A frugalist is someone (in my opinion) who believes that living way below your means (typically on $18k to $25k per year) will allow you to save and invest enough so you don’t have to have a job.⠀
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Yes, it can all sound very attractive…get out of the rat race, don’t work for anyone, have total freedom.⠀
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It sounds good, thinking that people who make a lot more can live on less than $25k a year, until you see the lifestyle is so out of balance. ⠀

When I heard about riding a bike to the grocery store with a trailer attached that carries groceries, that he won’t go to restaurants or have a beer with his buddies because he is being frugal , that he is helping someone build a 200 square foot home in her backyard so she can live in the shack and rent out her residence, it sounded very extreme.

What kind of a living is that?

I mean I understand he is doing it to save money, but there’s so much joy in experiencing a full life, why voluntarily restrict yourself so much that you can’t go on a nice trip, own a car or eat in a fine restaurant? ⠀⠀

Do we have abundance on Earth to ignore it?

I don’t believe you have to not spend or be overly restrictive with money.

Savings alone won’t make most people wealthy because very few people can just “save” their way to wealth.

Rather, the smart way with money is to prioritize where you want to spend your money, automate your savings and create investments and more importantly, learn how to compound your money – where money begets money and becomes more and every day you are closer to financial freedom.

I spelled it all out for you step-by-step, no matter how much or how little money you have, no matter what your age, in my book  “You’re Already a Wealth Heiress”.
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Just like a seedling for a tree will grow when planted and watered and the potential for a large, glorious tree already exists within the tiny seed (it’s a law of nature), in the same way, your potential to create wealth already exists within you.

Extreme frugality is certainly not “wealthy” or what I call “soul-level wealth”, which is feeling wealthy on the inside as well as having abundance on the outside.

It’s accepting “lack” thinking as your everyday mantra.

It’s ruling out many joys in life.

Some of my favorite things to do aren’t very expensive, but could you imagine life without ever:

1. Living in a beautiful space and having a gracious home where you can entertain and have guests over?

2. Going to a restaurant or sitting outside at a cafe with friends and having a glass of wine or two?

3. Driving a car that you enjoy and get pleasure from, going on a road trip, or feeling the wind blow through your hair in a convertible?

4. Having camping be your main “travel”? Missing out on traveling to beautiful cities like Rome and Paris, seeing great museums with breathtaking art, and experiencing other cultures?

5. The simple pleasures of riding in a boat, skiing down a mountain, or even the rush of finding a great bargain at your favorite store?

6. What about doing charitable work that helps others and is so fulfilling or living your purpose and creating a legacy?

To miss out on some of your most favorite times in life, would have taken all the spice and joy out of life, and ironically, made it all about money, when that is supposedly the thing frugalists are trying to get away from!

Yes, I agree the Millionaire Next Door talked about living below his means (and I do some of that too), but it’s not to the extreme of frugalists.

Am I careful how I spend money? Yes. Am I super frugal, meaning do I avoid buying what I really want except for bare necessities? No.

Do I wait to buy things I want on sale, at a discount, and at outlets? Absolutely! I believe you can have everything you want, just buy it at the right price.

Do I occasionally use coupons? Yes, but I don’t spend hours scouring the paper for them because my time is worth much more than a few cents saved.

I also think there’s a huge elephant in the room that is not being discussed much: instead of living frugally and limited, why not add an income stream and increase your standard of living?

It’s more possible today than ever before thanks to the internet.

All that said, here are my 5 reasons why I believe you should absolutely NOT be a frugalist:

1. God gave us abundance and an infinite Universe. To accept less would be an inability to receive the blessings we are here to receive.

2. You will experience more in life. Having a limited menu of things to do is like going to the same restaurant every day and being served the same dish rather than having a broad menu to choose from.

3. It robs you of your dreams. If you can’t dream about having more, creating more, being more, then your growth is stunted and your dreams will never be realized. Trying new things builds confidence you can accomplish more and it builds character.

4. Your thoughts create your life, so if your thoughts remain “small”, then you are voluntarily living with blocks and limiting beliefs about what’s possible. That sounds to me like a lack of belief or faith.

5. Instead of living frugally, think of adding an income stream. How would an extra $1k to $3k a month change your life? I think a lot.

My point is this: life should be lived in balance. Live well, live a good life, and be smart about saving money and investing. There’s so much joy that money can bring to ourselves and others when we’re not creating limitations. Be open to what life brings you and believe in the power you have to create the life of your dreams.

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