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10 Amazingly Powerful Secrets For Becoming A Frugal Millionaire

10 Amazingly Powerful Secrets For Becoming A Frugal Millionaire
Norm Tedford Dec 11, 2019
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Frugality isn’t merely some moral stance to take to impress those with a religious bent.

That’s because being insanely frugal can even turn you into a millionaire, giving you a measure of financial freedom that will free you from enslavement to the hive mind.

When thinking about the rich, it’s easy to envision fancy cars, private islands, and a life of luxury.

However, there are 35 million millionaires in the world, and many of them live exceedingly frugal existences.

This isn’t merely coincidental, because for many of these millionaires being frugal isn’t just a bug—it’s a feature.

It’s how they got to the top of the financial mountain to experience the exquisite success of freedom from every money worry they ever entertained in their mind.

It won’t be easy to ascend to these rarified heights.

However, it’s certainly in the realm of possibility if you follow just a few fundamental principles.

At one time, becoming a millionaire was a rare feat only accomplished by an elite few.

However, this is no longer even remotely true.

One reason is that with inflation, becoming a millionaire isn’t the big deal it once was.

As prices and wages go up, the top of the financial mountain isn’t as far away.

And, with the advent of the Internet, it’s easier than ever to create a business that will generate insane amounts of cash for you.

It’s definitely something you can attain, even if you have a job that doesn’t pay as well as others.

So, if you desperately want to free yourself from being chained to the drudgery of a soul-sucking corporate job, it’s still a worthwhile goal.

That’s because even though money isn’t everything, it’s still a form of security.

And we all want security—every single one of us, from the CEO of multinational corporations to the janitor who cleans your child’s school.

Relentlessly pursuing a goal to become a millionaire so you can retire while you’re still young can provide you with this security.

This is the security of having enough money in your bank account, so you never have to worry about money again.

It’s also the security of not having to put up with an insufferable boss working for a company you utterly detest.

That’s a great feeling, and you can achieve this objective even if your income is more modest than most.

All you must do is follow a few frugal principles.

Although it certainly won’t happen overnight, follow the advice in my article, and you’ll get there.

And probably sooner than you think!

Becoming A Millionaire as a Roadmap to Financial Freedom

The frugal rich have mastered the habit of self-control.

This makes them super disciplined, putting them squarely in charge of their financial destiny.

No longer do they have to grovel at the feet of an insufferable boss who delights in murdering their joy. 

Not being a mindless slave to a horrible job gives them an extraordinary feeling of empowerment.

For them, it’s not about mindlessly pursuing wealth and all the meaningless status symbols that go along with it but freeing themselves from enslavement to the status quo.

These are individuals who come from every type of occupation and walk of life.

Sure, there are mutual fund traders and stockbrokers, but there are also teachers and janitors and garbage truck drivers.

If you follow the sound financial strategies in this article, you, too, can join their esteemed ranks.

So, without further ado, here are the fourteen things frugal millionaires do to achieve financial success:

1. They Know That Money is Life Energy

Frugal millionaires have a deep understanding of the way that their precious life energy becomes miraculously transformed into money because of the way our society operates.

And because of this alchemical transformation, they don’t want to misuse the tangible manifestation of this energy by squandering their financial reserves.

That’s why they’re incredibly careful about every purchase they make.

For some, being frugal means being cheap.

But for these parsimonious penny pinchers who have a vision of their future that transcends their immediate needs, it’s the ability to see the intrinsic value of every dollar they earn.

2.They Have the Right Mindset

There’s a crucial difference in the mindset of frugal millionaires compared to those who struggle to make it to the pinnacle of the financial mountain.

And that difference is those who have attained wealth through their own hard work always believed that they could be rich someday.

In fact, they believed so strongly in it becoming a possibility that they took massive action daily to make their dream a glorious reality.

Don’t see becoming a millionaire as some rarified attainment that few ever achieve.

Know that if you put your wealth-building activities on automatic pilot, you’ll get there.

Even if you have a modest income!

But to scale the dazzling heights of the financial mountain, you’re going to have to ignore the naysayers.

Prove them wrong!

3. They’re Maniacal About Savings

To become one of these “get rich slowly” millionaires, you’re going to have to save and save and then save some more.

This means dusting off every frugal strategy in that toolbox of yours and relentlessly using it to attain the very pinnacle of financial freedom.

To do this, you’re going to have to shed any pretense of keeping up with the Joneses.

Or even worse, keeping up with the Kardashians.

This is a losing battle that will only make you unhappy!

What would you rather be—a shining star on social media with all your glittering and expensive toys?

Or, someone who enjoys the more satisfying and lasting success of being completely debt-free and in financial thrall to no one?

This means you’re going to have to disavow a life of consumerism and eschew interest in accumulating outward signs of wealth such as fancy cars and houses.

And, you’re going to have to be an extraordinarily disciplined saver so you can do what it’s going to take to build your impenetrable financial fortress. 

