Grad Money Matters has a post up that discusses myths about frugal living, and two of the "myths" are that being frugal will make you rich, or that you can just make more money and then you don't have to be frugal. Obviously it's not necessarily an either/or situation. But if I had to choose one path to pursue over the other, I'd concentrate more of my time on making more money than being frugal.

Here's why. Being frugal can save you money, but in truth it doesn't generally save you a boatload of money, unless you are a very serious shopper who can't be trusted with a credit card. For most of us, though, while those little savings add up, it is also time-consuming to compare prices, clip coupons, etc. Not buying a $300 pair of jeans is easy, saving $7.50 on a more reasonably-priced pair if you're willing to drive 20 minutes to a different store is less easy and more time-consuming.

I'd rather use the extra time I would spend trying to save money in thinking of ways to make more. This is not right for everyone, but if you have an entrepreneurial mindset and the desire to try to enhance your income, your time could be better spent thinking of ways to make money that is more unlimited. That could mean starting a side business, getting a second part-time job, whatever. It just depends on how you want to spend your time. I like to think about making money in a sky's-the-limit type of way; other people don't have that drive and get their money kicks out of combining a good sale with a well-timed coupon.

What's your preference?