301: The Difference Between Being Frugal and Smart Spending - a podcast by Linda P. Jones

Learn why frugality is not the way to wealth.

Sometimes I grow weary from hearing people advise others to be frugal in order to build wealth.

Frugality is not spending money. Definition is skimping, sparing, and meager. To me
what frugality is is spending less or nothing. If all you do is spend less and less, pretty
soon you’re living in the woods!

I’m all for careful spending, but I realized there’s a difference between “not spending” and “making dollars go farther”.

To me, I’ve always been about getting more for a dollar, rather than not spending a dollar.

That’s a huge difference!

Make your dollars last longer. Buy at the right price…on sale, at a discount, a deal, wholesale, etc. Buy it at the right price. It’s not about doing without or living in a shed.

I don’t think that’s living life! That’s giving money too much power and creating misery in your life. I’d rather see you choose a few things you want and find a way to get them at a discount.

I play a game with myself to figure out how to get anything at a discount. Sometimes if it never goes on sale, it might be saving tax (about 10%) by buying it online.

You want to stay away from spending a lot on furniture, cars, vehicles, figurines, decorations, etc.

I have a friend who keeps buying furniture and remodeling, then complains there is no money! It’s a downward spiral!

There’s a big difference between not spending (being a miser = bad) and spending wisely = smart shopping.

I’m a stickler for quality though. I don’t buy cheap things that won’t last. I buy quality at a discount.

I don’t want bad diamonds full of inclusions and that are supposed to be white or colorless and are yellow! I want great quality diamonds at a discount! Get it?

Do you really need a new paddle board or could you find one gently used? Do you need a $5,000 Italian bicycle or can you get a used one? Do you need a new couch? Could you find one gently used?

These large purchases harm you a lot more than a latte! Do you need to own a boat? Can you rent one?

These are big purchases and price tags that will kill your retirement. Soooo, make your dollars go farther! Have what you want and buy it at the right price!

I'm having a summer giveaway through the end of September...you could:

Win 6 awesome prizes:

5 of The Wealthy Mindset Blueprint (audio course): Learn how millionaires think the right thoughts for wealth before it happens (value $197)

                                        OR

1 Wealth Journal (book): Learn the 6 Steps to Wealth & Wealth Mini-course (value $67)

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1. Leave the "Be Wealthy & Smart" podcast a review on iTunes (or Stitcher Radio for Android).

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5. Send me an email @ lpjhome@gmail.com and let me know you did this!

(If you're not on FB, TW or IG, that's ok, just send me an email @lpjhome@gmail.com and let me know you left a review).

If you've already done all 4 above, great! Thank you! No need to do them again! Just email me @ lpjhome@gmail.com and let me know.

All names will be dropped in a hat and a drawing will be done in early October for winners! 

 

Move your net worth in the right direction by getting “11 Quick Financial Tips to Boost Your Wealth” at http://www.lindapjones.com.

 

This episode is sponsored by Audible. It’s the way I “read” more books and stay ahead of the curve. Audible is, of course, the easiest way to read books because all you have to do is just listen - like you are right now! There are over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player and…your first audiobook is FREE! Just visit http://www.audibletrial.com/BeWealthyandSmart I appreciate your support of the podcast! That’s audibletrial.com/bewealthyandsmart.

 

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