1. Forget Your Ego - Keeping up with the Jones' can put you in the poor house. Living wisely can still afford you the luxuries like the Jones, without amassing debt. If it's important to you to keep up with them or be them, then you have to get smart about what you need to cut out: Cable, Gadgets, Dining, etc. It's almost impossible to accumulate wealth if you're spending money before you have it.
2. Realize Wealth Is Possible - A positive attitude and belief that you can be wealthy is very powerful in keeping you motivated to pinch pennies and cut corners.
3. Only Buy Used Cars - A car from the "Pre-owned" section of the dealership can look as sweet as one from the "New" lot. You can further save money by buying an Eco-friendly vehicle.
4. Save on Groceries - Change your eating habits. Get rid of the junk food. Every dollar or two you spend on snack adds up over the year. Download a coupon app and make sure you use it. Finally, buy meats that are on sale, pre-cook it, then freeze it.
5. Avoid Debt - Always pay cash when you can. High interest credit card debt is disruptive to a financial plan. Pay off your debt before you start saving because the accumulated annual interest will effectively cancel out any savings return.
6. Don't Be afraid to be Frugal - Benjamin Franklin, wrote "industry and frugality are the true means to wealth." The wealthiest families in this country are still wealthy because of frugal beginnings. Don't get caught up in trying to be them because they are decades, if not a century ahead of you.
7. Adopt a Free Lifestyle - Instead of seeing a movie at the movie theater every week or month, rent from RedBox, Amazon Instant Video, or Netflix. Go for a run or walk through the park. Find activities that are relatively free once you get started or can be enjoyed with a group.
8. Start a Food Group - Instead of restaurant dining, invite friends over for a BBQ or dinner. Shop smart for the food and ask you friends to bring their favorite drink to share. If you create a fun, friendly atmosphere, most people will remember the great time that they had and not much about anything else.
9. Start Your Own Company - The best way to be rich, is to be the owner of the company. If you look at the Billionaire list, nearly everyone is an entrepreneur. Investing in yourself is also a great way to learn about money management.
About TMM Staff
A team of staff writers at The Mill Magazine work closely together to provide fresh content on topics we find interesting and hope you do, too.