Ask Leo: Is being frugal and stingy one of the best ways to accumulate wealth?

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In the quest of being successful and wealthy, people tend to try whatever means to achieve this. Some of these ways is by being frugal and stingy. Initially I thought these two mean the same thing, but thankfully I searched for their meanings and I realized they have different meanings.

Being frugal means making calculated spending. That is weighing your budget and making the spending that are necessary and won't affect your budget. You know a lot of people just like to spend without calculating first and they end up spending what is not supposed to be spent. But as a frugal person, you get to calculate first, weight it and see it its necessary and important before you make the more.

Stinginess on the other hand is the lack of generosity whatsoever. They are unwilling to spend, give ot take money out. Most of these people come out as mean and might not even take money out if it means saving their lives or those close to them. The only time they will take out money is if its bringing in return for them and that's all.

Back to my question, could these two help in accumulating wealth? Yes. Should one now become these two just in the name of accumulating wealth? No. Being frugal to some extent is OK. You make calculated spending and risks. You don't just spend money anyhow, you make sure your spending is needed and necessary. Stinginess? Absolutely Not. The fact that's a faster way to accumulate wealth doesn't mean its a good method. Infact, its a bad one. What makes us human if we can be generous sometimes? What is even the essence of living if you can't spend money to keep your health and make life better for oneself? You'd see people with money not having good clothes on their body or having good living conditions and you ask what the essence of gathering these wealth are for? As each day passes, we lose time in all the years we're blessed to have on this earth? Who knows who is going to make tomorrow? Only this moment is guaranteed. Should one now live in the moment like there is no tomorrow all the time? No. Definitely we have to think about the future but along the line, also live and make life better for oneself as much as we can.

In conclusion, being frugal to some extent is OK in accumulating wealth plus all other methods there is but stinginess should in be a part of it.

THANK YOU FOR READING MY BLOG THIS MORNING, HAVE AN AMAZING DAY.

Posted Using LeoFinance Beta



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Been frugal is ok, but been stingy is never a way to accumulate wealth, been stingy is always finding a way to run away responsibility, to some extend been frugal is also been stingy, because in this world they will be always need to do something, and if you use the opportunity to run away for responsibility is also been stingy.
Family will always be a call away, some if you use the method that they is always something to do, and not attending to their call, to me is been stingy and not been frugal.
And just because tomorrow is not guarantee doesn't mean that we shouldn't save,and be living anyhow, ever if you tomorrow is not guarantee, the tomorrow of your children should be guanrantee by you.

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Absolutely, one need to constantly think about the future and work towards making life easy and better for our kids. One just need to be strategic about it and remember to live too. As you are saving, also remember to live and take good care of yourself. Some stingy people appear to even endanger themselves by not taking proper care of themselves.

Make calculated spending,
Invest,
Save,
And live.

Thank you so much for the nice comment.

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"You don't just spend money anyhow, you make sure your spending is needed and necessary."


I like to say to friends and family, “Buy Value.”

Buy the things that have value for yourself and your family. Value implies that the product will have usefulness. Most overspending happens, especially here in the US, when people do not give much thought to what they're buying because they're usually buying on impulse, and that doesn’t give them enough time to properly evaluate if they’re actually going to use the thing that they're buying.

It is kind of like buying a boat, because you love the idea of sailing, but never have the time to use it (because of work, family or other obligations), so it sits in a harbor, as you are paying for maintenance costs, renting the harbor space, and paying the debt service payments because you bought the boat on credit.

If people buy what they actually use, and save and invest the rest, people would have much more wealth.

Great post @gloriaolar.

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You are absolutely right. Impulse buying is so dangerous and living above above one's income is very dangerous as well. Its high time people tend to differentiate between wants and needs and also try not to live in order to impress other people.

Thank you so much for that amazing comment.

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