The Four Different Types of Money
.The Four Different Types of Money
By Raphael Zeder | Last updated Jun 26, 2020 (Published Sep 17, 2016)
In economics, money is defined as a generally accepted medium of exchange for goods and services. Virtually anything can be considered money, as long as it performs what we call the three major functions of money (i.e., medium of exchange, store of value, unit of account).
With this in mind, it is not surprising that there were different types of money throughout history. To give you a brief overview, we are going to take a look at the four most relevant ones below: commodity money, fiat money, fiduciary money, and commercial bank money.
The Four Different Types of Money
By Raphael Zeder | Last updated Jun 26, 2020 (Published Sep 17, 2016)
In economics, money is defined as a generally accepted medium of exchange for goods and services. Virtually anything can be considered money, as long as it performs what we call the three major functions of money (i.e., medium of exchange, store of value, unit of account).
With this in mind, it is not surprising that there were different types of money throughout history. To give you a brief overview, we are going to take a look at the four most relevant ones below: commodity money, fiat money, fiduciary money, and commercial bank money.
Commodity Money
Commodity money is the simplest and, most likely, the oldest type of money. It builds on scarce natural resources that act as a medium of exchange, store of value, and unit of account. Commodity money is closely related to (and originates from) a barter system, where goods and services are directly exchanged for other goods and services.
Commodity money facilitates this process because it acts as a generally accepted medium of exchange. The critical thing to note about commodity money is that its value is defined by the intrinsic value of the commodity itself. In other words, the commodity itself becomes money. Examples of commodity money include gold coins, beads, shells, spices, etc.
Fiat Money
Fiat money gets its value from a government order (i.e., fiat). That means, the government declares fiat money to be legal tender, which requires all people and firms within the country to accept it as a means of payment. If they fail to do so, they may be fined or even put in prison. Unlike commodity money, fiat money is not backed by any physical commodity.
To continue reading, please go to the original article here:
9 Symptoms of an Unhealthy Relationship with Money
.9 Symptoms of an Unhealthy Relationship with Money
Do you have a love-hate relationship with money? Different people feel differently about money. Sometimes you feel confident about your financial situation. Other times you feel guilty about the money you spend. Some of us enjoy looking at our bank accounts, while some feel dreaded. Your relationship with money depends upon how you treat it. Whether you consider it your trusted friend or something that causes frustration, fear and guilt.
The good news is, no matter how unhealthy your relationship with money is, you can always take steps to improve it. However, to make that happen, you need to identify the habits which are causing you to overspend or preventing you from spending even on your basic comforts and necessities. In this article, we are going to discuss the symptoms that indicate you have an unhealthy relationship with money. But first, let’s discuss what is a healthy financial relationship.
9 Symptoms of an Unhealthy Relationship with Money
Do you have a love-hate relationship with money? Different people feel differently about money. Sometimes you feel confident about your financial situation. Other times you feel guilty about the money you spend. Some of us enjoy looking at our bank accounts, while some feel dreaded. Your relationship with money depends upon how you treat it. Whether you consider it your trusted friend or something that causes frustration, fear and guilt.
The good news is, no matter how unhealthy your relationship with money is, you can always take steps to improve it. However, to make that happen, you need to identify the habits which are causing you to overspend or preventing you from spending even on your basic comforts and necessities. In this article, we are going to discuss the symptoms that indicate you have an unhealthy relationship with money. But first, let’s discuss what is a healthy financial relationship.
What Is A Healthy Relationship With Money?
When we read the word “health”, nutrition, exercise and good sleep are what comes to our mind. We never consider money a part of our health. The truth is, to maintain a healthy lifestyle, you need to have a healthy relationship with money.
You need to consider your financial health as an important component of your overall wellbeing. If you want to develop a healthy relationship with money, you need to identify the problematic habits you have built around money over the years. Once you have identified these problems, it will get easier for you to manage your finances in a better way.
When you have a healthy relationship with money you are:
Intentional in your spending
Have reasonable or low debt
Saving to achieve your monetary goals
Investing in an emergency fund or insurance
Our spending habits stem from our childhood. The believes we learn about money as a child stick with us forever. Our beliefs regarding finances are what drive our financial behavior.
This makes it important for parents to cultivate healthy financial habits in their children. Doing so, they can prepare them to manage money in a better way as they enter adulthood.
How To Improve Your Relationship With Your Finances?
Now you must be wondering how to enhance your relationship with money. The answer is simple.
