Increasing Income vs. Lowering Expenses – Which is Better?

In our community of financially savvy people, you’d think that it would be easy to agree on certain things. Nothing is farther from the truth. Take for example the discussion on increasing income vs lowering expenses. 

It seems we can’t agree on which is better. So to end the discussion once and for all, here is my take on it! 

In the end, what we are trying to do is to increase the gap between income and expenses.

The gap is what we refer to as our savings, often expressed as a percentage and then called the savings rate. This savings rate indicates how soon you will be able to pull the plug and call yourself financially free.

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