Is frugality vital in becoming a millionaire?


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What Guys Said 3

  • It's not so much vital in becoming a millionaire as it is in staying a millionaire. You can become a millionaire through a combination of creativity and luck but keeping it won't be so easy. I would say the frugality can definitely increase your chances of becoming a millionaire though.

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  • It'd definitely be favorable over the opposite extreme of being an extravagant and reckless spender. Wealthy people tend to invest money, people who just managed to stumble upon wealth tend to spend it all away. And when it comes to running businesses, efficiency is key with all resources involved (time, money, manpower, etc) which ultimately boils down to frugality.

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  • Absolutely. Nobody ever got rich by spending money.

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