Myth No. 2: A penny saved is a penny earned

[Bruce L.]

So, I was browsing the Internet and found this article on Bankrate and since I know there are some wealthy BPers on this forum, I thought I would ask what your opinions are. I'm a saving and a believer of a penny saved is a penny earned and have massed a decent sum of money investing in real estate, but I no where close to considering myself wealthy.

"The real key (to wealth) is earning," Siebold says. Unfortunately, if you are making $50,000 per year, it will be nearly impossible to accumulate large sums of money, even if you save all your extra pennies.

"People need to stop always looking at the expenses portion of their budget. … It is usually the shortage of income that gets people into trouble," Cardone says.

http://www.bankrate.com/finance/savings/money-myths-3.aspx