hat Frugality Can Do For You
Through talking with and learning from all of you, I’ve gleaned that no matter what precise path you’re on in life, the universal truth is that–without fail–frugality gives you options. The only demographic this doesn’t ring true for are the billionaires of the world–after all, they can pretty much afford to do anything. But for the rest of us, there’s a limit to our spending capabilities. And it’s alarmingly easy to fritter that spending away on seemingly innocuous things like lunches out at work, new cars, manicures, haircuts, and the list goes on…
Our culture makes it ridiculously accessible to spend money and unsurprisingly, it’s the default mode for most folks. Conversely, not spending takes more effort but yields the benefit of putting you in a position of power. Instead of being ruled by your money, you’re fully in control of it. I, myself, prefer to be in charge of most things in my life (Mr. FW can attest to this… ) and so the thought of letting my money dictate what I can do is abhorrent. Yes, indeed, I’m the dictator of my money. It’s not a democracy around here.
I firmly believe we’re all on our own unique journeys and I advocate the philosophy that there’s no one right way to execute your financial decisions or set your spending and saving targets. But there is no denying that frugality makes life easier. Full stop.
What Frugality Will Do For The Frugalwoods
Frugality will enable Mr. FW and I to reach financial independence by age 33. For quick reference, financial independence (commonly abbreviated as FI) means you have enough money saved that you can live indefinitely off the passive proceeds of those funds. For an average family earning a typical middle-class income, frugality is the most important component of becoming financially independent.