Latest news with #frugality
South China Morning Post
13-07-2025
- Business
- South China Morning Post
Thrifty Chinese man spends under US$1 per meal, saving US$180,000 in 6 years to buy flat
A 29-year-old Chinese man has stunned many online with his extreme frugality, revealing that he spends only a few yuan (under US$1) per meal, and this habit has enabled him to save 1.3 million yuan (US$180,000) in just six years. Known online as 'Little Grass Drifting North,' he is a live-stream host at a major internet company in Beijing and manages a self-media business. His exact earnings remain undisclosed. Recently, he disclosed that he has limited his monthly food expenses to under 500 yuan (US$70), which has contributed to his impressive savings since graduating from university six years ago. His largest monthly expense is rent, around 2,500 yuan, while all his meals are home-cooked, costing just a few yuan each and averaging less than 500 yuan per month. By limiting his monthly food budget to under 500 yuan (US$70) and opting for simple home-cooked meals, he has significantly boosted his savings since graduating from university six years ago. Photo: Shutterstock His extreme frugality is rooted in a traumatic childhood experience. When he was in Primary Five, his mother fell seriously ill, forcing the family to borrow over 100,000 yuan for her treatment.
Yahoo
12-07-2025
- Business
- Yahoo
How To Stop Being Cheap and Start Being Frugal, According to the CEO of The Financial Diet
Chelsea Fagan, CEO of The Financial Diet, makes no secret of the fact that she used to be cheap. She also says that she no longer is — but she is frugal, and that's much better. 'Cheapness is really a completely separate concept from frugality,' Fagan said. 'Often, those two things are conflated, especially when people are trying to get good with money. But I think that's ultimately to our detriment.' Learn More: Read Next: In a YouTube video, Fagan had some advice for those who want to stop being cheap and learn to be frugal instead. Fagan drew a distinction between being cheap and being frugal, explaining that it is about your mindset. 'Being cheap,' she said, 'is really choosing to exist in a scarcity mentality.' Fagan defined this cheap mindset as a refusal to invest in better-quality things, even when you have enough money to do so. Cheap people, she said, are too focused on paying the least possible amount that they can in the moment. 'Being cheap fundamentally comes down to a sense of competition, or a sense of scarcity, rather than a sense of abundance,' she said. According to Creative Planning, a scarcity mindset can actually harm financial well-being, as it can lead to poor financial decision-making and impulse spending. Frugality, on the other hand, is 'all about not just living below your means whenever possible, but thinking about the most financially intelligent way to go about any given decision,' according to Fagan. Check Out: 'I really think in terms of quality and value, but something can be very inexpensive and still have a ton of value,' Fagan said. She emphasized that you have more options and more opportunities to spend money on things that are really meaningful to you if you're willing to be more patient. 'The more you … separate out quality and cost and you understand how often those things are conflated when they shouldn't be, or how often you're sacrificing quality, you really … shift your mentality of what is actually worth spending on,' Fagan said. In order to move toward abundance and the ability to be frugal, Fagan recommended adhering to the 'pay yourself first' mentality of budgeting. She confessed that, although she once used a strictly segmented budget, she found that she doesn't love it now. Now, she pays her monthly expenses, which include her retirement and her general savings, and considers what's left to be hers to spend as she likes. She explained that this method often results in her spending less than she otherwise would, since she doesn't feel constrained, as she did when she had every dollar accounted for in her budget. Fagan recommended finding the right budgeting method for you — the method that 'allows you to have a sense of peace and calm about your monthly expenses so that it's not just constantly on your mind,' she said. In a recent video, money expert Rachel Cruze offered advice about spending money and enjoying life on a budget. She explained that while budgeting can make people initially think of being cheap, a budget can actually help you use your money for things you want. Because you're no longer operating from a mindset of scarcity, having a sustainable budget that you don't have to think about all the time keeps you from obsessing about the price of every purchase. According to Fagan, this allows you to focus on that which has value for you. She offered this sage advice: 'Let life take the driver's seat and let money just kind of be the gas in the car, rather than the reverse.' More From GOBankingRates 10 Used Cars That Will Last Longer Than an Average New Vehicle This article originally appeared on How To Stop Being Cheap and Start Being Frugal, According to the CEO of The Financial Diet
Yahoo
10-07-2025
- Business
- Yahoo
4 Lessons Warren Buffett Teaches Us About Leaving a Financial Legacy
