Frugality is the cornerstone of building wealth.
Frugality is the quality of being frugal, sparing, thrifty, prudent or economical in the use of consumable resources such as food, time or money, and avoiding waste, lavishness or extravagance.
It is simple, timeless and true. If you look as far back as Ben Franklin, Poor Richard and even The Bible this has been the formula for building wealth since time began.
I say it is a law of the financial universe; and remember, you cannot break the law, you can only break yourself against the law.
This is good news for those just setting out on their own! It’s not about how much you make, it’s about what you do with it.
Simply put, live below your means and start saving / investing for the future.
Don’t believe what the world tells you about wealth, status and happiness…it is a lie!!!!
For those of us that have already succumb to the worlds charms, it is never too late to turn it around.
Just say no!
No to any new debt, No to self-indulgence, No to keeping up with the Jones.
Take control of your finances, pay off the debt and start living for the future…
Check out my suggested reading page for The Total Money Make Over and other resources to help you get started.
Finally, tell me what frugal means to you. Give some examples of frugality in your life…
Facebook
Twitter
RSS
I could not agree more, I read a book by peter lynch “lean to earn” I wish I had read this book a decade ago. But better late then never. Frugality for us is I check with my wife before any purchase and she does the same, check with me.
We live on portion of our earning and we do not have any debt, we constantly question what we need and what we want. We keep delaying the purchase of items we want. If we really want it after few months of testing then only we buy. Never take anything, check to see if the credit cards offer cash back use those cards and purchase and pay it back on time.
Not incurring debt will help you on a praosnel level for sure and that’s all any of us really have any control over.The system does need to collapse, if we carry on this way, with all of our money being issued as debt by private banks, eventually they will own everything. They create the money for the principle that they loan out, but they never create the money to repay the interest.For a simple illustration of this read We need to starve the banks and kill the beast. This system works for the few and not the many. Money was supposed to serve us as a medium of exchange not enslave us. Give me control of a nation’s money and I care not who makes the laws. – Mayer Amschel Rothschild