Earlier quoted context omitted.
> The most important thing to note is that cutting your spending rate is much more powerful than increasing your income. I believe that part isn't exactly right, because you can increase your income way more than you can reduce what it takes for you to live. If you're a software engineer making let's say 70k, you can find a job where you make 150k, 200k or even more. If you currently spend 50k every year, it's way mo…
Yes, doubling your income and maintaining your lifestyle would make a huge difference. In many cases such an extreme bump isn't reasonably available. I believe GP was more referring to the rough rule of thumb is to have 25x your annual expenses by the time you retire. +5k income versus -5k expenses, you're better off cutting your expenses. By cutting expenses, the target drops by 25xExpensesCut, and you're throwing a…
I don't know how hard is doubling your income in general, but I don't know if it's always harder than dividing by two your expenses. The thing is that by focusing on earning more, you will end up with more money, and at that point you can always cut back expenses. While if you focus on cutting back expenses, you will end up with less money.