Thursday, May 8, 2014

Frugality Sucks

The word "frugality" sucks.

I'll be honest. When I think of the word frugality, my mind drifts off to picture a grouchy middle-aged man, clad in a worn out t-shirt clipping coupons off the papers. This person would also have a limited social life and disheveled hair. 

It's an unappealing image by society's standards. It is not surprising then, that the idea of saving 10%-20% of your income and retiring after 40 years of work is equally unattractive to many. So, we instead choose to revel in the moment because 40 years is way too far into the future - something that we can't visualize.

But what if...what if you could be financially free in 10 years or even 5 years, not having to rely on the security of a paycheck anymore and you'll be free to pursue whatever it is that you desire. Perhaps then, things start to get interesting as a 10-year timeline is something that we can relate to.

However, to get there - to be financially free in 10 years, you will need to save 50% of your salary (yes, that's on the brink of insanity in today's culture) and maintain a very lean lifestyle.

Once you can visualize the end goal vividly, then frugality is just another tool in the toolbox of financial freedom.

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