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Forum » Daily reminder: Being “frugal” (cheap) ends up making you poorer
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Thread: Daily reminder: Being “frugal” (cheap) ends up making you poorer

post 1690463623 09-21-2023, 09:50 PM
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Daily reminder: Being “frugal” (cheap) ends up making you poorer

This is because being cheap often takes up your time - time you could spend making more money.

For example, getting a cleaner in to clean your house. Yes you have to pay them, and yes that’s in after tax dollars. But so long as you can earn more money than a cleaner in the same amount of time, it is efficient to do so.

The amount of money you lost by not working, during the time you were cleaning, is the “opportunity cost” of your time.

Similarly, dropping your laundry at the laundromat compared to doing it yourself. Gardening. Home maintenance. The list goes on.

Yes there are exceptions. For example, you might actually enjoy cooking, or meal prep for health reasons. Similarly, you might enjoy working on your car or not trust the local garage to look after it properly. Those are all sound. But if you’re doing it to be cheap, you’re actually losing money.

TLDR: pay to have other people do your daily chores for you. Outsourcing is the financially sound choice.
post 1690463693 09-21-2023, 09:53 PM
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Being frugal is smart while building your initial wealth. But once you reach a point where your time is more valuable than performing menial tasks, it's downright silly.
post 1690463703 09-21-2023, 09:53 PM
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You make a valid point if people have the potential to earn money 24/7.

Doesn't really relate to the majority of the population that work set hours and would typically do those chores/jobs outside of those work hours.

And yes, people can earn money 24/7 if they want. But most don't, so this is just an additional expense.
post 1690463723 09-21-2023, 09:53 PM
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Thanks for the advice OP. BRBreturning all my store Brand cereal and exchanging it for the brand name which is the same exact thing but costs $2 more.

When do I start to profit?
mo e
post 1690463743 09-21-2023, 09:54 PM
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Humans need diverse tasks. It's not healthy to sit down and study one task all day every day.

Also lol @ using a laundromat.
post 1690463773 09-21-2023, 09:55 PM
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Is this the equivalent to CNN and the democrats saying the economy is doing great? We just added more jobs?
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post 1690463833 09-21-2023, 09:56 PM
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Originally Posted By AlexxVann⏩
You make a valid point if people have the potential to earn money 24/7.

Doesn't really relate to the majority of the population that work set hours and would typically do those chores/jobs outside of those work hours.

And yes, people can earn money 24/7 if they want. But most don't, so this is just an additional expense.
While true, there is value to unwind/relaxation time. No one goes hard 100% of the time so relaxation time is a reinvestment into your money earning capabilities and general health which is much more valuable than saving 40 bucks cause you didn't hire nosyjosie to mow your lawn
post 1690463863 09-21-2023, 09:58 PM
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You're a retard.

Most millionaires quietly become millionaires simply by living within their means and being frugal.
post 1690463913 09-21-2023, 10:00 PM
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Fukin a.

You just learn about opportunity cost op? This is all good and nice operating under the assumption that you can be earning money as an owner/operator.

Not an option for the masses.
post 1690463923 09-21-2023, 10:00 PM
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Originally Posted By outfoxxed⏩
While true, there is value to unwind/relaxation time. No one goes hard 100% of the time so relaxation time is a reinvestment into your money earning capabilities and general health which is much more valuable than saving 40 bucks cause you didn't hire nosyjosie to mow your lawn
^^^

Leisure time is a good to be purchased, just like any other. The “cost” of leisure time is the opportunity cost, ie the money you could have made by working.

The more wealth your have, the more leisure time you can afford to purchase.

Funnily enough, high income tax rates actually make “leisure time” more affordable (because so far, nobody has found a way to tax leisure time)
post 1690463963 09-21-2023, 10:01 PM
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Time verse money doesn't apply to poorcels.

The average poorcel isn't concerned and maximizing or optimizing his life. He's concerned with budgeting enough money for rent/mortgage, food and car.

The people who benefit are those with disposable income who can take that money and buy someone else's time for much cheaper.

It's a funny rich get richer scenario. Poor people are busy saving 5 dollars on their grocery bill while the rich are busy making 500 dollars more a week
post 1690464133 09-21-2023, 10:07 PM
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Originally Posted By r32gojirra⏩
For example, you might actually enjoy cooking, or meal prep for health reasons.
**Black out tape over all laptop/cell phone cameras so gov cant spy on me fapping crew**
post 1690464143 09-21-2023, 10:07 PM
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Originally Posted By headturner1⏩
Fukin a.

