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Frugality is the Foundation of Wealth

Updated on July 1, 2019
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I've been an independent financial planner for several years now. I try to keep my advice as objective as possible.

Frugality is fundamental to wealth building.

What does it take to build wealth? A very high income or big windfall right? The truth is you don't have to have a high income or win the lottery. It's more about diligent investing of the money you already have. But where do you get the money to invest? You get it by being frugal. Frugality is the wise use of monetary resources. It starts with how you think. Think first before you spend money each and every time. Being frugal is more about defense. Making a high income is more about offense. Either one can work. But the one you have more control over is how much you spend. Remember it's possible to outspend any income no matter the level.

We are encouraged to spend money by society. Everywhere we turn we're told that if we just had this product or service our life would be more fulfilling. And so much of what we do as human beings is related to status. Status is a trap! Be wary of going down that road. I think spending money is fine if it's reasonable and it gives you satisfaction. Think how nice it would be not to have to work anymore for survival though. This scenario is very possible if you squirrel away money and let it grow. What's worse we are encouraged to go into debt as well which is bondage. Debt is literally mortgaging your future self. Don't do it! You have to put a stop to both excessive spending and debt if you want to build wealth. It's time to go from a spending mindset to an investing mindset. I personally like watching money grow. It gives me more pleasure than spending. You can do the same. And remember money makes money which gives you more options.

I've been a saver and investor ever since I was in credit card debt in the 1990's. I feel like an oddball sometimes though because it seems like most people would rather spend than save. The pressure to fit in is not to be underestimated. It's very hard to build wealth and net worth! There are powerful forces outside of us that are working against us! Most of us can't directly control how much money we make, but we can become more frugal. Frugality consists of getting a deal whenever we've decided that spending is the right course of action. That involves planning and research though, and those aren't real fun are they?

Change the way you do business and realize wealth is more about frugality than having a monster income. If you always live below your means then you'll have a built in surplus to invest. This surplus represents your financial freedom from reporting to a mean boss, being in debt, and having limited options in life. It's not even about being rich. It's about being free and having choices. And frugality is your ticket there.

© 2013 Blair Williamson ChFC®


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