Warren Buffett is one of the richest people on the planet, and yet his name is not just synonymous with massive wealth (the kind you could swim in, Scrooge McDuck-style), but also frugality and financial savvy. It's not surprising that this entrepreneur — who worked his way up from his father's firm to become the chairman and CEO of Berkshire Hathaway — is as famous for his powerhouse investment strategies as he is for choosing a simple McDonald's breakfast over extravagant meals. Given his track record, it's clear he possesses wisdom that anyone could benefit from. Read Next: Check Out: Buffett has made many of his financial decisions, from playing the long game with his investments to his celebrated commitment to philanthropy, with the goal of building a legacy. You don't have to be as wealthy as Buffett to think about what you want your own legacy to look like. But you can learn from him by following a few key principles, ensuring you can one day look back on your accomplishments with pride. While Buffett did grow up with certain privileges — his father owned a stock brokerage firm, after all — he wasn't born into immense wealth. He used his access to his father's business to educate himself about investing, making his first investments at just 11 years old. A key factor in Buffett's success was his ability to identify mentors like Ben Graham, the financial analyst celebrated as 'the father of value investing,' and network with them to keep learning. Buffett's mentors helped shape the investing strategies that would serve him well decades into the future. Today, growing the kind of wealth you can pass down to future generations is easier than ever. From audiobooks to podcasts, there are countless resources available to help you learn to excel at investing or refine your savings strategies. Experts share valuable insights across social media, and your local library likely has several shelves' worth of investment how-tos and personal finance books. You can also turn learning into a family affair, teaching your children and grandchildren about personal finances and investing at a young age, just as Buffett's father did for him. For You: Buffett is widely regarded as one of the savviest investors of all time. Generally, he's more concerned with the quality and long-term potential of a company rather than focusing on short-term stock performance. He's a big believer in researching companies that spark your interest and evaluating their long-term potential for success. Once you've identified a stock you like, wait for it to achieve a reasonable valuation, then make your move. Snap it up, and be prepared to hold on to it for a long time. As Buffett famously put it in a 1996 letter to Berkshire Hathaway shareholders, 'If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes.' His approach has clearly paid off — quite literally — putting him in the position to leave billions to his designated heirs. By adopting a long-term investing strategy that resists panicking with every hiccup in the market, you too could build lasting wealth for your family. And that wealth doesn't have to just vanish into thin air when you pass away. By working with attorneys and financial advisors specializing in estate planning, you can ensure that your assets are passed down efficiently. If you want to leave stocks or other investments to a child or grandchild, you can set up a trust with clear management and distribution rules. You might assume that being one of Warren Buffett's children means living on easy street for the rest of your life. But Buffett has made it clear that he has no intention of leaving his children the kind of money that would allow them to sit idly for the rest of their lives. Another famous nugget of wisdom from the Oracle of Omaha is that parents should 'leave their children enough so they can do anything but not enough that they can do nothing.' In other words, provided financial support while still encouraging ambition and self-sufficiency. Though it's unlikely you'll ever achieve reach Buffett's level of wealth, you can still work with an estate planning team to create a trust with clear parameters for how your beneficiaries can use their inheritance. As one of the world's most prolific philanthropists, Buffett plans to put the majority of his fortune into a charitable trust managed by his three children. Instead of receiving the money outright, the Buffett children — who are now in their senior years as well — will have 10 years to distribute the money to charitable causes. That wasn't always Buffett's plan for his fortune. For years, he made significant annual contributions to the Gates Foundation, concerned that his children weren't prepared to manage such a massive amount of money. However, over time, his confidence in his children's abilities grew, and he decided to restructure his estate plans. Remember, your estate plans don't have to be set in stone the first time you draft them. You're allowed to make changes as your circumstances change or you gain fresh perspectives on your family's financial needs. Think of your estate plan as a living document that you can revise as long as you're, well, alive, ensuring you're satisfied with how your wealth will be From GOBankingRates 5 Steps to Take if You Want To Create Generational Wealth 4 Things Your Neighbor Who Retired Early Won't Tell You About Their Financial Plan 4 Things You Should Do if You Want To Retire Early I'm a Certified Financial Planner: 3 Wealth-Transfer Tips I Tell My High-Income ClientsThis article originally appeared on 4 Lessons Warren Buffett Teaches Us About Leaving a Financial Legacy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