You just learn about opportunity cost op? This is all good and nice operating under the assumption that you can be earning money as an owner/operator.

Not an option for the masses.
I'm in software engineering and this applies to me and probably applies to you somewhat

If i want to leverage my time i can

1) study
2) apply for more jobs, update my resume
3) pursue further education/part time education
4) put in extra hours at work with the goal of getting promoted earlier
5) networking... I.e. Getting drinks with coworkers etc
6) research your career, consume content on what direction to take... I.e. Visa planning, visiting forums for your career, discussions about advancements in your car

A lot of these do not give immediate benefits but the return is there.
post 1690464163 09-21-2023, 10:08 PM
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you obviously lucked out with your money, considering how much of a square you are when you type things here.
post 1690464203 09-21-2023, 10:09 PM
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this really doesn't work practically.

lets say you hire a cleaner for a set time every week, assuming you want to work overtime?? then you would just be spending most of the OT on the cleaner instead of pocketing it.

Depends on how you look at things

Cleaner cost you $100 for the day (example)

you made $150 working 2 hrs OT, ok so you pocketed 50$ and have a clean place. It really depends on priorities.

dropping clothes at a laundromat....that is very time consuming lmao, actually a waste of time if you think about it. Better to have the washer/dryer at home, running in the background.

lower expenses and earn more = best method, doesn't necessarily mean frugal..
L.A. LAKERS
post 1690464363 09-21-2023, 10:12 PM
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ive looked into these services and they still arent really worth it. not to mention these scumbags are always late and **** things up. better off just doing your chores in one day or across each day
post 1690464703 09-21-2023, 10:23 PM
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Originally Posted By longfellowdeeds⏩
this really doesn't work practically.

lets say you hire a cleaner for a set time every week, assuming you want to work overtime?? then you would just be spending most of the OT on the cleaner instead of pocketing it.

Depends on how you look at things

Cleaner cost you $100 for the day (example)

you made $150 working 2 hrs OT, ok so you pocketed 50$ and have a clean place. It really depends on priorities.

dropping clothes at a laundromat....that is very time consuming lmao, actually a waste of time if you think about it. Better to have the washer/dryer at home, running in the background.

lower expenses and earn more = best method, doesn't necessarily mean frugal..
So you’re $50 better off than you otherwise would be.

Do that with as many other jobs as you can, that might be hundreds of dollars a month.

Which you can use to build wealth.
post 1690465153 09-21-2023, 10:38 PM
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Originally Posted By outfoxxed⏩
I'm in software engineering and this applies to me and probably applies to you somewhat

If i want to leverage my time i can

1) study
2) apply for more jobs, update my resume
3) pursue further education/part time education
4) put in extra hours at work with the goal of getting promoted earlier
5) networking... I.e. Getting drinks with coworkers etc
6) research your career, consume content on what direction to take... I.e. Visa planning, visiting forums for your career, discussions about advancements in your car

A lot of these do not give immediate benefits but the return is there.
I understand that.. I guess I’m looking at from a money in pocket directly perspective.

Good points though.
post 1690465233 09-21-2023, 10:41 PM
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Originally Posted By 401Delta⏩
You're a retard.

Most millionaires quietly become millionaires simply by living within their means and being frugal.
this. most people gradually become millionaires and an hour of their free time cleaning the house while listening to the tv is not so valuable that paying someone $100 to do it is worth it. i know people worth $10M that clean their own house and cut their own grass. 99.5% of people will never get there so kinda pointless to think about.
post 1690465623 09-21-2023, 10:53 PM
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Originally Posted By 401Delta⏩
You're a retard.

Most millionaires quietly become millionaires simply by living within their means and being frugal.
Originally Posted By eddiehaskell⏩
this. most people gradually become millionaires and an hour of their free time cleaning the house while listening to the tv is not so valuable that paying someone $100 to do it is worth it. i know people worth $10M that clean their own house and cut their own grass. 99.5% of people will never get there so kinda pointless to think about.
These kind of defeatist attitudes is why you are both stuck where you are in life.
post 1690465673 09-21-2023, 10:55 PM
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There is a time to be frugal to save money.

