Key to financial freedom: Spend less than you make

Source: Be financially free – MORTEN STRANGE

– 13 WAYS TO SPEND LESS – 

There are 3 things you need to do to gain financial freedom and retire early. You need to:

  • Make some money
  • Spend less than you make
  • Save the rest and make it grow

“It’s not how much money you make, but how much money you keep.” – ROBERT KIYOSAKI

  1. Shop wisely – Take advantage of special offers, but only for items that can be stored and which you would need to buy in the future anyway.
  2. Sometimes pay more now to save later – Cheap is not always better; Sometimes quality food or an organic alternative is better for you, so by spending more now you save on hospital bills later!
  3. Buy used – The old mantra: Reuse.
  4. Buy yesteryear’s technology – Wait till the older and simpler version is put up for stock clearance sale.
  5. Attend free events – Why pay for something you can get for free?
  6. Get knowledge and skills and entertainment for free – Knowledge is available online for free, continuously updated.
  7. Don’t pay to exercise – It is silly to pay for a gym membership when you can get the same result for absolutely free. Your condo or your housing estate surely has an exercise ground; otherwise find one in a nearby park.
  8. Stay healthy in general – Life is too precious. Don’t shoot yourself in the foot by smoking or over-eating or over-drinking.
  9. Don’t buy insurance – When you buy insurance you are in effect gambling against yourself – why would you do that? Insurance is zero-sum.
  10. Don’t gamble – The great danger is becoming addicted to gambling. When you’re addicted to something, you become its slave. Addiction is the opposite of freedom.
  11. Do it yourself – It can be fun to do things for yourself.
  12. Turn off your water heater – Cold showers are better for you as they build up your body’s resistance and immunity system, as well as for your finances and the environment.
  13. Drive slowly – Not only do I save money (i.e. no speeding tickers, less likely to get into an accident, etc), but I feel a lot less stressed and frustrated. Try it for yourself one day.

Be financially free


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