This Book Is Why I'm Extremely Frugal

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Chapters

00:00 Start Here
00:52 Take Money Seriously
01:32 Money = Life’s Energy
02:02 Money Isn’t What You’re After, Freedom Is What You’re After
02:35 Money Is How You Get Freedom
02:59 Debt Is How You Lose Freedom
04:31 Freedom Is Having ‘Enough’
05:08 You Have to Define Enough
05:39 Spending Beyond Enough Doesn’t Improve Your Life
06:13 Clutter Is Beyond Enough
06:41 Work Isn’t Free
07:23 Know Your True Hourly Wage
08:29 See How You’re Using Your Life Energy
08:58 Ask Yourself If Every Purchase You Make Is Worth The Life Energy
09:41 Frugality Means Enjoying Things Wisely
10:22 Waste Is Not In The Number of Possessions, But The Failure to Enjoy Them
11:00 Surest Way to Save Money Is to Stop Impressing People
11:28 Invest
12:00 Winning The Game

The book, "Your Money or Your Life," was the book that put into words why I choose to live a frugal life. In this video, I share 18 lessons from this book that shaped my view on money.

1. Take Money Seriously

Most people have to choose between making money or living your life because they do not take money seriously; however, if you take money seriously you can have both money and enjoy your life.

2. Money = Life’s Energy

The majority of people in this world trade their time and energy for money, which means that money represents life's energy.

3. Money Isn’t What You’re After, Freedom Is What You’re After

Given the fact that money is life's energy, it is important to understand that money is not the goal of money. The goal of money is what money allows you to do: buy your freedom.

4. Money Is How You Get Freedom

As simple as it sounds, money is how you get freedom in life...which is why it's so important.

5. Debt Is How You Lose Freedom

You lose your freedom when you start taking on debt because that it when you are obligated to pay someone back.

6. Freedom Is Having ‘Enough’

When trying to use money as a tool to get freedom in your life, it is important to understand that freedom is having enough. Enough money to cover your survival needs, comforts, and luxuries.

7. You Have to Define Enough

Having 'enough' is a completely subjective thing and so it's important to define what enough looks like in your own life.

8. Spending Beyond Enough Doesn’t Improve Your Life

In addition to defining enough, it is important to stop spending at that point because beyond enough doesn't improve your life as drastically and the fulfillment from the money you spend declines.

9. Clutter Is Beyond Enough

The reason it's important to not go beyond enough is because that's when you bring clutter in your life and clutter comes with stress and anxiety.

10. Work Isn’t Free

Although we go to work to make money, work costs us a lot of money through commuting, lunches out, professional clothes, and other things.

11. Know Your True Hourly Wage

Since work costs you money, it is important to know how much it is costing your, or your true hourly wage, which is your net income, minus expenses, times the hours you are working.

12. See How You’re Using Your Life Energy

Since money is life's energy, it is important to track all of your expenses down to the penny to see how you're spending your life energy.

13. Ask Yourself If Every Purchase You Make Is Worth The Life Energy

Once you know how you are spending your money, it is important to ask yourself if every purchase you make is worth the energy it took to make the money.

14. Frugality Means Enjoying Things Wisely

This practice of being conscious of your spending is called, "Frugality," which means enjoying things wisely and maximizing value.

15. Waste Is Not In The Number of Possessions, But The Failure to Enjoy Them

Frugality is about maximizing value and minimizing waste. And waste is when you spend money on something that doesn't bring you value.

16. Surest Way to Save Money Is to Stop Impressing People

Frugality is also about saving money and the easiest way to save money is to stop impressing people.

17.Invest

As you have more money, it is important to get that money to work for you by investing.

18. Winning isn’t who has the most toys but who has precisely enough, no excess, and is able to stop playing the game at will

Once you reach a point where you are able to stop playing the game at will, that is when you are financially independent.

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