What are the three words that profile the affluent?
FRUGAL FRUGAL FRUGAL
Websters defines “frugal” as: “behaviour characterised by or reflecting economy in the use of resources”
Being frugal is the cornerstone of wealth-building. Often, self made millionaires become millionaires by budgeting and controlling expenses and they maintain their affluent status the same way. They are disciplined, they plan, they budget, and this translates into wealth. Living frugally is not to be confused with living with poverty consciousness. What does the word ‘frugal’ mean to you?
Frugality is about sensibility, it is about value for money, it is about appropriate exchange. Frugality is about expansion and integration whereas poverty consciousness is about contraction and fear.
However much or little we have, we do have a choice in every decision we make.
We can choose to be frugal, knowing that in doing so we can still get a whole lot out of life, whilst contributing in return or we can choose to feel sorry for ourselves, operate from poverty consciousness, slam on the brakes, stop giving, back ourselves into a dark and lonely corner.
How do you plan to budget and control your spending this year so that it translates into wealth?
Think like a millionaire!
Excerpt from “The Millionaire Next Door” by Thomas J Stanley PhD & William D Dank PhD