#13: Being Cheap is Keeping You Poor

#13: Being Cheap is Keeping You Poor

While saving and investing are important if you want to build wealth, there are certain areas in your life where being cheap can really cost you a lot in the long term. In these times, it is important to know the difference between frugality and cheapness. On the surface, the two can seem similar – you’re simply not spending your money. But here’s where the difference lies – frugality is about being intentional with how you spend your money while being cheap is just about the act of preventing spending anywhere and everywhere it’s possible. The problem with being cheap is that you might think like you’re saving money right now but it can end up costing you a lot more in the future. And there’s a misconception that if you’re spending more upfront or on a high-end product that you cannot save. In reality, if you invest in something that is going to last you years, has a lifetime warranty or could save you money over time, you’re being more intentional with your money. Research mentioned in the video - https://www.thehindu.com/news/cities/mumbai/79-milk-in-state-is-adulterated-study/article30976549 - https://www.fda.gov/news-events/fda-brief/fda-brief-fda-announces-results-second-sunscreen-absorption-study - https://www.youtube.com/watch?v=hYTIh2cXfvM&t=84s - https://www.elle.com/uk/beauty/skin/a26957334/hormone-disruptors-skincare/ - https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4086778/ Choosing the right health insurance - https://www.nerdwallet.com/blog/health/health-insurance-guide/ - https://www.livemint.com/brand-stories/a-guide-to-choosing-the-right-health-insurance-policy-11599735568246.html

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