A Penny Saved...
Yes, there are a lot of old sayings that people have tried to live by, but they do not mean that one should buy the cheapest thing available. Many times cheap dish soap is just less concentrated. By the same token, buying concentrated soap and then using it in large quantities is a waste worse than the first.
Cheap appliances will mean replacing them sooner than the more quality ones.
Cheap kitchen utensils and cookware will also need to be replaced much sooner than necessary with something from a reputable company. But also check to make sure your favorite brand has not outsourced to China. Raw materials from there are less durable than what companies used to use.
Thinking logically is what we are after.
I talked about being satisfied with what you have in my first post. I buy sensible quality so that I can take care of the things that I buy. I am most satisfied when I am able to use something for years without replacing it.
This post is about creating daily habits to make the most of the items you buy so that nothing is thrown away until it is truly garbage. I developed a lot of these habits when I was a kid. We were not well off. We had to make things last because there was no buying more if something did not last.
As soon as I was able to, I started earning my own money doing odd jobs for neighbors, cutting lawns, babysitting, and delivering newspapers. I did not do any of that out of greed. I did it so that I could help buy things that I needed and to take some of the weight off of my mother's shoulders. I knew by the look in her eyes when I asked for candy; She wanted to get it for me but something else would not be purchased if I got it.
There were many times when we did get things that other kids had. Whenever there was extra, she was the first to fill those wants without us asking.
Income > Expenditures
There are many ways to get to the goal but the above must always be true.
If making things last and buying less gets tiresome, there is always the option to work harder. I did that on my first rendezvous with millions. I bought quality and avoided waste but I also got what I wanted. I like to work and many times, I signed for something and then put in extra hours to pay for it.
I always said, "If I ever win the lottery, I will continue to work!"
I never played the lottery much because that is like tossing cash into the garbage but when I got my first windfall, I did keep working. I currently have no boss, but here I am voting and writing posts. I trade for profit, successfully I might add. I look for opportunities like a niche that will need to be filled as something else fails. I hire someone or do the leg work myself.
Your road to wealth is like a set of balances. You must keep the income above the expenses.
You either scrimp and waste not -
You earn more to cover what you need.
Or better yet. Both!
In the end, it is your road to wealth. Controlling your own destiny is key. Sacrifice is rewarded later with higher percentages that can be spent as your wealth increases until you find it hard to spend the limits you put on yourself. I spoke of that in my last post. That state is called abundance.
In our current boat - runaway inflation - buying assets is actually smart. I call it "spending the money while it still has value." There is an old saying, "Like money in the bank!" But what if money in the bank just gets less valuable?
When saving money unavoidably incurs losses
I use gold and silver as a hedge. It is nothing like crypto but it holds its value like cash used to. The increase is as good as the interest that used to be paid by banks. Any asset can be used in order to keep your wealth from being stolen by the money printing politicians. If you have some extra room, you could buy air conditioners, refrigerators, a flat screen TV or two, or anything that could be sold as new on eBay later on.
Avoid computers and phones because new models come out so fast they are hard to sell if they get too old.
Since it does not matter what you buy - look for sales and buy with coupon codes - that increases your bottom line at the time of sale.
The trick to assets is that they should be new and in the box. Do not open them unless selling them becomes difficult - then only when your current TV is sold, you open the one in the box.
Many of the most wealthy today are investing in land, art, jewelry, classic cars, or anything that is not made of paper. When your cash starts to build, put some of it into an asset that has limited liquidity, like some of the things mentioned in this section, and it will help you keep from scooping up all of your cash in a moment of weakness.
You can call it Karma, What comes around goes around, or the good-old God loves a cheerful giver. Sharing is necessary - it eliminates greed and makes others happy.
You will notice that you feel happier, less stressed, in a better mood, less worried as your wealth builds. It is important to give. My higher power is the God of the Bible and there is a part I read where God says...
"Bring one-tenth of your income into the storehouse so that there may be food in my house. Test me in this way," says the LORD of hosts. "See if I won't open the windows of heaven for you and flood you with blessings."
If I am right about God, and he cannot lie, then this is a sure fire way to succeed in your efforts.
The first few times I worked my way up to wealth, there was something that held me back from being truly unstoppable. Think of this final piece of advise as the one that will put staying power into your goal of being independently wealthy. I am not much of a church goer, but I look for the an organization that is doing the most good and give to it anonymously. That is the only part of my religion that I do religiously.
Please share ideas you have for making products last longer or other suggestions you may have. I have many but they are small and seemingly insignificant. Every bit gets you there faster.
1 How to Have Money
2 Debt and Percentages
3 Waste not, Want Not
4 A Practical Example
5 Cost Averaging for Investing
6 Overnight Successes