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?
Except that you are very rich that you can afford to remove funds into investment and savings and still comfortably afford to maintain a good standard of living. If you are not very rich before you can be able to save and invest you have to cut down on your standard of living so you can have some left over money from your compulsory expenses to channel into savings and investment. If you want to live according to your total earnings you cannot afford to save and invest, it is not possible to earn $1000 in a month and your running expenses for the month is approximately the same amount. To gain something you have to sacrifice something which means that if you want to succeed in savings and investment you must not enjoy everything that you earn immediately.
Everyone's standard of living is different, and this is something that must be understood. I believe we all need to meet our own standards, although investing and saving cannot be neglected. These two things can go hand in hand if we manage our finances well.
It all depends on our mindset; our standard of living determines what we want. If we don't think clearly, we will set standards that are too high or too difficult to achieve, which will negatively impact our financial management.