Can being frugal make you rich or is it just a myth?

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I believe there are two kinds of people in the world. The first kind loves to spend, spend as much money as will make them happy. And the second category is the thrifty kind. These are the people who save as much as they can. They spend so little that by the time they will leave Earth, they will probably have saved a small fortune.

I want you to think which of these is the appropriate way to live and make use of your income? I have used the word necessary because no one can say either of these is right or wrong. One ideology can seem a little odd to you, and the other may be your ideal, but none is wrong.

Once you have thought of an answer, I want you to imagine a scenario. Imagine you won a billion pounds in the lottery, I know it is impossible to, but still, humour me. So, you have a total of £1,000,000,000 in your bank account; that are a lot of zeroes. Now, which living style would you follow, being a spendthrift or still be austere with your spending?

I think for some, the answer may have changed, and that is completely fine. Your real line of thought just let itself out of the bag. Now, let us find out how both work.

THE ECONOMICAL AND SAVINGS

Almost half of the population of the world follows the living style of being prudent with their expenses. Majority of these people are above 40. Some say it is because people after a certain age develop a maturity level that is unfound before that. Therefore, they only focus on the essential things in life and not on material belongings.

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These people live pretty sheltered lives, and their reasons will make it seem logical.

  • NEVER BE IN DEARTH OF MONEY

The first reason for this ideology is pretty apparent. By spending less, you will save more. As a result, you will never have to ask for money or get a loan from a lender like London Cash Lender because you have saved up for that situation. It means that people with this mindset would never have heaps of outstanding credit card payments because they never spend that much.

  • BUILD BETTER RELATIONSHIPS

A prudent being does not focus on the unimportant things in life. The latest version of the iPhone or a brand new car is not something he desires after. The elements of significance for him are his values and his family. As a result, these people tend to have better relationships. It is because they give them the mandated time and efforts, instead of lusting after their next purchase.

  • SHATTER THE PILES OF STRESS

Every person in the world knows that the future is uncertain. We do not have the means or the power to predict it. However, we can be prepared for it. A way to do so is to be financially healthy. A bank balance can save you from the most crisis. Consequently, frugality makes you worry less and is great for your mental health.

Some associate are being thrifty to being cheap; however, that is neither correct nor sensible. It is a way of living that can be the best for the people practising it.

THE PRODIGAL AND EXPENSES

Let us do a 180-degree turn and move to the opposite spectrum of the spendthrift and the extravagant. These people are generally the ones who are in their 20s and 30s and frugality is a concept that is pretty foreign to them. They believe in living every moment like it is your last.

  • ENJOY LIFE MORE
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Enjoyment is the driving force of every purchase that a spendthrift makes.

  • Going out for drinks every other night with your friends.
  • Buying a new outfit every week for work.
  • Spending your income on everything that is latest in the market.

All these may seem trivial to many, but this can bring a lot of happiness to the spender. Showing off your colour-changing glasses to your colleagues and them appreciating and awing over them can make you enjoy your life far more than the ordinary pair of eyewear.

  • CELEBRATE YOUR HARD WORK

Every adult works for most of his life. The average age of retirement is 60 and people start to work at about 25. So, that is 35 years of working every day for 8 to 10 hours. What would be the purpose of this, if you cannot celebrate it by spending a little too much? Even if you go overboard one month, it is outstanding; the next paycheck can cover for it. The important thing is you celebrated yourself by letting loose, instead of being wound up like a tight cable. Hence, they are never sullied or upset, rather lively and vivacious.

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  • NEVER SETTLE

I think the best trait of the spendthrifts is that they never settle for something by compensating. If they want to buy a Mustang, they will not let their budget constraint them and decide on a Volkswagen. Because they are like this for the mundane things, they are never satisfied by subpar results in their career or personal life as well. What do you think the outcome would be? Yes, their success rate is far elevated than the rest of us.

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Yes, the spendthrifts may not have as much money as the other lot of population, but the fullness of their hearts and their wholesome personalities quickly covers for it.

WINDING UP

In the end, I want you all to think of one thing whenever you want to spend too much or too little. And that is the fact that we only live once. Saving all your income or expending, all of it is entirely up to you. The former may make you productive with more money. The latter will fill up your plate with happiness. It is you who has to decide what is more important.

If you can maintain a healthy proportion of both in your life, then I would have to say some form of frugality can undoubtedly make you get all the riches in the world, and it is not a myth.

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