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Old 02-27-2008, 10:16 AM   #1
Default Frugality: Success/Failure
changed4life
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What creates success with a frugal lifestyle?
Do you think those with an abundant salary always have more success because there's more left over at the end of the month?
Can the lower income family be just as successful as the six figure income guy?

Is it our level of sacrifice that makes us successful or the extra cash to do so?
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Old 02-27-2008, 10:39 AM   #2
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This is a good question. While that large income couldn't hurt I do think it is a choice and being smart about your money.

I think it it Cookie who has a quote at the bottom of all her posts that says something about "Smart people make their money work for them."
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Old 02-27-2008, 10:42 AM   #3
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I believe the lower income person can be just as successful maybe even more so than the higher paid person. It is all in what you consider success.
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Old 02-27-2008, 11:14 AM   #4
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Quote:
I believe the lower income person can be just as successful maybe even more so than the higher paid person. It is all in what you consider success.
I was going to say this, as well. It all depends on who's definition of success you are using. While a higher paid person might think he is successful bec. of all the $$$ and stuff he has, the lower paid person might be successful bec. he/she is TRULY grateful for the small stuff they have, and lifes true gifts like health and family and such.
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Old 02-27-2008, 11:14 AM   #5
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My opinion is that it depends on the individual, no matter what income. My mom has always had the saying "you spend what you earn", meaning most people live paycheck to paycheck no matter what they make. Some people who have big incomes just have bigger bills with little left over. On the other hand, some people with modest incomes can become millionaires by their frugal ways. Income doesn't limit people as much as choices.
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Old 02-27-2008, 12:21 PM   #6
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ember15
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Success with a frugal lifestyle to me means that you are in a habit of buying only what you leave. One of the most frugal people I knew was my late great uncle (depression era) He had millions and in so many ways you would not know it. Scowering ads for the best price, renting out a room, down sizing to a smaller home. Just a great example how income really is not important in how we live our lives.

Those with an abundant salery are typically more success because they are also are are more educated to make good choices. They have people who can work for them so can hire someone to help with there investments and choices
The lower income family can be just as successful as the six figure income guy but it is dependent on choices. Take where you chose to live. Even a Six figure income might have you up to your eyeballs in debt if you live in a extreamly High COL while the same income in a low COL could get you lots of choices. My 3 bed 1000sq ft 50 year old starter house is worth aroud 200K and I know that there are those who would be greatful to find such a good deal and those who are going I could get a brand new 3000sqft home for the same.

It is our everyday choices that determine our success. Choices like what we do, where we live, what we eat, what we wear, what we give back.
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Old 02-27-2008, 01:00 PM   #7
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To me, frugal success is watching savings grow (or debt decrease). While more income makes this more possible, we all know it isn't necessarily easier.
You do need to make your money work for you and you also need to work with your money. It's not what you make, it's what you spend (or save!).
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Old 02-27-2008, 03:45 PM   #8
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I just wanted to add that yes, success is measured in so many ways. But if we're strictly talking about money here, its when that frugal lifestyle leads to a point where your money can work for you. If you can't get to that point, you will always have to cut back and watch every cent. But if you can get enough working for you, the dividends you earn monthly far exceed the amount you would save with coupons. So there is definitely a point in time when there is a shift. My 14 year old has to pay taxes this year because her stocks made too much money last year...I explained to her that she could sit on her but and watch her money grow for her, or she could be working somewhere part time and earning less. That is the point at which you are successfull (moneywise), when your earnings are enough to let you just sit back and watch them grow. Oh, and no, we're not at that point...
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Old 03-01-2008, 09:33 AM   #9
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I'm with plberger4--"you spend what you make." Financial freedom is what you make of it, not what you make. One thing we do to make sure we don't inflate our lifestyle with every pay bump: we immediately put half of any raise, bonus, or windfall into our savings account.
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