Frugality is not a Fruit


penny

Yes, believe it or not, Frugality is indeed not a fruit. It is a way of living and enjoying life without all the fluff that life wants to throw your way. It’s just now that we have a recession that many people are learning the importance of knowing when to be frugal in their life. So, just what is frugality? A dictionary meaning of Frugality is “the practice of

1. acquiring goods and services in a restrained manner, and
2. resourcefully using already owned economic goods and services, to
3. achieve a longer term goal.”


This should not be confused with being a ‘cheapskate’, which is defined as “a person who is reluctant to spend money, sometimes to the point of forgoing even basic comforts. The term derives from the Latin miser, meaning “poor” or “wretched,” comparable to the modern word “miserable”.


It is important to at least be frugal at times especially when working towards an important outcome like being Financial Free. There is nothing quite like the feeling of being Financial Independence. It is an Elite group of people possibly in the top 10% of the world’s population. That means that 90% of people are at best a slave to money. They work for money. Money is not a tool to get them where they want to go. Money dictates everything in their lives. If you are Financially Free, you are in a whole other class. Money starts working for you building your wealth, so you can concentrate on more important things like an abundant life, health, happiness, family and other more enjoyable things.


So, just where does Frugality enter this equation? Well, for starters, let’s say you are deeply in debt, you would be wise to become frugal now and save and pay down your debts effectively until they are gone. Also, you might want to live a little more frugal in order to save for investing that will reap you bountiful returns in the future. You want to live like no one else now so that you live like no one else later on my good buddy Dave Ramsey always says.


If you want a comedic, yet very groundbreaking account of what it means to be frugal, please read Alan Corey’s, “A Million Bucks by 30”. This young man went from having a almost negative net worth after school to reaching his goal of a million by 30. Just goes to show when you know what you want to accomplish and keep a journal to reach your outcome. So, I would say shun consumerism and buy what you need and invest the proceeds. Reward yourself generously every time you hit a milestone and surround yourself with people smarter than yourslef to get where you want to go. Remember, Success is Duplicable.

Tags: , , ,

Category: Financial freedom, Financially Elite Blog