Just like any other relationship in your life, you can improve this relationship with love and compassion. If you want to build a healthy relationship with money, you need to love it no matter what the circumstances are.
To continue reading, please go to the original article here:
Frugal Living Tips from the Great Depression
.Frugal Living Tips from the Great Depression
January 16, 2022 by A Dime Saved
How frugal were people during the Great Depression? It was a time of hardship and uncertainty. Many families lost their homes or had to live with relatives that could afford to take them in, as they struggled to find work. Here are some frugal living tips from the great depression so you can save money now and avoid going broke!
First, let’s talk about some background about the Great Depression and why so many of our frugal living tips come from that era.
How the Great Depression Impacted America
Frugal Living Tips from the Great Depression
January 16, 2022 by A Dime Saved
How frugal were people during the Great Depression? It was a time of hardship and uncertainty. Many families lost their homes or had to live with relatives that could afford to take them in, as they struggled to find work. Here are some frugal living tips from the great depression so you can save money now and avoid going broke!
First, let’s talk about some background about the Great Depression and why so many of our frugal living tips come from that era.
How the Great Depression Impacted America
During the Great Depression, American families made due on much less than we do now! Families often lived out of their cars, as they moved from place to place in search of a job.
When frugality was necessary because there wasn’t much money around, it became ingrained into the culture of the American people. A lot of these frugal ways still exist today and you can use them to save money too.
What was life like during the Great Depression?
Life during the Great Depression was difficult. Families often didn’t have enough money to buy food, clothes, or shelter.
Many people were forced to live in poverty and unemployment was high. Some families even had to sell their possessions just to survive.
However, many Americans also found ways to be frugal and make due on less. They frugally reused and recycled their old items, grew their own food in gardens or fruit trees, bought used clothing and furniture instead of new ones they couldn’t afford anyway, and even found ways to entertain themselves without spending money.
Many frugal living tips from the Great Depression continue to be used today. They have been passed down through generations and are still in use because they work.
Just like during the great depression, frugality is necessary for people who can’t afford a lot of things or don’t get paid enough to make ends meet. Many families live frugally without realizing it, and there are many ways to do so.
How to Make Your Own Clothes and Save Money on Material Costs
To continue reading, please go to the original article here:
https://adimesaved.com/frugal-living-tips-from-the-great-depression
My Mama Always Told Me – You Better Have Your Own Money
.My Mama Always Told Me – You Better Have Your Own Money
MadMoney Monster
Warning: This post recounts a tale of hardcore MOM advice from yesteryear.
Moms, they’re funny creatures, aren’t they? They lecture us about not getting enough sleep, they threaten to not babysit when we ignore them for too long, they give us constant unsolicited advice on parenting, marriage, and cooking. And yet, no one in the world loves us more.
Recently, I’ve been thinking about all of the advice my mom gave me as I was growing up. Looking back on it, that advice certainly did shape my thoughts and the way in which I operate in this world. Today, I’m going to share a piece of pillar advice I heard from my mom over and over again – “Always have your own money!”
My Mama Always Told Me – You Better Have Your Own Money
MadMoney Monster
Warning: This post recounts a tale of hardcore MOM advice from yesteryear.
Moms, they’re funny creatures, aren’t they? They lecture us about not getting enough sleep, they threaten to not babysit when we ignore them for too long, they give us constant unsolicited advice on parenting, marriage, and cooking. And yet, no one in the world loves us more.
Recently, I’ve been thinking about all of the advice my mom gave me as I was growing up. Looking back on it, that advice certainly did shape my thoughts and the way in which I operate in this world. Today, I’m going to share a piece of pillar advice I heard from my mom over and over again – “Always have your own money!”
First, let me preface this by saying, I completely understand that not everyone lives this way. And that’s okay. The purpose of this post is to enlighten and entertain. I am in no way suggesting that EVERYONE should always have their own money because my mom said so. Now, with that said, let’s dig into why my mom told me that and how it has affected my life in a positive way. Here we go!
ALWAYS HAVE YOUR OWN MONEY
So just what did my mom mean by telling me to always have my own money? She meant exactly that – Always Have Your Own Money. In other words, I should strive to always be able to support myself, regardless of what circumstance life decides to throw my way. And regardless of what circumstances I get myself into.
Parents always have their children’s best interests at heart. They want their children to Do More and Be More. Their wish is for their children to always be happy, healthy, and never experience discomfort. And, they hope their children have plenty of money and enter into solid, well-suited relationships. But let’s face it, all these hopes and dreams and wishes don’t always take shape. And when they don’t, it’s nice to have, you guessed it…Money.
