Frugal vs Cheap

by Mr. Cheap

While digging through the I Will Teach You To Be Rich archives, I came across an interesting post about Cheap versus Frugal.

Although I am *MISTER* cheap, I’m actually quite hurt when someone I care about says something that implies I’m cheap. Amusingly, I actually don’t mind if they CALL me cheap. An insight about me that a friend once had was that I’m “generous to other people but not to myself”, which I think has a good deal of truth to it. I’m certainly not Mr. Stingy.

I agree with Ramit that frugal people focus on value, while cheap people focus on price. I *NEVER* expect anyone to foot the bill for me (and err on the side of giving more myself to be sure that this never happens).

Overall I think being frugal is one of the greatest virtues. It involves soul-searching and an understanding of yourself and your environment in an effort to ensure that your resources are distributed in line with your values.

Who could complain about that?

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{ 4 comments… read them below or add one }

1

Well put.

2

I don’t know, I think there is nothing but the good feeling of spending a big pile of money! On the other side, saving money and building your net worth is fun too.
I guess the secret is to make enough money that you can spend on what you want and save money at the same time!

3 Jo

“Overall I think being frugal is one of the greatest virtues. It involves soul-searching and an understanding of yourself and your environment in an effort to ensure that your resources are distributed in line with your values.”

Just reading back in your blog – that is beautifully put MC…

4 Mr. Cheap

*blush*

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