Naval Live Below Your Means for Freedom
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Mar 11, 2019 Living below one's means unlocks a level of freedom that those caught in lifestyle upgrades can't comprehend. The dangers of a monthly salary are discussed, framing it as a trap more insidious than heroin. Emphasizing patience, the conversation advocates for wealth creation through discrete financial gains, rather than succumbing to the pressures of inflation that come with rising incomes.
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Lifestyle Inflation
- Avoid rapidly upgrading your lifestyle as your income increases.
- This preserves freedom and prevents getting trapped in a cycle of needing more money.
The Wage Slave Trap
- Gradual income increases often lead to unnoticed lifestyle upgrades.
- This can trap individuals in a "wage slave" cycle, constantly chasing higher earnings.
Delayed Gratification
- Aim for wealth creation through focused work and delayed gratification, similar to the tech industry's model.
- Resist the urge for immediate high earnings, which can be addictive like "heroin and a monthly salary."