Money obviously isn’t a cure-all, but it sure does offer up some wonderful options when life throws you a curveball. With money, you can endure the emotional stresses of a difficult time without having to worry about how you’re going to pay the mortgage or buy groceries. With money, you have the luxury of taking a breather and contemplating your next move. This is something my mother never had.
REASONS FOR THIS ADVICE
To continue reading, please go to the original article here:
https://madmoneymonster.com/2017/10/11/my-mama-always-told-me-you-better-have-your-own-money/
The Mindset That Distinguishes the Successful from the Average
.The Mindset That Distinguishes the Successful from the Average
By Lars Beke
Being the best is not an easy task. That’s just the inconvenient truth. Ask Donald Trump, Anthony Joshua, Usain Bolt, Mark Zuckerberg and other successful people out there, all of them will tell you one thing: Success doesn’t come cheap on a platter of gold. You just have to work for it. That is, you need to do things differently if you want to stand out from the pack. You also need to have a different mindset to be more successful than others.
In fact, the difference between the best and rest is nothing but their mindset – the established behaviors and beliefs held by them. For instance, if you give two people the same time and the same amount of money to start a business, you will still find out that one person will still be more successful than the other.
The Mindset That Distinguishes the Successful from the Average
By Lars Beke
Being the best is not an easy task. That’s just the inconvenient truth. Ask Donald Trump, Anthony Joshua, Usain Bolt, Mark Zuckerberg and other successful people out there, all of them will tell you one thing: Success doesn’t come cheap on a platter of gold. You just have to work for it. That is, you need to do things differently if you want to stand out from the pack. You also need to have a different mindset to be more successful than others.
In fact, the difference between the best and rest is nothing but their mindset – the established behaviors and beliefs held by them. For instance, if you give two people the same time and the same amount of money to start a business, you will still find out that one person will still be more successful than the other.
The Mindset that Distinguishes the Successful from the Average
Why? It’s their mindset.
It is their mindset that influences the decisions they make, the way they react under pressure, and how they handle issues. Wondering what those mindsets are? Below are the mindsets that distinguish the successful from the average, the rich from the poor and the best from the rest.
1. They Never Give Up
The recent bout between Anthony Joshua and Wladimir Klitschko is a vivid example of how successful people don’t give up.
In the 6th round, Klitschko had the upper hand, giving Joshua some heavy jabs until the English man was knocked down in that round. However, despite this setback, Joshua did not give up.
He recovered in subsequent rounds and in the last round, he gave Klitschko an uppercut which sent the Ukrainian professional boxer down and the rest is history now.
Joshua won the bout not because he was more experienced than the former heavyweight champion Klitschko but because he had the mindset of not giving up.
2. They Are Self-Motivated
Self-motivation means the ability of a person to accept and complete any tasks without seeking any external inspiration from other people. It is a fact that people who are self-motivated are more successful than those who are not.
The best people in any field don’t need others to inspire them.
They can motivate themselves. This is because unlike the average people, the successful people have the passion, zeal, willingness, and enthusiasm to follow through their plans and overcome any challenges.
To continue reading, please go to the original article here:
https://wealthygorilla.com/mindset-distinguishes-successful-average/
5 Tips from Billionaires to Help Achieve High Productivity
.5 Tips from Billionaires to Help Achieve High Productivity
By Will Chou
There are a ton of viral articles out there that are about “habits of millionaires” or “habits of successful people.” Quite frankly, they are a bit plain and overdone. This advice comes directly from dozens of interviews and books by billionaires I have consumed. I decided to get advice from only the best of the best.
Here are 5 tips from billionaires on how to achieve high productivity:
1. Keep Your Calendar Simple
Keep your calendar clear and organized. Rather than having hundreds of complicated tasks on there, simplify it to the most important. Drop the rest.
5 Tips from Billionaires to Help Achieve High Productivity
By Will Chou
There are a ton of viral articles out there that are about “habits of millionaires” or “habits of successful people.” Quite frankly, they are a bit plain and overdone. This advice comes directly from dozens of interviews and books by billionaires I have consumed. I decided to get advice from only the best of the best.
Here are 5 tips from billionaires on how to achieve high productivity:
1. Keep Your Calendar Simple
Keep your calendar clear and organized. Rather than having hundreds of complicated tasks on there, simplify it to the most important. Drop the rest.
