Our grandparents or even parents
grew up in a time when they had to learn to be resourceful. Things were fixed
and not replaced, women made their own clothes and neighbors shared one phone.
Things were purchased because they were necessary, not because they were simply
wanted. No one would ever have dared to refer to them as “cheap skate”.
So how about our generation? People
in their late 20s and early 30s carry significantly higher credit card debt
than older generations and pay it off way much slower. Much of this can be
attributed to the rising costs of education, but the bigger problem in my
opinion, is our generation’s fear of looking “cheap”.
Success is naturally related to
wealth, and no one idolizes or looks upto someone who is not successful. On top
of that, the “lifestyle” has morphed into a whole other level of status and
luxury. In the culture of today, having the appearance of wealth trumps
actually having any money. What needs to be understood, though, is that people
who are really wealthy actually attribute frugal (or “cheap”) habits to getting
and staying there.
The number one quality of successful
people is living below their means, and this means being frugal. For example,
there are millionaire households living in homes valued under $1,000,000, yet
at the same time, 86% of people driving the most expensive “status” cars are
non-millionaires. People who actually have money are not scared of looking cheap.
The right thing to do is to put
yourself in the position to have the money to invest in my future – to create
more opportunity and success for yourself. Who knows, maybe this is what will
separate the rich from the poor, like a survival test. Those who know how to
sacrifice will be the ones who ultimately live in comfort, and those who feared
looking cheap will ultimately live in their parents’ house when they’re over 35.
Wondering where you fall in all of
this? Well the next time you put your credit card down, ask yourself what kind
of “lifestyle” you’re investing in.
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