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Live below your means from "summary" of How to Think Like a Millionaire by Boyce Watkins
Living below your means is a fundamental principle that sets the wealthy apart from the rest. It means that you should spend less than you earn, no matter how much money you make. This may sound simple, but it is a concept that many people struggle to grasp. When you live below your means, you are able to save and invest the difference, which is crucial for building wealth. This requires discipline and a willingness to forgo instant gratification in favor of long-term financial security. It means making choices that prioritize your financial future over fleeting material possessions. Living below your means is not about deprivation or living a bare-bones lifestyle. It is about being intentional with your spending and focusing on what truly brings you happiness and fulfillment. It means distinguishing between needs and wants, and being content with having enough rather than constantly chasing more. By living below your means, you are able to avoid debt and financial stress. You are not beholden to creditors or living paycheck to paycheck. Instead, you have the freedom to make choices based on your values and goals, rather than financial constraints.- Living below your means is about creating financial security and freedom for yourself. It is a mindset that allows you to live a life of abundance and generosity, rather than one of scarcity and lack. It is a choice that sets you on the path to financial independence and peace of mind.
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