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Is frugality the answer to growing rich?

We’ve all got that friend, or maybe yours is a family member?

They’re good with money. They rarely spend unnecessarily. They don’t drive a flash car, or indulge on fancy clothes. They’re thrift, frugal…. maybe even a little tight?

We all manage money differently. For some of us, saving is simple (not me!0, but for others keeping the money in the bank from month to month is like catching smoke.

This article by Trent Hamm (Founder of The Simple Dollar) scratched an itch of wonder I’ve had for a while, seeking to answer that key question..

Will frugality make you rich?

His view on it is frugality is the launch pad. Frugality is what enables you to build up a little pool of capital early enough to be able to put it to work. Frugality is the seed of wealth and the sooner you plant it, the sooner it’ll grow.

But as Trent does acknowledge, it’s not the whole answer. It’s just stage one and once you have it, it’s about putting it to work – ideally harder than you – so eventually frugality is what got you to the place where it was no longer a neccesity.

What do you think?


8 Steps to Financial Fitness

The 8 Steps to Financial Fitness that we overview here provide the foundations to delivering a great retirement outcome, instead of just an okay one. Our role is to act as your Personal Financial Trainer that helps you establish your goals, work out your program and keep you accountable along the way.

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