The average person has many low-priority tasks that distract them on their calendar. It’s not a good idea to stuff your calendar with a thousand, small random tasks.
Warren Buffett has mentioned this many times in interviews.
Bill Gates has remarked about how amazing this is after learning it from Warren. Bill has used it himself since then.
2. Do What’s Most Important First
Your most important task should be done first when you start the day.
Average people fill their day with unimportant tasks. The start of their day is filled with tasks that could have gone undone and had minimal impact.
By the end of the day, their most important tasks are still incomplete and often pushed off until tomorrow. This leads to further procrastination and small results.
They were busy but not effective or impactful. You don’t want to be the person who does busywork to look busy rather than strategic, smart work.
Warren Buffett’s pilot, Mike Flint, learned this lesson after talking to Buffett.
Mike learned that the biggest threat to finishing the #1 most important task on your list is #2, #3, #4, #5, and so on. Throw out the other tasks until you finish #1.
3. Delegate Lower Priority Tasks
To continue reading, please go to the original article here:
https://wealthygorilla.com/5-tips-billionaires-achieve-high-productivity/
How to Prepare For a Recession
.How to Prepare For a Recession
Posted March 17, 2022 by Ben Carlson
A reader asks: What are some moves you’re making to prepare for the recession?
There seems to be a growing consensus among smart people I follow right now:
Inflation was already high and is only going to get worse because of the war. We could easily see a 10% inflation print this year.
The war is going to cause massive food shortages in the next year since so many agricultural commodities come from Ukraine and Russia.
Supply shocks were already bad and are only going to get worse. Tack on China’s Covid outbreak that’s shutting down entire cities and the supply chain is in trouble yet again.
Therefore, a recession is now inevitable.
How to Prepare For a Recession
Posted March 17, 2022 by Ben Carlson
A reader asks: What are some moves you’re making to prepare for the recession?
There seems to be a growing consensus among smart people I follow right now:
Inflation was already high and is only going to get worse because of the war. We could easily see a 10% inflation print this year.
The war is going to cause massive food shortages in the next year since so many agricultural commodities come from Ukraine and Russia.
Supply shocks were already bad and are only going to get worse. Tack on China’s Covid outbreak that’s shutting down entire cities and the supply chain is in trouble yet again.
Therefore, a recession is now inevitable.
Last week I even hopped on this bandwagon by showing how a recession is the only way we’ve seen high inflation fall in the past.
I do believe the probability of a recession is higher now than it was a month ago.
However, when dealing with probabilities, you have to look at both sides of the argument. Nothing is 100% certain in the markets or the economy.
Let’s look at the other side of this argument to show what could keep us out of a recession for a while longer.
There is a ton of pent-up demand.
Delta’s CEO said the airline just had its busiest two days in history in terms of sales. Travel spending is booming right now.
I was at Disney last month. The parks were packed every single day. My Disney insiders tell me they think sometime in March could see the busiest week ever for their theme parks. And I know from experience — Disney is not cheap. Inflation is not holding back spending at the parks.
The housing market remains scalding hot, even in the face of rising mortgage rates. Logan Motashami posted this picture of people lined up down the street waiting to see a new listing in California last weekend:
This is not exactly recessionary behavior.
To continue reading, please go to the original article here:
https://awealthofcommonsense.com/2022/03/how-to-prepare-for-a-recession/
7 Sacrifices Successful Entrepreneurs Make to Succeed
.7 Sacrifices Successful Entrepreneurs Make to Succeed
By Dan Western
You can’t have success without sacrifice; If it was easy enough to become one of the greats without making sacrifices, every tom, dick and harry would skate by through life putting in the bare minimum, and still living they’re dreams. They wouldn’t have earned it.
Every successful entrepreneur has made sacrifices in order to build themselves great wealth and success. But they won’t just make one. They’ll make several in order to maximize their entrepreneurial growth.
7 Sacrifices Successful Entrepreneurs Make to Succeed
Dan WesternBy Dan Western
You can’t have success without sacrifice; If it was easy enough to become one of the greats without making sacrifices, every tom, dick and harry would skate by through life putting in the bare minimum, and still living they’re dreams. They wouldn’t have earned it.
Every successful entrepreneur has made sacrifices in order to build themselves great wealth and success. But they won’t just make one. They’ll make several in order to maximize their entrepreneurial growth.
Here are 7 of those sacrifices successful entrepreneurs make:
1. Security
If you’re planning on ‘starting from the bottom’, in the business world so to speak, then your job security is a sacrifice you need to think about making.
