Michelle Singletary's statement, "To increase my wealth, I had to decrease my wants," reflects a fundamental principle of personal finance and wealth-building. In this statement, she emphasizes the importance of living within one's means and practicing financial discipline.
Here's a breakdown of what she likely means:
Michelle Singletary highlights the importance of a more frugal and financially responsible lifestyle. You can increase your wealth over time by controlling your desires and focusing on your financial goals. This often involves creating a budget, setting financial priorities, and making conscious choices about where you allocate your money.
Michelle Singletary writes the nationally syndicated personal finance column “The Color of Money,” which appears in The Washington Post on Wednesdays and Sundays.