I had this thought the other day. For almost everything we want or need, there’s a viable alternative that costs half as much. Verizon phone bill is $90/month? There are discount providers, like Mint Mobile, that are easily half that. Want that new fancy athleisure shirt? Get it used or something similar at target for half. Driving a car with a $500 car payment? You can drive a GREAT used car for $250/month total cost of ownership. Rent in your area is $1,800? Get a roommate. Now it’s half.

Usually it’s not that we CAN’T do the cheaper thing, it’s just that it’s not convenient or comfortable. A little while ago, I decided I needed some new 40 lbs dumbbells for my garage gym. I looked them up on Amazon, the set would cost me about $150 delivered to my door (Poor delivery guy). But that felt wasteful since weights essentially never go bad. So I trolled OfferUp for a few days until I found someone selling them, I DM’d an offer for about half the Amazon cost, they agreed. I showed up with the cash, and saved myself $75 and the guilt of watching the Amazon delivery guy drag an 80 lbs box up my front steps.

Man, money spends easy. Just tap your card and the money FLOWS out of your account. But being frugal is HARD. It’s discipline. It’s uncomfortable. It’s the path of greater resistance. It’s also how millionaires are made. Sam and Sarah have quite similar looking lives. No one cares that Sarah drives a used car, has a roommate, and eats a few extra meals at home. But in 30 years, EVERYONE will be wondering how she is a multi-millionaire.

You don’t have to do it Sarah’s way, but once Sarah is over that hump and her money is making more money than she is, Sarah has OPTIONS. A bit of short term discomfort leads to long term freedom and philanthropy.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.

-Jeremy

---------------------------

By: Gabriela Gonzalez
Title: How to earn more while spending less
Sourced From: www.personalfinanceclub.com/how-to-earn-more-while-spending-less/
Published Date: Mon, 24 Jun 2024 19:51:50 +0000

Read More