Part 6/10:

• Medium-term: Develop a habit of saving before spending, ensuring you always set aside a portion of income before indulging.

• Long-term: Maintain your lifestyle and saving habits even as your income increases, avoiding lifestyle inflation.

For example, if his salary increases from $2,800 to $3,000, he doesn't immediately increase his expenses. Instead, he raises his savings proportionally, often pushing his savings goal higher while keeping his basic spending stable.

The Golden and Silver Rules of Personal Finance

Martin has codified his savings philosophy into two simple rules:

• Golden Rule: Prioritize saving first — save before you spend. This fundamental mindset ensures that savings are non-negotiable.