"Never let others convince you that being resourceful means being cheap" - Francheska Hutton
Major Differences Between Being Frugal vs Cheap
This is why some people are wealthy and others aren’t because they aren’t as resourceful as others. No matter what you think, you will never get to a state of freedom without being resourceful. Below is a list of differences between being frugal vs cheap:
- Cheap and frugal people both love to save money, but frugal people won’t do so at the expense of others.
- Frugality is about assessing the bigger picture and having the patience to cash in on simple savings strategies.
- Cheapness uses price as a bottom line; frugality uses the value as a bottom line.
- Cheap people are driven by saving money regardless of the cost; frugal people are driven by maximizing total value, including the value of their time.
- Being cheap is about spending less; being frugal is about prioritizing your spending so that you can have more of the things you really care about.
- When a person properly manages and gets the highest and best use of something valuable, they’re being resourceful.
- Being cheap comes from an emotional state known as scarcity, or the belief that there’ll never be enough. A person in scarcity thinks there will always be more problems than solutions so they should fearfully cling to anything of value.
- Being cheap is not paying your fair share. When one person sneakily pays less when you and your friends order pizza, but has the same number of slices, they’re trying to get what they want without paying for it.
- A resourceful person looks for creative ways to solve problems, connect things that weren’t connected before, and make valuable things last as long as possible.
- The resourceful person properly uses a resource, like creativity, and makes more with less, preserves any external resources, and literally becomes full of resources!
- A person in a mindset of abundance deeply believes there will always be enough and that problems can always be solved.
Want to know more. Check out the book called Entrepreneurship for the Cool Kids by Brandon Mullan.
No responses yet