Practice Frugal Wealth

Most people think that wealthy people spend extravagantly and live a life of luxury. But this is simply not the case. In this video, I will share with you how to live a life of frugal wealth – where you can enjoy all the benefits of having money without all the showiness.

Timecodes:

0:00 - Intro
0:49 - Keep Us Grounded
2:28 - Less Taxes
4:16 - Low Expectations
6:10 - Focus On What Matters
7:14 - Frugal Wealth = Happier Life

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LINKS:

DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

[ryanwilliams]

Biggest lesson i learnt in 2022/23 in the trading market is that nobody knows what is going to happen next, so practice some humility and follow a strategy with a long term edge.

[dogegamer]

As long as frugality doesn't rob your life of family, friends, great memories lived without regret. Life is much more than about money and nobody should aim to be the richest man in the graveyard.

[ShauninParadise]

Im retired since 40. Married well and moved to Mexico 🇲🇽. Quality of life through the roof, dont own much, but don’t have many bills or debt. Not the fanciest life but my time is my own. Less is more yall ❤

[BarbellFinancial]

Being frugal isn’t about not spending. It’s about only spending in alignment with what you value. Our savings rate is 70% and we have everything we want and need.

[NiklasAndersson]

The lower your self esteem = the higher your costs - and it won't even make you happy. This is today's truth. Thanks for the video. I agree 100%. Today I live within my means, invest about 50% of my salary and reinvest the dividends. My anxiety and blood pressure have dropped to normal levels...

[wvisser]

"Money isn't that important once our basic needs are met", so so true.

[mmp]

I made my last mtg. payment on my house last month. There is nothing like the feeling of financial freedom and the safety and security it offers my family and I. Frugality, focus, discipline and saying "no" is very key. Safety and security is my "why".

[davidbrayshaw]

I am fortunate enough to have been born and raised in a fairly affluent suburb in Melbourne Australia. We had four neighbours in our immediate vicinity that were very wealthy indeed.
When I say wealthy, I mean captains of industry type wealthy. Not one of them put on an overt show of wealth. Only one of them owned a house that was above average for the area and even then, it wasn't outrageous. Another lived in a small brick veneer on a small block.
Yes, he upgraded his Jaguar every two years but he owned a business that employed four hundred people, so why not. One lived in a fairly rundown weather board cottage and the fourth had a homely but very dated house that just "blended in". There were a number of moderately wealthy people that lived in the area that were all pretty much the same.
Then the 80's came, and with it, came new wealth. Big new houses, shiny new Mercedes, boats and swimming pools came with it. And then the 90's recession came. 18% mortgage rates and 10% unemployment came with that.
And that's when the banks started putting up mortgagee auction boards around the suburb.
And the banks put the auction boards up on all the new shiny houses with the cars and the boats and the swimming pools, but strangely, not the old houses with old cars parked out the front and no boat and no swimming pool.
I'm in my fifth decade now. I learned a very long time ago that a great number of truly wealthy people are frugal. And I learned a very long time ago that most of the time, people who you believe to be wealthy, really aren't. And that's why the old saying, "wealth whispers while debt screams" persists to this day.

[putsomesugainmytae]

There is less pressure from friends and family if you’re living frugally. My brother and I did similar degrees and both finished off our student loans within 5 years of graduating. I forbade my parents from telling anyone that I finished my loan but my brother didn’t and he would often show off his new bmw, whereas I still drive my Elantra. People naturally expect him to give them more expensive gifts and lend them money. I actually have more money saved up than my brother atp.

[delbomb]

It's important to remember that with the progressive tax system when you reach a new tax bracket income over that level is taxed at the new rate, not all your income.

[manualgearshift]

My parents have always been frugal and my paternal grandparents, although very wealthy, were the nicest and most unassuming people you’d ever meet. When I was a kid I was jealous of how other kids’ parents spent money while my parents had no interest in new cars and bigger homes. My parents retired early, consider everyday Saturday, still live on a strict budget well below their affordability level, and (unlike others I know, including extended family) have never ever called me for money.

[kentlatimer]

I am a high end house painter in the Nashville TN area. I have lived by these principles my entire adult life. I was living in Philadelphia when the 08 bubble burst. I was wiped off the map. I lived a bare subsistence lifestyle for years after, and there were many times when I felt I would never recover. It was only my discipline that kept me going. But Nashville has been good to me, and I did recover, with the help of good friends, and my reputation. Now I own my first, and perhaps only, modest home. I keep myself and 4 cats fed. There's almost always a $100 bottle of Scotch on the bar tray. And I do this all while working about half time and saving somewhere in the 40-50% range. I do not live the life of most of my peers, and I am totally cool with that. This year was an outlier for me. I was already doing fairly well when I got a celebrity call. My income rose by 30k. What did I splurge on? A $400 wool mattress topper, a $300 Fender Bluetooth speaker, and a $765 set of custom kitchen knives made by a community friend of mine. All 3 of these things will greatly enhance my quality of life, for slightly less than 5% of my excess income.

[chessdad]

I enjoy riding my bicycle to the store and library. As practically the only person on the sidewalk, constantly I am passed by expensive cars. But I always get a secret chuckle as little do they know that the bicycle bum has a much greater net worth than they may suspect. I have zero interest in trying to impress anyone. Except on the chessboard. ;-)

[faithbenedict]

My dad's wife called me cheap the other day (she said it snarky) and then she realized everyone was watching her be snarky, so she was like "but in a good way"... I don't feel like I'm cheap, I'm frugal. I paid double for my house this year, than what my dad had bought his house for last year (1 block away from each other), just so that i could be closer to him and have lots of time to be with him before we cant do fun things together anymore. If i dont go shopping every week, its not because im trying to be cheap, its just because its not adding value to my life. I'll pay top dollar for something that i think is worth it (to me). I don't think I'm original in the way that i think, but sometimes it's nice to hear that others are doing the same as me. It's funny because I don't push for spenders to save, but they definitely love to say something about how i live bahaha.

[anderspekkarinen]

I've been practising frugal wealth for 2 years, I've never been happier. I have everything I need and actually have money in the bank for unexpected expenses.

[WinorNt]

I know some people think that I am being cheap for not buying the latest gadgets, fancy clothes, or go to upscale restaurants. I use to buy them but then realized i felt good for a little bit but then dissatisfied when the newest trend or gadget changed because other people had it. I wanted to fit in or get the attention. I stopped and focused working on my charisma, fitness, and personality. I'm happier now having good friends and little debt to stress about. Sounds like a win-win.

[john-wiggains]

Living the way you want is true wealth. I appreciate that line. Doing what I want, not buying what I want, is where freedom really sets in.

[jvvoid]

I haven't needed to budget for over 15 years. I buy what I need, and on extremely rare occasions buy what I want. I question every purchase, research and price check every large buy, utility or service. I revel in the discipline of the mindset. It can be time consuming, but it's very rewarding.

[AliceHh_]

I am aware that continuing to invest during periods of volatility can be a smart way to build wealth. I’ve heard testimonies of people accruing over $250k this red period. What measures can I take to ensure this?

[ag]

When you can finally afford a Lamborghini, you no longer want one. This is another definition of true wealth.