Warren Buffett is widely known all over the world, his name is a regular entry on the Forbes list of the richest in the world. As a matter of fact, he was once the richest man on the planet in 2008. However, in spite of all the billions at his disposal, the wizard of Omaha is also known and roundly admired for his frugality. He lives in the same house he bought decades ago and drives the same vehicle he bought years ago –without a driver.
In the world of today, it is quite common to see many rich people flaunt their wealth and riches to the high heavens. Some see it as a status symbol to be extravagant, thus they buy the Bugatti Veyron and order for a customized Gulfstream jet. Although there is nothing bad in enjoying the fruits of your labor, moderation is always good while frugality in finances is even better.
To be frugal comes with benefits although you must be prepared for those that will call you names like penny-pincher and so on. Frugality is a sign of caution and responsibility and it is not the same as being a miser. To be frugal is tantamount to making purchases only when necessary. In other words, you do not spend money without any tangible reason. One of the most obvious benefits of being a frugal individual is that you have the advantage of saving more. The money that would have gone to the designer shoes or luxury spa can be channeled into savings for the future.
By being frugal, you impose financial discipline on yourself. The lack of financial discipline is the main reason why millions remain trapped in poverty and squalor. They the not have the idea of being frugal, whatever comes their way is quickly spent. If you are frugal, you can always be prepared for that rainy day.