An Increase in Income is simply insufficient to build wealth

By making some lifestyle modifications, we want to make our lives more comfortable.
From an Android to an iPhone, an apartment to a villa, a hatchback to an SUV, and from one car per family to two. In our daily lives, we don’t give much thought to these changes.

Over time, every adjustment we make to our lives has an effect on our finances. Understanding the effects of these changes can aid in making decisions about what expenses to add and what to cut, what is affordable and what is not.

Whether we should spend the additional income now or save/invest for the future is a question we should ask ourselves.
An increase in income with relatively minor lifestyle changes will accelerate the process of accumulating wealth.