December 13, 2023

“To increase my wealth, I had to decrease my wants.”

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:

  1. Wealth Building: Accumulating wealth typically involves saving, investing, and growing your assets over time. This can be achieved by spending less than you earn and making wise financial decisions.
  2. Decreasing Wants: "Wants" refer to discretionary expenses, things you desire but don't necessarily need for basic living. These include dining out frequently, buying luxury items, or taking extravagant vacations. Singletary suggests that to build wealth, you should prioritize your needs over your wants and be selective about discretionary spending.
  3. Increasing Savings: By reducing your discretionary spending and wants, you free up money for savings and investments. Over time, this can lead to wealth accumulation as your savings grow and generate returns.

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.

Recent Articles

Lets Talk >