My co-host Jay and I battle each other on the controversial question: what’s better – cutting costs or earning more?
Jay argues for the frugality side of the equation, while I make the case for the incredible power of making more money.
Who wins the debate? Listen and find out.
Last year Jay decided to challenge every expense in his household budget, scrutinizing every cent to see if it’s worth paying.
The result? He saved $5,500 after 12 months, thanks to plenty of simple acts like switching cell phone carriers (saving $100+/mo), car insurance (saving $30/mo), cable television (saving $80/mo), and more.
I share the opposite story. When I worked as an entry-level newspaper reporter, I earned $21,000 per year. This forced me to live frugally. If I forgot to pack a lunch for work, I’d walk to the nearest grocery store and eat free samples — cheese cubes and olives — rather than spend $5 on a sandwich.
But I wasted hours of time, effort and concentration on pinching pennies. I devoted so much time to chasing coins that I devalued my time and missed bigger opportunities. If I’d purchased a $5 sandwich and spent that lunch hour pitching freelance stories, for example, I could’ve landed more assignments with high-dollar payouts.
Check out the episode and let us know what you think.