I had a conversation recently that just keeps coming back to me, so I guess I need to write about it to get it off my mind. The conversation was about being frugal, and here are a few of the points that were made:
1. Saving a buck here and a buck there makes absolutely no difference.
2. You either have it or you don’t, and scrimping won’t matter.
3. Wealthy people got that way because they got a good break/inherited it/just happened to be in the right place at the right time.
Since I’ve always considered frugality and careful money management to be the lifeblood of financial freedom, I was appalled. I honestly never knew that there were people who thought that spending carefully would never make a difference in your financial status. It is amazing to me that anyone could believe that, and I am still sort of in shock.
I find it interesting that the person who made these statements is always complaining about not having money, always thinking that someone should share with them, etc. even though they make a more than comfortable income.
So I’m asking…what do you think? Is it possible to become wealthy (or at least debt-free with a little savings set aside) simply by living more simply and spending carefully, or is it something that pretty much depends on luck?
My quote of the day, gleaned from Resolved2Worship’s site
We do not see things as they are, we see things as we are.
edited to add: Interesting. Dollarish asked to feature this post. Evidently it resonated with someone. One more question, since most of my commenters seem to agree with me…
How do you convince someone that their financial behavior is self-destructive? Is there any way?