The more you earn, the more you save? The truth about working more
When it comes to being wealthy, it’s not how much money you make that determines your wealth but how much you save. This simple concept knocked me on my butt when I first heard it because like many people out there, I work multiple jobs in the hopes of getting ahead financially. “If I work two jobs, I’ll make more money than if I work one job and will therefore end up having more money to save” is my rationale.
But not so fast: working more means that I am out of the house for a longer part of each day, which results in me eating more meals on the road. Working part time in a mall for my second job also means that the temptation to shop in a variety of stores is greater (and often indulged). A busier schedule may result in the dependence on time saving tips, tips that may require a greater expenditure of money (for gas, bus fare, a uniform (if applicable) or other job-related equipment not provided by the employer).
So if working more does not equal more money saved in the bank, what does? Come back tomorrow and find out.
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June 1st, 2007 at 10:56 am
I was really surprised at the cost of working when I started driving myself. As a teen, I was saving for school, so my parents had no problem paying gas/ car insurance for me while I worked part time.
Once I started working in a convenience store I realized how expensive it can be. I would eat at the store, have to drive there, and pay my gas each month. I had to work more hours just because the costs of working were actually high.
In your case, I’d say stick with the bus! Car insurance is pricey, parking in the city is a PITA, and gas is ridiculous! I only wish I’d had the bus when I was in school… forty bucks a month for a pass as opposed to hundreds for insurance!
June 7th, 2007 at 10:07 am
The more you earn, the more you spend.
You get a raise, you have more money to play with, you have more money to play with, you buy more things. It’s hard to catch on.
I bet lots of people get a raise, and don’t really see a difference as the extra money gets spent, and at the end of the month you wonder, where did that go?
It’s hard to buckle down and make more money actually equal more saved.