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Frugality Is An Alternative Way To Earn More

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Written by   108
1 month ago

It's More About What's Left

A lot of folks are attracted to Crypto as it is a way to earn additional money. Some are a bit more ambitious but at the end of the day everyone is trying to get more money. That is the bottom line! Earning extra money via a side hustle can be very draining to those with demanding jobs or careers. Frugality is often ignored as a strategy because it can remove or minimize the comforts of life. However, there is a very simple truth at work here that essentially has the same effect as earning more money.

Cutting back on non-essential spending can save you as much as 20% of your salary. I know that with the current rate of debt repayments being made by citizens all over the world this could be unrealistic for some. However, if you are able to save 20% by skipping treats like restaurant outings, pleasure spending, and other non-essentials, you have effectively increased your income by 20%! In my opinion, this should go into a cash-generating investment, in order to earn more.

Some Insight Into My Own Personal Background

For many years I lead a very frugal life but that has since changed somewhat. I am still frugal in that I don't buy expensive cars or purchase assets that cost me heavy overheads to own. I live a simple, yet enjoyable life. One thing I do spend on is daily visits to restaurants and coffee shops. To me, this is an investment in myself because I choose locations that are relaxing and predominantly at the beach. I often create content and share my views from these locations, so my time there is generating further income.

Choosing to take the exact dollar amount that you were about to spend and put it into an investment is rewarding and quickly begins to change your mindset. Soon, seeing that investment grow becomes a pleasure in itself and your motivation is strengthened and encouraged. Try it, even with small amounts at first. After all, you are sacrificing a present pleasure for security and pleasure later on.

I utilized this idea more so with my time than money throughout my career. For the majority of my twenties and thirties, I worked a schedule that many would consider insane, perhaps even slavery. At one point, my working day began at 8 am and ended at approximately 12 am to 1 am the next morning. Working 15 to 16 hour days was what I became quite accustomed to. Even after my years in management when I was running my own small business, I still came home to work on Crypto well into the early hours of the morning for quite a number of years.

When you consider how many hours a man works in his life before retirement, I had already exceeded this by 39. My "service to society" is complete and now I enjoy my life. I made a sacrifice in order to benefit later.

I see a lot of people making judgments about me without knowing anything about me. There are no shortcuts people! I earned my life and worked exceptionally hard to be able to frequent beach locations every day and do what I enjoy. Another aspect, which is an article within itself is that knowledge is wealth because it can be utilized at any point to generate capital.

The only way you can shortcut the journey is if you are a trust fund baby, which I am most definitely not. Anything worth attaining is accompanied by some type of sacrifice. If you want to escape the 9 to 5, you have to exceed the 9 to 5.

Disclaimer

First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

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Written by   108
1 month ago
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Comments

Words of wisdom here for sure, and well said. When I was younger I was much like you were, working my tail off, getting every last dime I could get my hands on, BUT at the same time being extremely frugal and socking away as much as I possibly could.

Same here, I am still frugal. But at the same time what I have been able to save throughout the years provides a sizeable side income that allows me to be much freer, and offers me quite a bit more opportunity to splurge when I want to without breaking the bank.

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3 weeks ago

Any way that you can offset or escape the duress of financial pressure. Life is way more rewarding outside of this dynamic...

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3 weeks ago

Being thrifty may be good for the future, but I can't be thrifty on food and travel, maybe just far from buying unnecessary clothes.

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1 month ago

I totally agree with this! I live pretty frugal as well so I have decent money left every month!

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1 month ago