Is it possible to save most of the money you earn by living in a frugal way?

Yes, it is possible, and many financial advisors and personal finance blogs will advise you to do so.

However, my belief is that for most people, that’s setting them up for failure.

Most people lack the discipline, the vision and/or the will to go through the “financial diet” required to get from a position of bleeding out money to saving money.

For most people, the pain of cutting back on expenses to the extent that you’d need to in order to save a significant amount, is just too much. It would mean too many painful choices and changes to their lifestyle, that they wouldn’t enjoy the process – which is a critical element for success.

So for most people the solution would have to be different.

Rather than being extremely frugal, you can tackle “easy wins” in expenses.

These are costs that you can reduce without having a significant impact on your lifestyle.

Examples would be switching internet or energy providers.

In addition to that – and that’s the big win of this approach – you need to look at your revenue.

So what I say is you get to keep all of the expenses you like – but work harder to make more.

Start an online business – it’s easier than ever nowadays.

Make money online, and you’ll be able to keep your expenses and save, and maybe one day quit your 9–5.

Hope that helps

Jon