20-06-2025
- Politics
- South China Morning Post
Overbite: China urges officials to pull back on dining austerity drive
Leading publications of China's ruling Communist Party have urged local governments to implement strictures on lavish banquets carefully, an attempt to temper overzealousness amid concerns from the country's beleaguered food and beverage industry. Advertisement Qiushi, the party's theoretical journal, said in a commentary piece on Friday that recent affirmations of the need for frugality in official meals are intended to limit extravagant practices, not ordinary dining. 'Some local governments scrutinise every meal gathering and intervene in every banquet. Some agencies, to 'avoid trouble', simply cancel all official receptions. Some cadres even go so far as to avoid normal working meals,' the piece read. Such 'oversimplified' measures have complicated understanding of the regulations in question, derailing their original intention and bringing 'unnecessary shocks to the catering industry'. Curbs on perceived excess in official meals spread across the country in May after the party's Central Committee and the State Council, the national cabinet, released their 'Regulations on Practicing Thrift and Opposing Waste in Party and Government Bodies'. Advertisement The document stipulates rules for receptions involving government officials or employees of state-backed organs, banning 'high-end dishes', cigarettes and liquor at these events. Localities, to demonstrate their compliance, have rolled out their own guidelines on the matter, with some extreme cases receiving media attention.
Yahoo
15-06-2025
- Business
- Yahoo
They Retired At 40 With $1M In The Bank, While Experts Like Suze Orman Say You'll Need $10M. Their Monthly Expenses Are Now Only $1,241
Most financial experts say you need millions to retire comfortably. Some, like Suze Orman, have floated numbers as high as $10 million. But one Indiana couple is proving that early retirement is possible on far less. One couple on the r/leanfire subreddit shared how they retired at 39 with just over $1 million in assets. They now live on about $1,241 per month, or around $15,000 per year. FIRE stands for financial independence, retire early. LeanFIRE is a version of that focused on extreme frugality and minimalism to achieve early retirement with a modest nest egg. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can 'We're living proof that leanFIRE actually works,' he wrote. 'We're free, we travel half the year, and we're not stressed about money.' The couple lives just outside Indianapolis, a low cost of living area they chose intentionally. Their expenses are low in part because they've made some big financial decisions: their house is fully paid off, they drive a 2005 Toyota with over 200,000 miles, and they have zero debt. Despite the tight budget, they don't stay home all year. They spend 4 to 6 months annually overseas in countries like Thailand, where they rent fully furnished apartments for as little as $400 per month and eat street food for less than the cost of cooking at home. 'Street food in Thailand beats cooking at home cost-wise,' he said. Trending: Invest where it hurts — and help millions heal:. Health insurance costs? Also zero. The husband qualifies for Medicaid because Indiana doesn't test assets, just income, and they keep their modified adjusted gross income low on purpose. His wife, who isn't a U.S. citizen yet, uses an Affordable Care Act-subsidized plan. 'Medicaid in 41 states is based on MAGI. No asset testing. It's literally how our overlords designed it,' he explained. The couple's monthly expenses break down like this: $500 on food and household goods $275 in property taxes $120 for electricity $97 for home insurance The rest goes to small costs like gas, gym membership, and internet They avoid spending by not caring about lifestyle inflation. 'Don't give a damn what the neighbors think,' he said. ''Stuff' is the enemy of FIRE.' Their income comes from a combination of selling short-term Treasury ETFs, dividends, an online side hustle, and occasional bank account signup bonuses. They say their IRA accounts continue to grow Reddit users were skeptical of the couple's access to Medicaid with over $1 million in net worth. But the husband maintained that their eligibility is fully legal. 'Nothing unethical about it,' he said. 'They set the rules of the game. It's our job to know and play by the rules.' They say not having children makes this lifestyle possible, and many in the comments agreed. 'No kids, no fancy cars, no keeping up with anyone,' he wrote. 'But we're free.' While many FIRE enthusiasts plan for 4% withdrawal rates, the couple spends closer to 1.5% of their net worth per year. 'You just have to actually want it more than you want stuff,' he said. Read Next: Can you guess how many retire with a $5,000,000 nest egg? . Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article They Retired At 40 With $1M In The Bank, While Experts Like Suze Orman Say You'll Need $10M. Their Monthly Expenses Are Now Only $1,241 originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
