I’ll admit I used to think frugality was a distasteful lifestyle forced upon the poor. I believed “frugal” was synonymous with never buying new clothes and dumpster diving under the cover of night.
Boy, did I have a lot to learn. And learn I did—and continue to learn—that is the path to building wealth on any income.
I’d say the most fun I’ve had learning the fine art of frugality has been in reading The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas J. Stanley and William D. Danko.
Webster’s defines “frugal” as behavior characterized by or reflecting economy in the use of resources. The opposite is “wasteful,” a lifestyle marked by lavish spending and hyperconsumption. Wealth has nothing to do with how much you earn, but what you do with it and how much you keep. Read more