Live Below Your Means is a Fool’s Plan

Live Below Your Means is a Fool’s Plan

The Age old Personal Finance advise is, Live Below Your means. This advise really used to work once upon a time during the era of the Gold Standard (Before 1971) but today in the era of the fractional reserve banking it is worthless.

Let me Explain you how.

Well, Before 1971, Living Below your means means spending less than you earn and saving more money. Now, at that time the money of the entire world was backed by the gold. And that’s why at that time Saving money means saving gold. It means that saving something which goes up in its value.

But well, in 1971, the rules of money have been changed and that’s why the modern money does not have any gold backup in it. The modern money is just a piece of paper without any intrinsic value in it.

Thus, today if you live below your means and save money than it means that you are saving something which is going down in its value day by day because of the inflation.

And that’s why this financial advise is worthless now. Well, I am not saying that scratch your credit cards and spend more than you earn. Doing that also is a fool’s plan.

So What I actually want to say you here? Well, Here I want to say you that don’t keep money in your hands or in savings accounts but spend it to buy more and more assets out of your money like rich people.

Over the time your assets will start generating passive income for you making your rich and financially free. If you know how to read the financial statements and the basic difference between the assets and liabilities and cashflow than no need to live below your means.

In fact, living below your means is one of the most moral killing advise in the personal finance.

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