My journey to becoming the first self-made millionaire in my family was fueled by my desire to spend more time with them.
Instead of working long, grueling hours at a job, I pursued a new path of passive income streams through real estate investments and running my own personal finance business.
This gave me the flexibility to work less and be more present with my wife and two kids.
But living frugally isn’t just about cutting costs; it’s also about being more mindful of how you spend your money. Here are five things I refuse to spend my hard-earned cash on:
1. I Never Buy Brand-New Cars
Many people avoid buying new cars due to the steep depreciation in value that they experience – often losing as much as 60% of their original purchase price within the first five years.
Insurance premiums for new cars are also typically higher than those for used vehicles, making them an even less attractive investment.
For these reasons, a great option is to opt for a used car that is a couple of years old and has less than 100,000 miles on the clock.
This way you can get a reliable vehicle without breaking the bank.
Plus, you’ll still have some money left over to upgrade it with a cool new sound system or wheel rims!
2. I Never Buy Fast Fashion Items
Having a wardrobe of timeless, yet simple clothing items is essential to my fashion approach.
I select comfortable pieces such as classic blue jeans paired with a T-shirt or polo shirt for casual days, and an elegant suit and tie combination for dressier occasions.
My closet is not filled with an abundance of clothes but rather a few key pieces that will never go out of style.
I’m a firm believer in only purchasing items when necessary and not succumbing to the latest trends.
I want my kids to understand the importance of taking care of their possessions so they can last for years to come.
That’s why I teach them how to treat their clothes with respect, no matter the cost.
A wardrobe of timeless, well-maintained clothes is something I highly recommend to everyone.
After all, spending a little more now will save you money in the long run!
3. I Never Buy More Food Than I Need
I’m very meticulous when it comes to making a grocery list and planning my meals.
I always make sure that we are utilizing the ingredients we already have in our pantry and refrigerator, so nothing goes to waste.
When dining out, I make sure to take any leftovers home with me so I can enjoy them the following day; this way, I feel like I’m getting two meals for the price of one! It’s a win-win.
4. I Never Buy Low-Quality Investment Items
Making smart financial decisions doesn’t mean automatically buying the least expensive option.
Sacrificing quality for a few dollars saved can be very costly in the long run.
When investing in items that will be used frequently, such as a mattress, sofa, or refrigerator, it is important to do research and read product reviews to make sure you’re getting the best deal for your money.
Instead of buying something that will need to be replaced after a few uses, invest in items that will last and save you money in the long run.
That’s how being frugal really pays off!
5. I Never Spend Time Mowing My Own Lawn
Mowing the lawn was a laborious yet rewarding task when I first owned my own home.
I would spend hours tending to the lawn, making sure it was well-manicured and neat.
However, after some time, I decided to outsource this task to a professional landscaping company that now takes care of mowing my lawn every week.
The extra time I’ve been given has allowed me to do more meaningful activities such as teaching my kids how to code, playing guitar with them, or taking them on trips to the zoo.
The one lesson this experience has taught me is that delegating certain tasks and paying someone else to do them is often worth the money, even if those tasks might seem simple.
I now can focus on activities that are more meaningful and valuable to my life. And for that, I’m grateful.
It’s an invaluable lesson that I will never forget.
It’s a reminder of the importance of investing our time in things that truly matter in life.
And that’s a lesson we all should strive to live by. I’m sure you can find ways to make your life simpler by delegating tasks and freeing up more time for yourself too!