, Columnists
How to Get Rich? Make a Lot or Save a Lot?
It’s some of both, though the lockdowns make it clear that many of us can easily do with less.
Is any of this necessary?
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
How does someone achieve financial security or even get rich? Is it by earning a lot or by scrimping, exercising thrift and saving a lot? Bloomberg Opinion writers Nir Kaissar and Barry Ritholtz met online to debate.
Nir Kaissar: Anyone lucky enough to earn a steady, living wage -- and there are tragically too few -- can attain financial security, and maybe even get rich, by saving and investing their money. It doesn’t require deprivation, contrary to popular perception. But it does require sustained and disciplined frugality, a state of mind anyone can cultivate and I would argue everyone should.