cannot say any money at all if you are just barely being paid enough to just cover your expenses how can you save anything the pay check has to be enough to live on and still save some money. the cose of living in California in the United States is high now and the wages just do not go up in comparison so how are we to save. I am talking about the necessary expenses not luxuries but food,rent, utilities,auto insurance etc.the things you cannot not pay.

I totally agree, I was reading about this lawyer who earned a lot of money- about £50,000 a year. Yet she was spending more than that and in a lot of debt. Living within your means is important, but quality of life is even more important. So I guess the solution is to balance all these out and then hopefully you'll be alright!

OUCH, that hurts. I definitely agree with your father. In fact, that's what my father always tells me too. The thing is, sometimes, it just feels so good to reward yourself after a hard pay period of working. I tend to forget that I don't really earn that much so I have to set aside some for future purposes. The big question is, how do you sincerely control your spending?

i definitely agree to this! my dad always emphasizes that i should save. i used to attend to a financial group before and i've learned that we should be aware of the RULE OF 72 which A. Einstein invented, applied in finance. It's really amazing how it works. They've computed my needs and found out that I should have 20 MILLION PESOS to attend to my needs and wants!

YES i do agree working to save is much better than working just to earn :)