The only way you gain job security in the first place is by dedicating the majority of your time each day working for someone else. Starting a business at the same time can be incredibly tough, and in many circumstances almost impossible.
So you need to sacrifice the security in order to work towards bigger things. It’s both a difficult risk and sacrifice since income will be tight, but you’ve got to be willing to give up the good in order to shoot for the great!
2. Free Time
There comes a point in every entrepreneurs life time where they can slow down on the hours they’re putting in and begin to gain back their free time.
But to begin with, and certainly for a long period of time, they’ll sacrifice their free time to spend more hours working and building something they can truly be proud of.
All that time you’d normally spend watching T.V, chilling and doing unproductive activities will need to be sacrificed, and extra sickening work ethic needs to be put in.
As soon as you step into the wide world of business, the level of competition hits an all time high and becomes a major factor in determining your success.
If more hours put into a business correlates with larger progress made, and every other entrepreneur is working 15 hour days, does that make your situation different to the rest? They’re your competition. Stay on their level, otherwise you won’t survive.
3. Money
Mark Cuban once said that people who start businesses on loans are fools, and I agree with him to a certain extent.
Obtaining a loan for a startup gives you a little more financial stability in the short term, and that cash isn’t something that you personally have to sacrifice, not all in one go anyway.
To continue reading, please go to the original article here:
https://wealthygorilla.com/7-sacrifices-successful-entrepreneurs-make-succeed/
32 Absolute Best Frugal Living Tips
32 Absolute Best Frugal Living Tips
November 19, 2021 by A Dime Saved
Are you looking for the best frugal living tips? You have come to the right place!
I am all about Frugal Living. I live frugally. I blog about frugality. Frugal, I am thee.
I hope some of these frugal living tips help you be frugal- whether you choose to live frugally or you live a life of frugality out of necessity.
Living a frugal life is not only about not spending too much money, saving for retirement, stocking up an emergency fund, or avoiding credit card debt. When you live a life of simplicity, you can spend time and money on what’s important to you. The best frugal living tips are the ones that work the best for you- the ones that will help you start living frugally and make your life easier.
32 Absolute Best Frugal Living Tips
November 19, 2021 by A Dime Saved
Are you looking for the best frugal living tips? You have come to the right place!
I am all about Frugal Living. I live frugally. I blog about frugality. Frugal, I am thee.
I hope some of these frugal living tips help you be frugal- whether you choose to live frugally or you live a life of frugality out of necessity.
Living a frugal life is not only about not spending too much money, saving for retirement, stocking up an emergency fund, or avoiding credit card debt. When you live a life of simplicity, you can spend time and money on what’s important to you. The best frugal living tips are the ones that work the best for you- the ones that will help you start living frugally and make your life easier.
Of course, if I can help you spend less money while you also work to make extra money, then you will be setting yourself up for a lifetime of financial success. Being successful financially can give you options in life, and then you can also help others by giving and using your power (after all, money is power) to help others.
30 Top Frugal Living Tips
Budget. Budget. Budget.
Creating a budget that works and then STICKING TO IT is the best and biggest frugal tip anyone can give you. Creating a budget gives a structure to your spending, which allows you to spend on what you want and not spend on what you don’t want to spend on. That is the definition of living a frugal life.
When You Find A Great Deal, Buy In Bulk.
If meat is on sale, have your butcher cut it up into smaller pieces and then wrap them separately. Label everything clearly! Buying large amounts of meat is usually cheaper than buying individually cut pieces.
Reduce Your Shopping Trips So That You Spend Less Time In Stores.
The more time you spend in a store, the more likely you are to spend money. Make a shopping list of the main things you need so that you have a guide to help you stay on task. (Want to save more on groceries? Here are 12 ways you can save)
Buy what’s on sale and then plan your meals around that.
The number one way to save money at the grocery store? Plan your meals around what you buy, not the other way around.
Eat At Home.
We experiment at home! We don’t go to bakeries; we figure out something fun with the kids from home. You can make so many meals and treats at home with a little planning and creativity.
Stock Your Freezer.
To continue reading, please go to the original article here:
10 Questions to Ask Yourself As An Aspiring Millionaire
.10 Questions to Ask Yourself As An Aspiring Millionaire
By Anum Yoon
Most accomplished individuals and millionaires often find the best way to navigate to success is by questioning the status quo. This isn’t just about asking numerous, random questions or simply being contradictory. This will only waste time and energy, which are valuable assets that could be better served elsewhere in your business and life.
