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?
Standard of living varies from individual to individual and we can not reach a definite conclusion as to what a standard of living is. Pertaining to saving and investment, one has to maintain a balance between their standard of living and their savings/investment. It doesn't make sense for one to maintain a high standard of living while they have less saving and investment. Likewise, it's unreasonable to have high savings while you live below standard of living just to maintain high savings and investment. Maintaining a balance between the two is the way forward.