Heading to Bankruptcy: Consumption greater than income, leading to debt-driven consumption.
Safe growth: Less consumption than income, and invest the savings.
Risky growth: Borrow to invest, betting that the investment return is greater than the cost of servicing the debt.
Safe haven: Store savings in sound money.
Running your personal finance is in many ways similar to running a company or an economy.
For individuals: You sell your time, skills, and energy to cover your needs and wants, hoping to have some savings at the end of day for emergency or investment.
For companies: You sell a product or service to cover your costs of producing it, hoping to generate some profit to give back to shareholders or to invest for future growth.
For economies: You produce to satisfy the needs and wants of your citizens, hoping to generate some surpluses to support innovative ventures.