That means you’ll also have to save consistently over time and live within your means.

Be the fiscal equivalent of the T-1000 robot from the movie “Terminator 2.”

This incredibly dogged entity composed entirely of a “mimetic polyalloy” relentlessly pursued Arnold Schwarzenegger despite being hacked up into a zillion glittering bits.

So, make the T-1000 your spirit animal, because to attain your financial goals, you’re going to have to cultivate this kind of tenacity.

Make your savings withdrawal automatic, and you too can be a savings juggernaut.

4. They Don’t Waste Their Time on “Get Rich Quick” Schemes

Don’t waste money on “get rich quick” schemes because there ain’t no such thing as getting rich quickly.

That’s just a stupid pipe dream.

Remember, slow and steady wins the race!

5. They See Frugality as Fun

Most frugal millionaires could give two figs about status symbols.

For them, it’s all about financial freedom.

So, they dedicate themselves to becoming a penny-pinching master of their financial destiny.

They devote INSANE amounts of energy to the goal, becoming as dedicated as Usain Bolt training for the Olympics.

Their competitive thirst drives them to see how little they can spend on the things they need.

So, turn frugality into a game.

If frugality becomes fun for you, you’ll be more motivated to do it.

6. They Religiously Stick to a Budget

If you want to develop frugal habits that could one day lead you to be a millionaire, you need to plan assiduously.

That’s because vague wishing won’t get you to where you want to be! 

There’s no way you’re going to be able to put together the kind of nest egg that will allow you to attain financial mastery without a detailed roadmap.

This means you’ll have to formulate a budget that you religiously stick to.

Start by tracking all your expenses.

Just doing this will provide you with incredible insights into your financial habits.

Then, you can create your roadmap.

There are budgeting systems out there to suit every type of temperament and style.

Just read up on some of them and pick the one that you think will work for you.

But keep in mind that planning doesn’t come easily to most people.

This means you’ll likely have to work hard to turn budgeting into a habit that will last the rest of your life.

Also, remember that it’s not always going to be smooth sailing.

There are going to be days (especially in the beginning) when you get sick of it and give in to wanton spending.

Look at these minor setbacks at fantastic learning opportunities.

Because even if you have occasional setbacks, with the right attitude, you’ll be able to muster up the inner strength to get right back on course.

7. They Nurture Their Entrepreneurial Spirit with Side Gigs

There are three compelling reasons for getting a side gig.

One is to bring in additional income that can be used to pay down your debt or placed into savings or investments.

Another other is, if you’re busy with a side gig, you’ll have less time to spend the money you’ve earned.

But the most important one is that it helps you cultivate an entrepreneurial mindset.

This means you no longer see yourself as an insignificant peon hopelessly wandering around in the labyrinthine innards of a corporate behemoth that doesn’t give a crap about you.

And even if you still work for someone else, your self-esteem is no longer dependent on working for a boss.

This realization can powerfully fuel your drive to extricate the hooks in your soul placed there by the company you work for.

Once you do this, you can finally be the master of your destiny.

Accelerate your journey to glorious financial freedom by living off your side, hustle income, and banking your money from your regular job.

When coming up with a side gig idea, look for something that solves a real-world problem, people are suffering from.

The bigger problem you take on, the more people will throw cash at you to take it off their hands.

When coming up with ideas, even if it sounds totally bonkers to you, write it down.

You won’t get anywhere if you confine your thoughts to the dreary realm of normalcy.

You’ve got to unleash your thinking and take it to places never traversed by other mortal minds.

8. They Live Below Their Means

One of the things you absolutely must do if you want to become a frugal millionaire is to live WAY below your means.

So many of the rich made their millions (or even billions) this way.

These are people from Warren Buffet to Mark Zuckerberg to Sam Walton, who were known for their tireless dedication to the frugal philosophy.

So, cultivate this essential habit to the nth degree and you’re be well on the way to financial freedom!

9. They Adopt Everyday Money-Saving Strategies

For the frugal rich, being economical means buying nice, long-lasting items for cheap and keeping them for a LONG time.

So, they’re cautious about what they plunk their hard-earned money down for.

And, they find ways to ruthlessly cut costs any way they can.

If it isn’t going to improve the quality of their lives, they won’t buy it.

To emulate their wisdom, look closely at your daily habits and eliminate those that are clear money wasters.

For example, turn down your thermostat in the winter and don’t excessively use your air conditioning in the summer.

These two small changes alone can save you hundreds of dollars a year!

You can also replace energy-guzzling gadgets with newer Energy-star models to cut down on your electric bill.

Also, consider car-pooling, taking a bike, or using public transit to get to work.

Many frugal millionaires also maniacally use coupons when they’re shopping.

Also, they’re minimalists who don’t like to accumulate a lot of junk.

So, if they have something that they haven’t used in a couple of years and it’s just collecting dust, they’ll get rid of it by selling it on eBay.

