‘Thrift is a Mindset’ — Financial Experts

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There other adjectives to this word “thrift,” such as frugality, economical, prudent, some even prefer the rude word stinginess.

There are contradictions, divergent views, and perception about being thrifty when it comes to money. Apparently, one of the subject matters in the personal finance landscape. The issue has triggered different arguments.

What is Thrift?

“Most people spend money without thinking about it, and much of what they spend it on doesn’t make them happier or feel better,” says Gary Foreman, an Editor, and Publisher

Thrift, in reality, could be regarded as the opposite cheap. And the earlier you change your perception about this; your spending habits will be modified.

In some cases, if you cut in one area, there is the tendency of spending more in another area.

Practical Examples of being Thrift

The question is, does this attitude towards money guarantees financial success, how many have become wealthy by being thrift?

Some financial coaches, including Matt Giovanisci, host of the podcast titled “Listen to Money Matters,” believes that being thrifty can hold you back when your frugal habits don’t align with what you want from life.

The reality is that when your needs in life are not proportionate to the being thrifty, then, it may not work well.

For instance, you are hospitalized probably as a result of anything, and at that point, it’s pertinent you dip your hands in your wallet and pay your hospital bills, will you deprive yourself treatment because you are thrift?

Focusing on your financial goals is what matters most and jettison whatever a third party says.  Your financial goals could probably be a failure to others 

What Happens When you become Thrift?

When you’re thrifty, you might be developing

“Being too careful about savings and being too frugal of spending money, maybe just the mindset that will never let you get rich,” says Michael Slavin, a Business Author.

Thrift individuals find it a bit difficult to take business risks. All that could be done is to be protective of the money.

You’re always scared and sceptical of investing.

Business is all about risks and frugality doesn’t support risk taken.

Do you save a certain amount of money when you’re thrift? Yes, you will, but it depends on the sum of money.

You may decide to be thrifty and save some amount of money to start something, it happens. That way, it becomes an avenue to a successful life.

If you’re indebted and expected to pay in five years, thrift could make you achieve that in four or three years. If it’s business you intend to set up, the same thing happens.

Further, one thing about frugality is that you don’t need to be extreme to be effective. They always think before buying and never ready to spend little because of quality.

Conclusion

Thrift is either seen as an enabler to financial success or impediment. If you are scared of taking business risks that could bring tremendous returns, then it’s an obstacle. 

Meanwhile, it’s an enabler if you save some money and startup business.

Thrift is a thing of mindset, you decide.