Frugal Millionaires' Money Mottoes

Here's an excerpt from the book The Frugal Millionaires: 70 millionaires anonymously share their ideas about money to help each other and you. Today we're seeing the "money mottoes" of several frugal millionaires.

FYI, these are some representative tips from The Frugal Millionaires. There are over 800 tips in the book. The frugal millionaires are only referenced by their initials. The author signed a confidentiality agreement that the millionaires' identities would never be disclosed in exchange for them saying whatever they wanted. If they chose not to have their initials used they were given the initials AFM which is an acronym for Anonymous Frugal Millionaire.

Here's the excerpt:

Everyone, it seems, has a motto they live by. Naturally, many of the frugal millionaires have money mottoes that they live by (among other life mottoes). If you need a little inspiration maybe there’s one here that fits your style. Feel free to borrow them, adapt them and make them your own.

• AFM – I have nothing to prove to anyone but myself.

• FJC – It’s not how much you make, it’s what you do with it.

• RDF – No matter how much money you have, someone will always have more. Deal with it and enjoy your life.

• RJC – Before you buy something, wait and see if in a month you still want it. If it appreciates, think about it. If it depreciates, walk away.

• JSB – Don’t be afraid to enjoy your money!

• J&CB – Money, like education, gives us choices, and choices are more valuable than anything.

• AFM – Money doesn’t really buy true happiness as the mind tends to gravitate towards other needs once wealth is achieved. It really isn’t the best measure of success anyway.

• AFM – Don’t get “nickeled and dimed” to death financially.

• JTA – Debt will kill you.

• DC – A dollar saved is two dollars earned.

Comments

[Steve Sershen]

Learn to sign checks only on the back

[Norma]

Thanks for sharing from this book. I thought I'd pick up a copy. I went to our favorite online book store and found 4 copies. The two used copies started at 94.00. Oh my stars, can you believe it?! Somebody thinks they'll make a million bucks from book sales alone...if you buy the book for that amount are you truly being frugal?

[richerandslimmer.com]

@steve: great comment!

[E. Krabs]

I really like these mottoes! Thank you for sharing!

I really like the vibe that, even though these people are millionaires, their central focus does not appear to be on the money itself, but the more holistic qualify of life and happier being that money can help achieve.

An means to an end rather than the end itself.

[thomas]

Good mottos. I like Steve's too.

[kitty]

Most are fine. I question this one though:
"Before you buy something, wait and see if in a month you still want it. If it appreciates, think about it. If it depreciates, walk away."
Not everything in life is an investment. Trips or theater tickets for example don't appreciate. Consumer electronics always depreciates, but there is nothing wrong with buying it now if you can afford it just as there is nothing wrong with waiting. Incidentally, in a deflationary environment virtually everything depreciates, and everyone's thinking "why buy it now if it'll be cheaper in 3 months" is one of the things that keeps the deflationary cycle going.

We only live once. So while savings are important, enjoying life now is important too. You don't want to be in debt, but you don't want to leave millions behind you while you spent your life pinching pennies. One needs to have balance.

[Claire]

@Kitty: I read that to mean that if my "want" for the item appreciates in a month, then buy it. if my "want" depreciates, then I didn't really want it anyway. I do this all the time and I'm sure that my "stuff" buying is much lower than the average person's because of this.