So what is a frugal person anyway? How would I recognize one among all the people that I meet every day. How do they behave that is so different from others? How does one person build wealth while another struggles to stay on top of his monthly bills?
Let’s look at some of the characteristics of a person focused on living a life of frugality. These are examples of what you should cultivate in your own thinking and behavior if you're interested in achieving financial freedom and peace of mind.
Not everyone is cut out for a life of frugal living. How about you?
Are you the type of person that...
...practices strategic thinking?Strategic thinking is an approach to planning your life with a long and broad view. It's planning that stretches as far as you dare attempt to see "over the horizon."
Here is a story about how one man was successful at living on less money because he deliberately selected an unconventional lifestyle as part of his strategic approach to life.
And, if you expect to retire early, you'll need accumulated wealth, and that means you'll need to maintain a focus on strategic thinking. Of course, everyone's definition of retirement is different, so the strategies will vary.
While we're speaking of strategic thinking and retirement, here is my basic retirement advice. You'll note that it has a strategic as well as tactical ring to it.
...resists peer pressure? Let’s look at an example of peer pressure from my professional career where others weren't so impressed with my approach to living inexpensively and the cheap used car I was fond of driving.
...will delay gratification? I'm eager to share my personal philosophy that helped me delay gratification and work myself into good financial shape mainly due to personal sacrifices and self investment.
If you're focused on being better prepared for you and your family, then I suggest you visit Family Survival Planning. It's a site made just for those who want to be prepared. As near as I can tell, my friends over there have all the bases covered with respect to being prepared.
Frugal living is different for everyone, but many of the characteristics discussed above are shared by individuals who have a focus on everyday frugality. Are you one of them?
There certainly is a broad scope of topics here at Frugal Living Freedom. When you think about it, money permeates so very many activities in our lives, therefore, being frugal encompasses a wide range of interests, from being employed to taking a vacation, and just about everything in between. Enjoy the variety, pick up some new ideas, and start making frugality a part of your signature.
I'm a big proponent of being debt-free, and I mean entirely debt-free - no mortgage payment. It's not essential for financial freedom, but you'll love the feeling once you get there. If you didn't have a rent or mortgage payment, how much more could you do for yourself with your current level of income? I suspect plenty.
If you ever hope to see an abundance of wealth, you need to plug the hole in your boat. The wealthy don't necessarily make lots of money, instead, they know how to hang onto what they make, and make it work for them.