When it comes to advice on how to become financially independent, there are two schools of thought:
- Increase your salary as much as possible.
- Decrease your spending as much as possible.
There are personal finance gurus who scoff at the idea of cutting out lattes and other minor unnecessary expenses as a path to wealth and security. They instead advise you to spend your time making as much money as possible. Then there are others who extoll the virtues of thrifty living and frugality in the extreme. They champion a spartan lifestyle in which you can retire early by spending minimally.
So who’s right? Which method will lead most quickly to financial independence? Which to a life in which you no longer have to worry about money? And which tactic for peak prosperity should you pursue?
