A lot of people have chosen their path to wealth by adopting the frugal lifestyle.
These are the people who will get offended when you mention frugal and cheap in the same sentence. They will do anything to convince you that there is a big difference between the two. To me, they are both the same thing.
Unlike some trash picking bloggers out there or people who are too cheap to pay an extra 50 cents for food and wait for it to go on sale, I am here to tell you that frugality is what will stand in your path to riches. These are the reasons why you should stop being frugal:
1. Develop an Abundance Mindset
Firstly, frugality will stunt your development of the abundance mindset. You probably may have heard the sang that the rich will get richer and the poor get poorer.
The Law of Attraction will bring you what you want out of life. If you are subscribing to the scarcity mindset, you are sending out a message to the universe that you are poor. This is where your life will remain if your actions and thoughts are not congruent to your beliefs.
2. Train your Risk Tolerance
Taking risk is something that is mandatory when it comes to building wealth. What will your risk tolerance be if you can’t spend a few dollars here or there on a doodad?
People who do not have a high level of risk tolerance are often happy in the rat race. They are attracted to stability, comfort and security. Any form of investment will be considered too risky. Ideas of starting a business, investing in stocks and playing the real estate market are thoughts that would not cross their mind.
If this is the life that some people would want to live, I am not in the position to judge.
3. Learn to Enjoy Life
The future is unpredictable. If you don’t enjoy your life right now, you may not get the chance to. Of course, if you enjoy being frugal, then keep doing what you’re doing.
There are many people who are frugal because they believe that it will lead to wealth. This is a common misconception. Are you doing it for the right reasons?
Treating yourself to something nice once in a while will not be the end of world especially if you do it in moderation. This goes back to the whole debate of enjoying life now or delaying gratification.
4. Money can Disappear
Instead of spending years on self-deprivation, learn how to make money by starting a business or other forms of investing. Wealth is built through knowledge and skill building.
Money is something that can disappear at a blink of eye but your skills will remain with you forever. It is much wiser to learn how to make money instead of spending years saving it up only to have disappear. If for what ever reason you end up losing your funds, you will have what it takes to make more. People who don’t have this skill will continue to be frugal and the initial time they put in to be frugal will be a waste.
5. Negative Impact on your Relationships
Believe it or not, frugality can have a negative impact on your relationships.
How would your life be if you’re too cheap to go out and socialize with family, friends or even network with like-minded people? Although you do not always have to spend money when going out, most of the best life experiences out there will require that you do.
6. Health Consequences
I hope that most people have not taken frugality this far but I have a friend who chooses to eat instant noodles 7 days a week. When I say chooses, I mean that it is well above his means to buy food that are more healthy and nutritional.
On top of that, he had refused to purchase a gym membership simply because he does not want to spend any money on it. As you can see, frugality can have health repercussions for those who choose to take it to the next level.
7. Invest In Yourself
Lastly, start making some investment in yourself. Be it to purchase more books, treat yourself to something nice more often or doing something you like, you will be in a much better mood to work toward your goals. Constant misery caused by a frugal lifestyle may keep you in a downward spiral filled with negativity.
I already know that there will be a lot of mix reactions to this article.
Do keep in mind that I am not telling you to stop keeping track of your finances or to waste all of your money away. All I am saying is that you should not be a slave to money and let it stand in your way to finding happiness.
Do you agree with all of this? I would like to know.
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