Can one get rich by being
frugal? That is one possibility. Having peace of mind is another.
What exactly
does the word frugality mean?
The freedictionary.com website defines the word frugality, not in terms
of miserliness, but rather in terms of the economy, suggesting
frugality is “practicing or marked by economy, as in the expenditure of money
or the use of material resources or costing little; inexpensive”.
How does frugality pay? What
are the benefits and implications of living a frugal lifestyle?
“Frugal living does not imply additional thriftiness,
rather it implies better money management and to live smartly."
In terms of dollars and cents,
frugality means learning how to manage one’s money in a better, smarter
way.
Not everyone learns how to
manage money smartly or properly as children, teenagers or as adults. For
many people, these kinds of lessons are not the kind that are learned until
they are confronted with hardship, job loss, unemployment or a lifestyle in a
negative, economic situation of some kind. Most people look at money as
something that they have to spend and enjoy; perhaps they some save for a rainy
day, but not as a rule of thumb. Most people overspend or wind up in debt.
One of the basic rules of frugality is
learning how to distinguish one’s needs from one’s wants. Being frugal, one
learns that basic needs must be or become a priority.
Perhaps one of the largest
problems related to the need for frugality in our era, has to do with the
rapidly declining, global economy. There are many seniors and a large number of
baby boomers about to enter into retirement.
Many people who are now elderly
seniors were forced to learn frugality and practice it prior to, during and
post World War ll. Many of the older baby boomers grew up in homes where
frugality was an accepted and appropriate life style for every community, particularly in conjunction with large families, which were the accepted norm of
that day.
Addressing frugality in this
era, the basics of frugality are still the same, namely that of good economic
money management and learning how to live smarter.
Living better does not
necessarily mean spending more money. With good money management
practices, it can mean spending less money and saving more money. Frugality
pays, as one sees his or her basic needs being met. After one becomes
financially secure is the time to fulfill the personal desires one harbors.
Even then, frugality is still a good practice.
Financial independence is one
of the primary benefits of frugality. It involves a strong work ethic,
which many seniors and baby boomers have learned, while the younger generation
may not understand its merit. Teenagers and young adults can learn to break
free of dependency upon their parents and grandparents by learning how to
manage their money better and learning how to live smarter financially.
Freedom from debt and ongoing or recurrent monetary crises is another advantage
of frugality.
In closing, one must address
rising global, humanitarian needs and suggest that those who are accustomed to
frugality are in a position to assist others in some way, while those who are
not may need assistance from them.
Will one get rich being frugal?
Some do, but getting rich may no longer be their primary goal as values change
over the years. What originally seemed so important in terms of the
accumulation of wealth may no longer matter, in the light of the love of one
another.
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