Failing To Increase Savings When Income Rises

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Failing To Increase Savings When Income Rises

“Individual expenditure not only rises to meet income, but tends to surpass it, and probably always will.”

According to writer C. Northcote Parkinson, who is famous for the so-called Parkinson’s Law.

A typical human behaviour is when an employee gets a raise, he decides that he can now afford a better lifestyle.

He or she may drive a better car, upgrade to a better house, get a better handbag or mobile phone or enjoy a better holiday. Instead of saving, the average person will spend the extra income.

However, a person who knows how to optimise his wealth would maintain his current lifestyle and increase his savings.

Assuming that he saves RM1,000 per month and invests that amount, at an average rate of return of 8% per annum on his investment over 20 years, that would be RM589,020.

Another small mistake that results in big losses.

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