Frugal Living And The Lifestyle Entrepreneur.
Do they go together?
You maybe understand frugal living, but have you heard of a lifestyle entrepreneur?
Do you live frugally?
- Saving, reusing, adapting.
- Not throwing out clothes because they are out of date, but keeping them because they are still functional.
- Having three pairs of shoes, because that is all you need, however nice the others look in the window.
- Buying just going out of date food and storing it in the freezer.
- Washing out plastic bags. Yes, I remember that one.
- Being meticulous about lists, so you do all your errands in sequence on one day to save multiple car journeys,
- and never ever running out of milk and having to go to the corner shop where it is 10 pence more expensive than your big store.
Frugal living is something that a lot of people practice out of the necessity of their current situation.
They just don’t have the money.
They may have got into debt, and have now decided it is time to change.
Or they do not want to be like the majority of the population, and just buy what they want whether they want it or not.
And instead of borrowing on credit cards, they live within their means.
And we’re not even factoring the mortgage into that.
And people aged between 35 and 44 are increasingly depending on credit to be able to afford essential items,
with close to one in five people in this age group saying they borrow simply to make ends meet.
Now to make ends meet, you have to have at least the same coming into the household / bank / pocket as is going out.
Or really, a bit more, to cover the unexpected.
And if you are relying on credit, because you don’t have enough coming in, and no prospect of knowing how you are going to fund that credit, that could be considered irresponsible.
And we haven’t even talked about saving for you pension!
So the ones who have decided on frugal living are being responsible.
Knowing that their income is not going to increase dramatically unless they do something about it,
and that cutting down on expenditure is the way to do it.
I am certainly not one who is extravagant.
But I have things that I like to spend on. Things that make me feel this is the life I am wanting to live.
For me that is travel and books. And spending time outdoors.
And I have seen over the years that people have different ideas about what they think is important to spend money on.
And interestingly the same way there are personality types, there are spending types.
So that no matter what your resources are, you will either be a spendthrift, or a saver, you will like luxury, or not be bothered with luxury.
So that is how you have a ‘rich miser’, who although he has a lot of money, won’t spend it unless really necessary,
and the person who survives on hardly anything, because he won’t spend much money.
And you have millionaires who squander all the money they have, and people who get into debt because they spend money they don’t have. Because they are both spenders.
But the bottom line is, you probably have an income goal that if you reached it, your life would be comfortable.
Now some people find that when they reach that goal, they then want to go higher.
And others find they have enough to do what they want to do.
But what do you do when you knowing that your income is not going to increase dramatically unless you do something about it?
And where does the lifestyle entrepreneur fit into this?
What is a Lifestyle entrepreneur?
“Lifestyle entrepreneurship simply means you create a business around the kind of lifestyle you want. It’s not that you work in your business and then come home and live. Your business supports your life and allows you to create freedom while making an impact in people’s lives.
A lifestyle business usually allows flexibility in your schedule and location. It’s a business that you can operate from anywhere in the world or takes you anywhere in the world.”
The main thing is the flexibility.
And the ease of life.
Being in control of what you do and when you do it.
Having the freedom to work where you want when you want, and having the financial security you want.
So you work out what life you want, then set about doing what it takes to earn that income.
Which is different from knowing what income you have, then fitting your life around that income.
When you are living frugally, you can be in control of you life.
You are managing your resources.
You are being responsible.
You can still have freedom, and flexibility.
So what is the true difference between someone who practices frugal living, and a lifestyle entrepreneur?
As a lifestyle entrepreneur, you work out what life you want, then set about doing what it takes to earn that income.
Which is different from knowing what income you have, then fitting your life around that income, and often living a frugal life.
It is all in the mindset.
It is in what you believe is possible for you.
It is in your dreams and aspirations.
In your goals and vision.
If you are constantly thinking you do not have enough, you are operating from a scarcity mindset.
If you are constantly holding on to things, things won’t come to you.
If you think that this is your lot in life, it will be.
If you think that people with money are different to you, then they will be. Whereas actually, they are just the same as you,
they have just done different things in their life.
Here is a great quote from T Harv Eker, from his Wealth File #12 in The Secrets of The Millionaire Mind:
Rich people believe ‘You can have your cake and eat it too.’
Middle class people believe ‘Cake is too rich, so I’ll only have one piece.’
Poor people don’t believe they deserve cake, so they order a doughnut,
focus on the hole, and wonder why they have ‘nothing.’
In the frugal mindset, you will make your own cake.
It will likely be really tasty, from a recipe you cut out of a magazine fifteen years ago, and kept.
But it is only one, to me made for a special occasion.
A lifestyle entrepreneur will find a cake he likes, and decide it is too good not to share,
then build a factory, making them, selling them to lovers of cake, automating the system, and make a good income managing it.
Frugal Living And The Lifestyle Entrepreneur.
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Dreams have no expiry date.
A dream without action is a dream.
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Wishing you success.