“I think frugality drives innovation, just like other... - Deepstash

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9 quotes from self-made billionaires that will change how you think about money and success

“I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out.”

Jeff Bezos

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Frugality

Frugality means resisting the temptation to spend more than you earn.

Discipline

Self-made millionaires choose moderation over extremes. They often buy used cars, don't live in the most expensive houses and don't try to time the investment market.

Hard Work

A defining characteristic of many millionaires are their willingness to work hard and stick it out in high-paying careers until they are financially independent.

Money: a store of productive time
Money: a store of productive time

We're commonly told that money is a "store of value," meaning a storehouse of past effort to use for future purchases. Really, money is a store of (productive...

Wealth: an abundance of time

When we notice the relationship between money and time, we realise that wealth isn't necessarily an abundance of money, but an abundance of time. When you gather a lot of money, you collect a large store of time which you can use as you want.

Financial independence is then geared to having saved enough, so you're no longer required to work for money. Yet, many people spend so much time gathering stuff but don't set aside anything for the future.

Material things and the value of time

An irony of modern society is that many people work more to have more money to buy more stuff, but because they have so much stuff, they need more money, which means they have to work more, which means they have less time. To escape this vicious cycle:

  • Deliberately reduce your spending below the level needed to maintain your lifestyle.
  • Spending less helps fund your future. Living with a lesser lifestyle means you don't need to save as much for retirement.
Practice Discipline

Billionaires are often highly disciplined and set extraordinarily high standards for themselves and the people around them. Of course, they have lazy and unmotivated days but they don’t allow thems...

Commit To Routines

Routines and rituals are sets of habits that, when practiced consistently, lead to profound, long-term results. Most billionaire routines start early in the day and include exercising, reading and contemplating.

It doesn’t matter when you do your routine activities. What counts is that you commit to doing them — even when you don’t feel like it.

Contemplate

Billionaires love setting aside alone time. .. To think. They might do this by meditating or some other relaxing activity they enjoy.