Instead, remember the key to success is knowing the right questions to ask. These are instrumental in developing positive daily habits that reinforce your goals and objectives.
10 Questions to Ask Yourself As An Aspiring Millionaire
By Anum Yoon
Most accomplished individuals and millionaires often find the best way to navigate to success is by questioning the status quo. This isn’t just about asking numerous, random questions or simply being contradictory. This will only waste time and energy, which are valuable assets that could be better served elsewhere in your business and life.
Instead, remember the key to success is knowing the right questions to ask. These are instrumental in developing positive daily habits that reinforce your goals and objectives.
Formulate the questions so you can revisit them periodically as you grow and change. Reviewing and regrouping will help you develop a positive habit of self-evaluation – a key characteristic for growth, development and advancement.
Here is a list of 10 questions you can use as a daily, weekly or monthly checklist:
1) Why Do I Want to Be a Millionaire?
This may seem like a silly question, but wanting to be a millionaire and really understanding the why of it are extremely different. In order to achieve something, you must really understand the reason you want to achieve it.
Wanting to be a millionaire just to have a lot of money probably won’t provide you with the necessary drive to achieve it. Sorry.
Instead, really work through the why behind your goals:
Do you want to be a millionaire for financial stability?
To travel more?
To have more freedom?
To give back to society?
Simon Sinek gives a great TED talk about the importance of a well-defined why in successful business, and the difference it makes. It may help you sort out your own.
To continue reading, please go to the original article here:
https://wealthygorilla.com/10-questions-ask-aspiring-millionaire/
Living a Frugal Life and Enjoying It
.Living a Frugal Life and Enjoying It
August 28, 2020 by A Dime Saved
What does it mean to live a Frugal Life? I think there is an inherent positivity in choosing a Frugal Life, even if that decision is not based on money.
I live a frugal life. I talk about living frugally and how to save money because that is my life. That is how I live. Living a frugal life is more of a mindset than having to do with money. You can live a frugal life even if you have all the money in the world. Of course, there is a world of difference between choosing to live frugally and being forced to live frugally because of your circumstances.
Living a Frugal Life and Enjoying It
August 28, 2020 by A Dime Saved
What does it mean to live a Frugal Life? I think there is an inherent positivity in choosing a Frugal Life, even if that decision is not based on money.
I live a frugal life. I talk about living frugally and how to save money because that is my life. That is how I live. Living a frugal life is more of a mindset than having to do with money. You can live a frugal life even if you have all the money in the world. Of course, there is a world of difference between choosing to live frugally and being forced to live frugally because of your circumstances.
To be living a frugal life and enjoying it means you need to have the proper mindset in place. Living a frugal lifestyle is about more than cutting corners or making your own vegetable stock. To live a frugal lifestyle is to have a frugal mindset.
What does it mean to live a Frugal Life? I think there is a an inherent positivity in choosing a Frugal Life, even if that decision is not based on money.
Living frugally does not mean that you have to deprive yourself of every joy in the world, I think everyone is sick of all the articles and memes telling us to stop spending money and coffee. We get it. Coffee isn’t frugal. Starbucks is the devil blah blah. That’s not the point of frugality. Frugality also doesn’t mean never spending money or always buying the cheapest thing.
The Frugal Life isn’t The Cheap Life
I have an uncle who always buys the cheapest things. They can afford to spend more but he doesn’t want to. An appliance breaks- he goes to the store and buys the cheapest one. Unsurprisingly, they go through many, many appliances. Their appliances are always breaking. In fact, they have bought more microwaves in the past 2 years then I have bought in my adult life. (I only ever bought one).
That is not particularly frugal. Frugality would mean choosing the best option even if it means spending more money. Besides for probably saving money in the long run, the aggravation of constantly having broken appliances does not lead to a peaceful life.
Being frugal doesn’t mean picking the cheapest option always. It means choosing the frugal option always.
What does that mean?
Living a Mindfully Frugal Life
Living a frugal life and enjoying it means allowing yourself to spend money on what matters to you and you alone.
Living a frugal life means being mindful of where your money is going. It is choosing to spend your money in places where it matters and not spending your money in places where it doesn’t matter. Now, most people who live a frugal life tend to agree about what matters to them and what doesn’t. Designer handbags and fancy clothes are usually categorized under the “doesn’t matter” category.
To continue reading, please go to the original article here: