"The wealthy allocate their time, energy, and money efficiently, in ways conducive to building their wealth."
T. Stanley and W. Danko
You may think that living a luxurious lifestyle is a sign of professional success. However, Stanley and Danko who authored The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, said:
"Many people who live in expensive homes and drive luxury cars do not actually have much wealth. Then, we discovered something even odder: Many people who have a great deal of wealth do not even live in upscale neighborhoods."
A good example is the financial genius Warren Buffet. Despite his incredible wealth, he continues to live in a modest home that he originally bought for $31,500 in 1958.
Building on these thoughts, Dr. Andrei Neboian shares his 5 lessons on frugality.
Neboian is a writer, engineer, and PhD who has built and sold several tech startups.
He explains how the concept of frugality has given him inner strength, agility, and the means to deal with a number of challenges in his entrepreneurial journey.
Neboian's examples cover the following topics:
1. Build Assets - frugality is your number one investor
2. Stay modest - humility and modesty are more popular than you think
3. Be quick - speed always beats thrift
4. Place quality first - spend just enough
5. Avoid misery - never forget what a good life feels like
Read more about Neboian's wealth-building secrets.