How to save money while growing your wealth at the same time

There are two universal truths: Time is not limitless, and we would all love a little more money. It doesn’t matter how much you earn or what you do every day, hours pass, bank accounts deplete, and everyone is looking for a little bit more.

There are two lines of thinking when it comes to earning more/saving more/retiring sooner – Make small changes every day, or seek bigger fish. You can’t do both.

One or the other

We all know this right? I mean, intrinsically, know this. If you respond to every e-mail, take advantage of every sale, clip every coupon, and retain every rubber band, you won’t have time for any of the big picture goals.

Say you want to save $20k this year – you’re not going to do it by making a small change every day. If you quit your daily Starbucks habit you could save 1,500 bucks. Maybe more if you love your double shot macchiatos with extra foam. Sure, that’s five percent of the way to your goal, but it’s not achieving it.

If you spent your hours learning how to make smart investments, building a side business, or working another job, you could have your coffee and drink it too.

The truth about long term

The problem is that these long-term goals are more difficult and the progress isn’t as obvious. If you subscribe to every money-saving blog, coupon newsletter, or stress over the cost of maraschino cherries, you at least get some instant gratification. You feel the progress because you can feel the pennies clinking into your piggy bank.

Making more money is harder, and the satisfaction not as immediate.

Building another job for yourself, (whether you’re building a business, freelancing, flipping houses, or even learning how to invest) is hard work, and it will take time to pay off, but in the end, you’ll make way more money than the coupon clipping penny pinching of your brethren. I’m not suggesting we be wasteful, there are still costs to rampant consumption, I’m just saying don’t let it consume you.

Avoiding versus creating

Hard work does pay off, though, and it pays off big time. It doesn’t matter whether you have a day job in sales, or you’re raising three kids – an entrepreneurial spirit can empower you physically and financially.

Take something you’re truly passionate about, and find a way to get paid for it. I promise you it will be way more satisfying than clipping coupons or turning in tin cans or stressing about the little things.

Saving money is making money. And I know you can do it.