Living Frugal Lifestyles
Can Be Fun
Living frugal lifestyles doesn’t sound like much fun. It most certainly doesn’t sound as much fun as what was once promoted as the “Lifestyles of the Rich and Famous” nor as exciting as one of extravagance and luxury.
Frugal living doesn’t mean doing without. It doesn’t mean we don’t have what we need.
The frugal lifestyle is about:
Just like living any other lifestyle, the frugal lifestyle can be taken to extremes. What may be considered frugal for one individual may not be what is considered frugal for another individual.
Growing or raising your own food products may be frugal for a family that lives in an area where this is possible, it may not be the most prudent or practical lifestyle for someone that would need to drive some distance to accomplish this.
I knew this woman who had grown up during difficult financial times that would tell her children at Christmas time when they gave her a new nightgown, she would save it for whenever she might have to go to the hospital. This was almost like saving for a rainy day. However, by doing this she denied herself the pleasure of using something that was already hers and also denied her children the joy of seeing their gifts being used as they were intended.
Perhaps one of the best known individuals today known for his frugal lifestyle is Warren Buffett. With a net worth estimated at $62 billion, he still lives in the same house in Omaha, Nebraska he bought in 1958 for $31,500 which is estimated to be worth $700,000 today and he claims an executive salary of only $100,000 from his company.
The following quotation from 1988, respectively, highlights Warren Buffett's thoughts on his wealth and why he long planned to reallocate it:
"I don't have a problem with guilt about money. The way I see it is that my money represents an enormous number of claim checks on society. It's like I have these little pieces of paper that I can turn into consumption. If I wanted to, I could hire 10,000 people to do nothing but paint my picture every day for the rest of my life. And the GNP would go up. But the utility of the product would be zilch, and I would be keeping those 10,000 people from doing AIDS research, or teaching, or nursing. I don't do that though. I don't use very many of those claim checks. There's nothing material I want very much. And I'm going to give virtually all of those claim checks to charity when my wife and I die. (Lowe 1997:165–166).
Mr. Buffett’s lifestyle embodies the 3 principles of the frugal lifestyle:
- Live below your means
- Remember that stuff does not define self worth
- Give back to the community
By living a frugal (not necessarily cheap) lifestyle, we will be able dispense with a lot of worry in our lives and be better prepared to follow the advice of Rocking Chair Wisdom and enjoy our Life After Retirement.
Enjoy Your Life After Retirement
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