During World War II an unnamed U.S. soldier was interviewed by a newspaper. Asked what he was thinking during combat, the soldier replied: “I was hop… - Morgan Housel

At every stage of our lives we make decisions that will profoundly influence the lives of the people we’re going to become, and then when we become those people, we’re not always thrilled with the decisions we made. So young people pay good money to get tattoos removed that teenagers paid good money to get. Middle-aged people rushed to divorce people who young adults rushed to marry. Older adults work hard to lose what middle-aged adults worked hard to gain. On and on and on.48

The only way to be wealthy is to not spend the money that you do have. It’s not just the only way to accumulate wealth; it’s the very definition of wealth.

And since you can build wealth without a high income, but have no chance of building wealth without a high savings rate, it’s clear which one matters more.