Then there is a time to SPEND money to make money.

Taking the Time doing either is spent wisely, it's the time spent in hesitation that wastes money.
I'm not blessed with riches, but I am rich with blessings.
Thank you, LORD, my God.
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post 1690465693 09-21-2023, 10:56 PM
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Dave Ramsey likes to talk about this stat from a survey they did on millionaires:

“Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.”
post 1690465773 09-21-2023, 10:57 PM
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Originally Posted By r32gojirra⏩
These kind of defeatist attitudes is why you are both stuck where you are in life.
Obviously a projection of happiness in your own life. Pray for you brother.
post 1690465833 09-21-2023, 10:59 PM
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Originally Posted By eddiehaskell⏩
Dave Ramsey likes to talk about this stat from a survey they did on millionaires:

“Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.”
So the overwhelming majority of millionaires had relatively high incomes during their career.

Thanks for the insight dullard
post 1690466103 09-21-2023, 11:09 PM
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Originally Posted By r32gojirra⏩
So the overwhelming majority of millionaires had relatively high incomes during their career.

Thanks for the insight dullard
Retard -- that's not what that says unless you candider $100k a high salary.


"These millionaires also said they spend $200 or less each month at restaurants. And 93% of millionaires use coupons all or some of the time when shopping. By staying out of debt and watching expenses, they’re able to build their bank accounts instead of trying to get out of a financial hole every month.

Millionaires Don’t Always Make Big Bucks

The next logical question is: What kind of salaries do wealthy people make? Not as much as you might think. The majority of millionaires in this survey didn’t have high-level, high-salary jobs.

In fact, only 15% of millionaires were in senior leadership roles, such as vice president or C-suite roles (CEO, CFO, COO, etc.). Ninety-three percent of millionaires said they got their wealth because they worked hard, not because they had big salaries."
post 1690466283 09-21-2023, 11:22 PM
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Originally Posted By helpmee⏩
Legit lol’d

You can tell he’s not lieing - who tf slices an onion like that?
post 1690466643 09-21-2023, 11:53 PM
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In before the money obsessed die of a heart attack in their 50's while the people who do their own gardening live well into their 80-90's
post 1690466683 09-21-2023, 11:55 PM
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Originally Posted By MrSchons⏩
In before the money obsessed die of a heart attack in their 50's while the people who do their own gardening live well into their 80-90's
thought a few times about starting garden...maybe next year. it's good work
post 1690467543 09-22-2023, 12:40 AM
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Originally Posted By r32gojirra⏩
This is because being cheap often takes up your time - time you could spend making more money.

For example, getting a cleaner in to clean your house. Yes you have to pay them, and yes that’s in after tax dollars. But so long as you can earn more money than a cleaner in the same amount of time, it is efficient to do so.

The amount of money you lost by not working, during the time you were cleaning, is the “opportunity cost” of your time.

Similarly, dropping your laundry at the laundromat compared to doing it yourself. Gardening. Home maintenance. The list goes on.

Yes there are exceptions. For example, you might actually enjoy cooking, or meal prep for health reasons. Similarly, you might enjoy working on your car or not trust the local garage to look after it properly. Those are all sound. But if you’re doing it to be cheap, you’re actually losing money.

TLDR: pay to have other people do your daily chores for you. Outsourcing is the financially sound choice.
I disagree with your primary example. I make more than a house cleaner, sure, but that doesn't mean I'll be financially better off if I hire them.

The only way your example makes sense is if I'm losing work hours cleaning, which I'm not. I don't stay home from work just to clean. In that case, sure, but I don't. It's expensive to hire for it and if you can get the energy, it's smarter financially to clean yourself, even if you make 2x what a cleaner does.
post 1690467983 09-22-2023, 01:10 AM
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Originally Posted By headturner1⏩
Fukin a.

You just learn about opportunity cost op? This is all good and nice operating under the assumption that you can be earning money as an owner/operator.

Not an option for the masses.
Might sound obvious but then why are so many posts here attempted to dispute it?

And in fact this rule makes the most sense for brokies. This is because for a low income earner, there are plenty of opportunities to move up. The “marginal returns” to any additional effort spent increasing your income (e.g. applying for better paid jobs) instead of mowing your lawn, is extremely high.

By contrast if you’ve made it to the c-suite already, the opportunities to move up can sometimes be few and far between.
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