You Can’t Get Rich by Saving Money

You Can’t Get Rich by Saving Money

In August 1929, John J. Raskob, an investor and developer who became famous for building the Empire State Building, said the following about getting rich by saving money: 

“No one can become rich merely by saving. Mere saving is closely akin to the socialist policy of dividing and, likewise, runs up against the same objection that there’s not enough around to save.” 

I always thought that saving money was the way to riches. The platitudes about saving can be found everywhere in society. 

Pay yourself first. Build a little nest egg. Save for a rainy day. A penny saved is a penny earned. Money doesn’t grow on trees.

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