The Two Minute Noodle Plan

You don't have to live on cheap food to become wealthy, although there could be a lesson in doing so in the short term...

Too many times have I had people say to me that their plan for getting rich is to live on 2 minute noodles for 10 years, saving every penny they earn and investing until one day they have enough money in the bank to invest and live off their passive income. In reality this does not work, but some of the skills learned from this style of approach are valuable for obtaining financial success.
There are many skills and tools that are required to be a success in life (and when each individual determines success differently, this creates some interesting arguments), but one essential tool for financial success is the ability to manage money. This is done primarily via two ways:
  1. Controlling and increasing income.
  2. Controlling and decreasing expenses.
While controlling expenses is a great way to start on the path to wealth, to multiply the potency of a finacial accumulation plan a person needs to be able to increase their income and their ability to earn. Some examples are:
  1. Working Overtime
  2. Returning to study to obtain a qualification to move up the corporate ladder in your industry
  3. Obtaining Promotion
  4. Starting a part-time business.
If a person can master both their control over income and expenses, then learn to use their savings and knowledge to invest (either in their own business, property, shares, etc.) then they will increase their speed in becoming wealthy much faster than if they were just saving what they could be eating two minute noodles.