It is true that the majority of wealthy, rich, and successful people got to their financial freedom lifestyle because they have been acting like they’re broke the whole time and that means living below their means and spending less than they make!
They’re not going around and spending all of their money and definitely not living off paycheck to paycheck…
They are saving as much money as they can and reinvesting it into their own business company or investing in other places to bring in more sources of income than ever.
While the majority of the population does the complete opposite!
They get payroll and spend all of it by the end of the month, and then wait for their next paycheck to do the same,
And this cycle goes on for a very long time until they find some useful and valuable source of information like I’m what I’m going to show you here for your own best.
Live above your circumstances and below your means.
So this is where I want to get into more details on why you must live below your means if you want to rich or successful, and not live above your limits!
What Does It Mean to Live Below Your Means?
You know, not a lot of people actually know what it really means!
In fact, it actually means a lot of things and I’m going to share with you some of them that are in my mind right now.
Living below your means to me is basically to live well but with less expenses.
That’s exactly what it is!
Just because you can afford it doesn’t mean you should buy it. – Suze Orman
It is all about controlling your money and not spending on non-necessary things like new clothes, shoes of the year, the newest iPhone, or the recently launched car of the year.
Yet, even though people who are living below their means do have enough money to purchase all of these multiple times, they refuse it for many reasons!
They’re not paying monthly membership plans for Netflix, 2-3 gym membership when you only need one, or none of that but actually doing whatever it takes to truly sustain their costs and cut as many things off their lives, especially the ones they’re not using on a daily basis.
Most billionaire’s daily cars are actually the simplest and most common vehicle that we always see around, like a Honda, Toyota, etc.
While 90% of the population are out there purchasing every new thing that comes to the market or that they find interesting and “want” by buying as many things as possible that they don’t even need.
Don’t let peer pressure and expectations drive you to live above your means.
Most of the things you only use for the first few days, then you leave it to the side and never look at it again…
Is this you?
And again, that’s totally the opposite of wealthy and successful people who are living below their means!
They know where to put their money, which is most likely to generate more and more money than ever or to make the world a better place for all of us to live in.
Why You Should Live Below Your Means?
As long as you want to be financially free from all debt and have enough cash to do whatever you truly desire in the future without exceeding your limits, then you’re going to have to live below your means at all costs.
And that is why it’s only a very few percentages of the population that has the courage to do it for several years, or their whole lives!
Think about it real quick… There are multi-billionaires out there that have not to spend not even 1/3 of their billions of money…
Like I’m saying, a lot of them don’t even have a yacht, a private jet unless they truly needed, or the biggest mansion in their city…
And why is that?
Again, because they only want to put their money into investments to bring in more income sources, or better yet, they want to help out the world by improving it such as Elon Musk, Bill Gates, Jeff Bezos, and others.
People who live far below their means enjoy a freedom that people busy upgrading their lifestyles can’t fathom. – Naval Ravikant
Yes, they’re definitely not out there wasting their cash on parties, girls and all that, but they’re putting their money into improving the world like the names I mentioned above.
Can you see what I’m trying to show you here?
Therefore, it is super important that you do that as well and start living below your means and that’s if you truly want that financial freedom that you deserve.
Or else, you’re basically going live of that survival lifestyle known as the victim of debt like most of the world’s population!
How To Live Below Your Means?
There is actually a lot of ways to live below your means.
However, since each one of us have a different type of life, you’re the only one who knows exactly where you’re spending your money.
Live below your means. Don’t buy stuff you don’t need. Always sleep on big purchases. Create a budget and savings plan and stick to both of them.
That means if you’re out there wasting money every year on a new iPhone that just launched recently and the next year you do it again, you’re definitely not living below your means.
Same thing with a new car, new clothes, and unnecessary membership accounts.
Also, if you’re constantly partying every week, drinking until you get crazy drunk, doing some other type of drugs out there and those type of stuff, you’re losing big time here!
That’s definitely not the way to go!
Whatever your income, always live below your means. – Thomas J. Stanley
So here are some of things that you should do;
- Avoid a luxury lifestyle
- Cut unnecessary expenses
- Start paying off your debts
- Buy a used car instead of new
- Have a tight monthly budget
- Know where you’re spending
- Stay be a materialistic person
- Look for ways to have fun for free
- Party less or read books instead
- Live in a smaller home = fewer bills
- Buy discounted stuff when NEEDED
- Save as much money as you can
- Don’t buy liabilities, but buy assets
- Put your money to work for you – invest
- Rely less on credit cards – Key to spend less
Now that’s how to truly live below your means!
Good…You got the power to earn more, but it doesn’t mean you have the power to spend more… Learn to live below your means. – Nandhan Krishnan
Final – If You Don’t Live Below Your Means, This Is What’s Going to Happen!
Here’s a story of mines!
One time I rented a big house with 4 bedrooms, 3 bathrooms, 2 dining room, 2 living room, kitchen, big pool and a jacuzzi, big front porch and a large back area with a balcony for parties and a huge backyard full of trees and nature, garage for up to 6 cars and I mean the house was the size of like 2 lots altogether.
And I was paying a very high price for renting it and this went on for 3 years since every year I had to renew the contract.
I remember the bills would come so high, especially the water bill due to the big pool area and jacuzzi, the energy bill as well since I had to have security alarms and sensors all over the house, and the whole time while I was there, every weekend I would throw a big party and invite all of my friends and family members to come over to drink, smoke and play some pool (snooker) as well.
Yet, I was spending a lot of money just for their comfort at my house.
Average people live beyond their means. Rich people live below theirs. – Steven Siebold
And I remember that I actually couldn’t achieve any of my yearly goals what’s so ever nor have any success because of the weekly parties, drinking a lot and wasting a lot money on non-necessary kind of stuffs and therefore, I had low vibrational energy throughout those 3 years and I lost a lot in all aspects of my life.
Now even though I was working extremely hard on a daily basis, I came to a point that I had to borrow mom’s money to pay the last few rents.
And what’s funny is that I actually thought that I was doing “big” in life but was actually doing the complete opposite of not living below my means.
Invest and save aggressively but enjoy life, live below your means but don’t hold back on the ones you love. Smile and lend a hand to those in need. Prepare for the worst and pray for the best. – Ronald A. Martin Jr
As a fact, I only started to succeed when I moved out to a small apartment with my son’s mother since she had got pregnant at the time.
Therefore, I sold all of my furnitues and beds, and started to live below my means, and that same year, my success exploded and I am glad and grateful that I had that past experience in my life because now I take it as a life lesson so it won’t happen again.
It just like the so-called “king of Instagram” playboy guy named Dan Bilzerian, according to many sources, he rents the big mansion that he lives at for an extremely high price and he’s always partying, drinking, smoking with tons of girls around him and the CEO of his own brand shouted him out to the world telling everyone that the reason they lost over $50 million of cash from his brand was because Dan Bilzerian kept on taking out the investment money of the business to party and enjoy his life more.
Well, of course, the guy is living beyond his limits and that is not the way to go because life itself will backfire on anyone regardless of how much money they may currently have!
Live below your means, but within your needs. Don’t sped money you don’t have, on things you don’t need, on things you can’t afford, to impress people you don’t know. – Unknown
In fact, I actually heard of some billionaires who would love to have that type of lifestyle but they know that the moment they change from living below their means to living their past limits, they’re aware that they will lose it all and therefore, they rather not.
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Have you been living below your means or above your limits? Sure, living above our limits may sound fun but it won’t be when you start draining your bank account. Expand your mind and share with me your comments on this!