Sharing Daily Discoveries About Personal Finance And Business Topics

Do You Need To Be Stingy Initially To Become Financially Wealthy?

First off, hope everyone is having a relaxing Good Friday and enjoying the long weekend. Yesterday I was having a conversation with another person on how certain people tend to be more aggressive when it comes to paying for products or services as they always want to somehow drive the price lower than its marked price. While it is a generalization, I personally find this to be true as people from certain cultures tend to be stingier when it comes to saving money.

The interesting comment that was thrown out was how it’s not surprising that these specific groups of people always seem to be the ones that have a lot of money as well and that it is an important trait to have in order to achieve wealth. For me personally, I don’t know if I can say stingy is the right word rather I think it is more about being diligent with your money and what you have. As an example, for a lot of people when something like a new type of TV comes out with all these new high definition features, a lot of people are inclined to simply throw the one they currently have out the window as they don’t want to be left behind. In other cases, you have people who are contempt with their current TV and won’t get a new one until the old one malfunctions. Would you call that being stingy?

For me personally, I don’t mind spending money when needed, at the same time I know there are usually alternatives as well and so I try to be as objective as possible according to the circumstance. As an example, when it comes to recreational items people wonder why I don’t simply just buy it if I want it as obviously money is not a factor in those cases. I usually think about where if it is say a game that I am only going to play maybe once a week due to my busy schedule, why waste money getting it now when I know it will drop by $30+ a few months down the road? I actually convinced one of my friends to do this recently and instead of spending $59.99 for the item, about 4 months later the item was about $19. Wouldn’t you know it, he didn’t have time to play it much before and now he did and at the same time he ended up saving about 66% to 67% from that purchase. That is a pretty significant figure if you factor that in for larger purchases as well.

Of course, ironically the better thing to do financially would be not to buy unnecessary things at all, but there has to be some balance in one’s lifestyle. I don’t think you have to be stingy when it comes to money to be financially well off, but rather you have to handle it in a smart way.




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