Frugality has become a very hot topic lately because of the recession. In fact, it became the topic of Chris Farrell’s The New Frugality and one that I think was overlooked for far too long. Despite my Devil’s Advocate post saying that frugality was foolish, I believe the being frugal is exceptionally important, especially if you’re young.
When you’re young, you usually have very little money but a whole lot of time. You’re able to turn that time into money through your work and that’s generally where you make the bulk of your income. As you get older, your savings grow and are able to generate income and, hopefully, generates the bulk of your income. The more you can save when your young, the faster that capital accumulates and you can live off that income. You go from depending on your labor for income to depending on your capital. I’m frugal because I believe my dollars can work on my behalf if I can keep them in my wallet.
The second reason I’m frugal is because …
Additional comments powered by BackType