My husband showed me this wonderful article on 5 billionaires that live well within their means. There is even a picture of Warren Buffets house. It looks smaller then my parents house when I was growing up.
Reading the article got me thinking about how I wanted to live when we had more money. I think the end of the article sums it up perfectly.
“The little secret of some of the world’s wealthiest people is that they rarely act like it. Instead of over-the-top spending, they’re busy figuring out how to save and invest to have that much more in the future.”
I think that no matter what income you are on you can live under your income. Sometimes it takes a LOT of creativity and work, but you can do it as long as you basic needs are met.
Most of all I think this type of living is completely a frame of mind. All of the people in this article started with a smaller income and lived on that income and as their income went up, their standard of living didn’t. they then took the money they saved by not upping their standard of living and invested it in various things that then gave them more. They are comfortable with their life and don’t feel a need to change it.
I know this is easier said then done. I struggle with this often. We don’t live in a lavish house. In fact, we don’t even live in a house. It is so hard to see people in houses with yards their kids can play in. I often think of how wonderful it would be to have a home and to have the means to decorate it the way I dream of. I sometimes look at people who are a bit better off then us and wish I was them. I don’t think that people who are content in their lives feel that way. They are able to see past the present to the future and live their lives now for the future.
This is probably one of the most important things to have when building wealth, a vision of the future. People who are able to live within their means are able to see the bigger picture. They are able to look past the here and now and see the potential of the funds for the future.
As frugal people I think we need to be the same. Always looking forward to what the future holds and use that focus to be content with what you have now.
What do you think is important to remember as you live frugally?