“Spending is fun, but frugality leads to freedom.” – the Wealthy Gardener
Life Lesson 5-2 Reminder: Frugality
Video transcript: You see wealthy people who drive expensive cars. They live in beautiful and luxurious houses. It’s obvious to you that they’re wealthy––while you’re not.
But the truth is you don’t really know if they’re wealthy, do you? You only see their spending—not their bank accounts.
What you really see is consumption. You can see how people spend their money––nothing more, nothing less. It’s no indication of their wealth. In fact, the more visible their spending, the less likely they’re saving.
“Rich people stay rich by living like they are poor,” says Robert Kiyosaki. “Poor people stay poor by living like they are rich.”
Everybody wants a cure for financial problems, but nobody likes the medicine. Frugality is the medicine.
If you want financial security, if you are more than a talker, you will curb your spending. Delayed gratification is the key to financial accumulation.
You must not think of yourself as too good for sacrifices, nor think that you’re entitled to free time, entertainment, comforts, status symbols, or showy extravagance. Instant gratification prevents long-term wealth.
Frugality seems like a sacrifice, and it is. It’s a sacrifice you willingly offer for a specified time so that one day you will enjoy the benefits of wealth.
“One cannot both feast and become rich,” an Ashanti proverb tells us. Spending is fun, but frugality leads to freedom.
Spending is instantly gratifying, but it can lead to wage slavery. Spending may feel good today, but delayed gratification will make you wealthy tomorrow.
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