Just as you have to dress for the job you want, if you really want to be become rich, you have to think like one. Today, I am going to give you some interesting money saving secrets of the rich and frugal …
First off though – Rich is a mindset just as living frugal is. So the first thing you have to do is get into the right mindset and what better time to do it than right before a new year.
So let’s start with where you are placing your money. Before you start saving, it is important that you find the best bank to handle your savings that you are going to incur as a result of your changed mindset.
You may not be able to control interest rates, but you can control a large amount of the discretionary part of the way you live. If you want to get some great ideas on where to place you money read my article Frugal Tips on Where to Place Your Money. OK – here’s some frugal tips for you.
Does the Wealthy Buy on Impulse?
You see, there’s a reason they’re wealthy! If every wealthy person went out and purchased everything on mere impulse, we wouldn’t have very many wealthy people in this world. Once you are wealthy, if you want to maintain your financial stability, peace, and happiness, you can no longer purchase items on pure impulse.
Not only will you regret it later financially, you will be unhappy and lack peace because of suck reckless spending. I have noticed that wealthy people who built their wealth from hard work have a tendency to be a bit more mindful and cautious when it comes to spending recklessly. Perhaps there is a reason they have money?
Wealthy People Love Bargains
When we picture a wealthy person, we picture an individual who is able to go out and buy anything they please. While they are able to buy anything they please, believe it or not, many wealthy people love bargains. It goes back to the mindset of being frugal. Just because you have the money to burn does not mean you should be irresponsible.
Wealthy People Are Good Money Managers
Wealthy people are focused on making sure they manage their money properly. Some of them actually hire an accountant to manage their money. Of course, you don’t have to hire an accountant, you can easily teach yourself how to be an excellent money manager. I am a member of the YNAB Forum and use the YNAB budgeting software to manage my budget.
Keep Your Home Simple
Millionaires can afford a huge mansion with everything they want and many do – look at the Billionaire, Bill Gates – living in a 147 million dollar mansion, but you have frugal billionaires such as Warren Buffet living in a 31,500 dollar home that he purchased in 1957. Point blank, you may have a lot of money, but that doesn’t mean you have to have a mansion.
Well those are some secrets of the rich and frugal. Start 2015 with a bang and begin the frugal lifestyle. Are you ready to start making some changes in your life today? Share how you plan to do so below.