Living Below your Means?
I’ve often discussed the concept of how to live below your means. I believe that it’s the cornerstone of living well in the financial sense, so I’ve decided to reflect on a couple of financial philosophies that all of us have been practicing in some form or another. I revisited the questions:
I’ve often discussed the concept of how to live below your means. I believe that it’s the cornerstone of living well in the financial sense, so I’ve decided to reflect on a couple of financial philosophies that all of us have been practicing in some form or another. I revisited the questions:
- Do you spend less than you earn?   Or …
- Do you earn more than you spend?
They sound like they’re the same thing at first glance, but when I reflect on these questions, I realize they don’t exactly mean the same thing, and that I lean towards the approach of “earning more than I spend†more than I do its counterpart. I prefer to earn more than I spend — meaning that I focus more on income generation than I do on cutting costs, although I definitely employ both tactics in order to build my net worth. This is the case because I’d like to have the option of being able to enjoy creature comforts and a few luxuries on occasion. Having money simply means having more choices. Continue….
My Comment:
I am definitely a frugalist in the truest sense of the word. Â I tend to approach purchases from a pragmatic standpoint. Â Yes, I do have my times and weaknesses, but by-and-large I still to my frugal ways…call me cheap if you wanna.
