What do you understand by standard of living how do you think it can be affected by savings and investment. For instance do you think an individual who is actively trying to save and invest can improve their standard of living SIGNIFICANTLY or even maintain the one they already have?
Would you advise an individual to try improve their standard of living as they save and invest since saving and investment is a continuous process?
I am sure that you already know that the more you earn it's also the more you spend and it's very important not to spend more than you are earning because you will be a defaulter because am sure with such stand he or she can not pay back his or her depts.
However, one must learn to cut their costs according to their size. Which means if you want to want to begin investment and saving and keeping a standard of life, you should also earn more. But if you are earning lower, you should maintain a certain standards do that you can meet up.