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?
If you are trying to meet a good standard of living, you may never save or invest. To save and invest, in most cases, we need not even consider the standard of living because the goal is to save and invest to reach another financial level.
I would say that to improve one's financial situation, one should seek more sources of income; however, one thing about the standard of living is that the more income and financial stability one gains, the level of financial living also increases. The main goal is to concentrate on saving and investing, because if you focus on improving your financial living, you may end up not saving or investing at all.
Well, that is what we often observed in most of the people who have improved their source of income, they usually elevate their standard of living as well. I don’t have any opposition with that kind of mindset since they also want to enjoy the fruit of their hardwork and perseverance. But is that actually the best thing to do?
The truth is, it’s pointless to save and invest if you cannot control your expenses and increase your standard of living to the highest level. Although you only reap what you deserve but it won’t make you productive and profitable in the long run. Of course, you may enjoy all the luxury and comfort, but in the end, if you cannot manage your expenses well, you’ll still end up getting broke and face financial crisis in the near future.