It’s more important to grow your income than cut your expenses -Robert Kiyosaki
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Robert Kiyosaki is an author, investor and entrepreneur. He is the inspiration for my board game, see : Creating a Board-game
So Robert’s full original statement is:
It’s more important to grow your income than cut your expenses. It’s more important to grow your spirit than cut your dreams.– Robert Kiyosaki
This statement summarises entrepreneurship and investing, in one elegant phrase. Imagine Apple deciding to just fire employees to grow their income instead of creating new products.
I personally think that cutting expenses is important to be able to save and creating the capital needed to launch new ventures or even expand old ones. But, it’s much more complicated than that …
The statement suggests that in the quest for financial stability and success, it is more important to focus on increasing your income rather than just reducing your expenses. While reducing expenses can help in the short term, it may have a limit on how much it can improve one’s financial situation. On the other hand, focusing on growing one’s income can lead to significant long-term benefits.
This is essentially the road to be financially successful. You should be focusing on increasing your income, you should look for opportunities to earn more money through various means, such as starting a side business, freelancing, investing in stocks, or other ways of income generation. These approaches have the potential to bring in additional income, which can help improve financial stability, build savings, and work towards achieving long-term financial goals.
Alternatively, if we merely cut expenses, it will have a limited impact on a person’s financial situation. While reducing expenses can help create more breathing room in the budget and free up some funds, it may not be enough to make significant progress towards long-term financial goals. Furthermore, cutting expenses may not always be possible or desirable, as it may require sacrifices that can negatively impact an individual’s quality of life.
My rating of this quote: I would give it a 5 Stars.