I choose to differ on the topic “live within you means” as I have a different perspective which almost got me into trouble, but it’s worth the joy at the end of it all. I’m certain you’ve heard the phrase “live within your means” and quite sure you understand the meaning to it. The trending results you get when you run a search on the phrase above are the ones from writers who only talked about the advantages involved. This is not because they understand the concept really, but because this is what everybody is writing about. They all want to tell you that living within your mean is the right thing to do.
In Julius Agwu’s voice in Life as I see it, you can only recommend this piece of advice to the limited short-sighted people who are scared to take risk. When someone wants you to live within your means, they are indirectly limiting you to progress as it equally means living below your means. It promotes financial stagnation of all kind. To live within your means is when you are literally being told to spend less than what you earn as a way of saving for the raining days.
However, to live within your means is useless and insignificant in situations like when you are trying to save yourself from death, being on a sick-bed for a very long time or when you were fired for not being able to work due to poor heath challenge resulting from “spending way below your income”. What does “live within your means” really mean to you when you have to make a tough financial decision about your health or that of the one close to you. If we all have to go by this rule, many will not have a car, a house or even education being the master of all.
Basically, the logic behind the live within your means theory has no say about when one’s mean begin to exceed it’s numerous needs. If you would spend less than what you have, you are far from running into debt or going bankrupt they’d say. Critical check on this “live within your means” logic discourages savings to all extent. To live within your means can also mean to live at your means if you’d ask me. If so, how do you save up for great investments when all you do is surround your living to your exact means or below. What a horrible habit to nourish!
In addition, this concept totally ignored what happens during retirement. Individual savings should be determined by one’s income – Yes. It is supposed to be “the higher you earn, the higher your savings and maybe vice versa too. If living within your means is what you decide to trend to, how do you prepare for retirement if all you do is cut your coat according to your size in this regard? How do you balance your working days to that period when there’s no income from your initial source? How about going through some efforts in determining what you will be needing to save all that sustain you during your retirement age. The break point is this: Live within your means can be said to mean “spend the money you have” giving no chance to save!
Fear of the unknown has also being a greater set back to an average employed individual. To him, living beyond his remuneration means trouble. Next he does is to set tracks and alert to notify him when he is about spending beyond what he gets. We all desired to live large or above average in life. You realize that no matter how much strength you geared towards achieving that, no progress seemed to be made. The cause(s) is/are not far-fetched. You are only scared that when you reach for things above your income, you might get stuck and get into heavy debt. Does that equally sound like a stalled progress to you? – To me, it does.
There is less achievements to those who give in to the idea “live within your means”. Being successful in life requires some extent of risk. The successful ones you craved to be like dared to achieve more. They refused to see themselves as not being able to achieve what you considered to be “too much for you”. We regard them as being successful because they took risks. Do I even need to remind you that life itself is a risk? Why would anyone want to limit himself to great achievements due to fear of what might happen if he dares. When you live within your means, you are likely to live far below it because you are being careful. You are expected to make a move while having one of your legs tied to tree. Impossible, right? – OK, that is what “live within your means” mean to me.