Thanks Mr. Money Mustache
I was just over at Mr Money Mustache and was reading this article, “A Millionaire is Made 10 Bucks at a Time” and felt inspired to post.
The Quick Summary
Basically, the article talked about how we seem to have lost respect for the $10 bill and that we don’t actually think of it as that much money. We just spend it without even thinking about it, but it can actually buy you a good amount of useful stuff such as a whole big jug of milk or a massive bag of rolled oats. But, people become rich by thinking about the small stuff and whether to spend that $10, or not. Most often, people choose to spend it, thinking it doesn’t really matter.
Long-Distance Backpacking, Ounces=Pounds
Not that I didn’t know this already, but it’s sometimes easy to forget that cents=dollars=$10 bills=$100 bills=rich.
Just like I when I hiked the Appalachian Trail (or trial as I more commonly refer to it) and my mantra was that ounces=pounds since I was an Ultra-Lighter. Even though little gadget A, or cool toy B were only 5 or 6 ounces each, if you have enough of them they start to equal pounds, and you’re no longer an ultra-lighter.
Conversely, cutting off the extra straps from your pack, or sawing down the toothbrush handle, or using soda bottles instead of Nalgenes only saves fractions of an ounce in some cases, it can add up to pounds when put together.
Frugal Living-Dedication is Required
Now, I’m just as guilty as the next person for spending that $10 bill thoughtlessly. A taxi ride here, a cup of coffee and a sandwich at Starbucks, a meal out when I have food in my fridge, leftovers that get thrown away, driving instead of walking. A couple beers at the local expat bar here in South Korea? Sure!
Back on the frugal living plan for me, that’s all I have to say. $10 matters! It matters! $10 matters! Just say that to yourself one more time. It’s how you can become rich.
Maybe it needs to become my new mantra.
I couldn’t agree more. But you know what, I wish there was a simple way that I could explain this to my colleague. You see, he’s the guy who buys sandwiches from the supermarket and has them for breakfast AND lunch. He could save the £4 or £5 a day and just make a sandwich at home instead for about £1 or less. He just doesn’t seem to realise that these few £ spent every day REALLY add up quickly.
Another friend of mine is on a pretty low salary, but she buys a starbucks coffee EVERY DAY! Every single day! Can you imagine how much of her wage goes on that?! It must be an incredible percentage! But I tried to explain to her once, that buying a starbucks every day was a big waste – she’s probably earning around £1000 per month, so she’s spending over 4% of her income on starbucks, whereas she could just make a coffee at home for free every day. She could save that £40 towards her travel fund. But she says ‘oh it’s only a couple of quid per day’.
How do we convince people?
It’s hard to convince people if they don’t really care. Habits are hard to break without serious motivation.