Connect with us

Hi, what are you looking for?

Business

Here’s How to Build Wealth by Being Thrifty

PPP, loans, money
StudioLightAndShade on Deposit Photos

A simple lifestyle is key when trying to build wealth. The best example that you could model after is Warren Buffett. Buffett is the most successful investor to ever live. As of December 2020, he is the sixth-richest person in the world with a net worth of $87.4 billion. Even with all his wealth, Buffett still lives in the same house that he bought in 1958 for $31,500, drives a simple 2014 Cadillac XTS that was retailed at around $45,000 and eats at McDonald’s almost every day.

Being frugal with small purchases

Bold TV host Philip Michael watches the small money going out in his budget. While it’s important to be frugal with big-ticket items, it is equally if not more important to be frugal with small-ticket items such as groceries, clothing and accessories. When you go shopping for clothes or for groceries, try to look for sales and deals. The probability of you affording these items is high, but by doing this, you will build good habits and a good financial mindset. So, when it comes to big purchases, you’ll have a better understanding of how you should spend your money.

When the savings are worth the deal

At the same time, you’ll be able to gauge when it’s worth saving your money or not when purchasing something. For example, if you can save $5 off a $10 item, you would do everything you can to get that deal because the money you would be saving is 50% of the original price. However, if you are buying a car and one car costs $25,000 and the better car costs $25,005, then trying to save that extra $5 is not worth it. Five dollars is 0.02% of $25,000 that you would be saving if you bought the cheaper car. We can’t all be Warren Buffet, but we can learn how to better budget our own finances. How are you building your wealth?

For more on budgeting, check this out.

18 hours ago
Why Big Media is Bad for Democracy - https://t.co/LDQWoQmukp
19 hours ago
It’s #MensHealthWeek, and it's important to talk about men’s mental health this week. https://t.co/OMrUWTMVWm
20 hours ago
Why Are Travel Expenses Breaking the Bank? - https://t.co/g6avBTuXlZ
21 hours ago
#Californians are recalling Gov. #GavinNewsom because of how he handled pandemic restrictions. Here’s a look at how CA lost people to states such as #FL and #TX in the past year.
https://t.co/4wZqfJSeAu
22 hours ago
Still Can’t Find the New PS5 and Xbox? A Game Console Shortage Is Upon Us - https://t.co/EZ18TIjY4P

You May Also Like

Opinion

I am a Robinhood user. I downloaded it to enter the world of investing. Some of my friends from college recommended it because it...

Politics

It’s almost been a year since the statewide lockdowns began to spread across the country. Since then, qualified Americans only received one stimulus payment....

Business

Have you ever heard that Denmark is the happiest nation in the world? In this segment on happiness, we hear from our guest host...

Life

Whether it be good or bad, romantic relationships have taken a turn for everyone during these times. Studies show that marriage and divorce rates...

Copyright © 2021 Bold TV. Bold TV is owned and operated by GenBiz Inc. a 501(c)(3) non-profit organization.