This not only declutters their house, but it also puts a few bucks into their pockets!

The same goes for unused space in their house.

If they have an extra bedroom they’re not using, they’re not about to let this money-making opportunity pass them by.

That’s why they’ll rent it out on Airbnb, which will give them more money to accomplish their dream of financial independence.

Frugal millionaires tend to shop at Costco and Walmart.

You certainly won’t catch them splurging at luxury stores like Sak’s Fifth Avenue and Tiffany!

86% of those who indulge in luxury spending aren’t rich—they just want to look the part.

But these frugal millionaires could care less about appearances. 

Frugal millionaires also have ZERO desire to splurge on flashy automobiles.

Instead, they buy modest vehicles that reflect their inner humility.

You should do the same because as soon as you drive a car off the lot, it starts to precipitously drop in value.

So, instead of always buying a new car, try purchasing a used one.

Or if you want to be really radical, give up your car and replace it with a bicycle.

10. They Intentionally Limit the Cash They Have Access To

If you want to make it more challenging to engage in the kind of mindless spending that could subvert your financial dreams, only take enough cash with you to the store, buy the things you need.

This means you’re going to need to make a list and stick to it.

Estimate the cost of these items, and then withdraw only this amount of money from the bank.

This way, you won’t buy unnecessary crap, and it will be SO much less challenging to stick to your savings goals.

11. They Practice Gratitude

Gratitude isn’t some airy-fairy, namby-pamby, pie-in-the-sky mumbo jumbo only used by empty-headed new-agers.

It’s a powerful strategy that will help you appreciate what you have.

Turning gratitude into an everyday ritual will help you see that you already have enough, and you won’t be engaged in the relentless pursuit of more.

Some frugal millionaires practice this by picking up every coin they find, and expressing gratitude to the universe that it has seen fit to bestow them with abundance.

12. “Never Pay Retail” is Their Mantra

Frugal millionaires will also avoid paying retail price for anything.

So, they’ll check out a library book instead of buying it on Amazon, they’ll snag a bargain on Craigslist, or refurbish an old dresser they found by the side of the road.

They don’t pay full price, and neither should you if you want to achieve financial freedom.

13. They Sometimes Treat Themselves

Frugal millionaires realize that they must occasionally loosen the financial reigns and treat themselves.

So, they selectively spend on extravagances that makes them feel good.

You should do this too because enjoying life means sometimes throwing caution to the wind and spending a little on yourself.

But this doesn’t necessarily mean buying material objects.

It could also mean treating yourself to experiences like travel.

If you immerse yourself into the frugal philosophy, you can even find ways to see the entire globe while spending very little.

Treating yourself is an excellent way to reward yourself for achieving a financial goal.

14. They Have Money to Give Away

Frugal millionaires have accumulated so much money they can give some of it away and still have plenty left.

So, many of them become generous philanthropists who not only want to attain financial freedom for themselves but to share their wealth.

This kind of individual completely obliterates the stereotype of the “selfish rich.”

Having a goal to become a philanthropist can add much needed “oomph” to the pursuit of your financial goals.

That’s because when you have a desire to become a humanitarian, you’re pursuing financial freedom not only to enrich yourself but to help others.

This makes your dream seem less selfish and more selfless.

The Final Word

Unless you’re lucky enough to inherit millions of dollars from a beloved uncle or win the lottery, you’re going to have to make some sacrifices to attain your glorious dream of financial independence.

However, don’t go overboard.

Traverse what the Buddhists call “the middle way.”

Find a thousand- and two-ways frugality can add depths of bliss to your existence without going insanely overboard.

You should definitely NOT work yourself to death when pursuing your goal.


This kind of success will be empty and meaningless and will leave a bad taste in your mouth.

The fact of the matter is you can achieve glorious financial freedom without working a zillion hours a week if you follow a few rock-solid principles.

Distilled to its essence, the “TL;DR” version of my article is:




But if you desperately want to be a frugal millionaire, you’re going to have to utterly dispel the notion from your cranium that you must act the part.

You know…sipping Dom Perignon from Waterford crystal champagne goblets and eating at the swankiest restaurants on the planet.

And whatever you do, stay away from Instagram and its plethora of aspirational images of unattainable perfection.

Chasing after these ridiculously over-the-top dreams will only make you miserable!

Wouldn’t you rather be frugal, living a happy but simple life free of money worries?

You don’t need to be perceived as a millionaire.

You just have to act like one.

But not a Hollywood fantasy version of a rich person, but one who possesses authenticity in spades and remains true to his frugal principles.

Remember that money is all well and good.

However, it’s not the only thing.

And remember, as you accumulate personal wealth, don’t ignore your friends and family.

Instead, define success in your own terms.

Another thing to keep in mind is that you can achieve financial freedom even if your income is modest compared to others.

But to do this, you’ll have to focus with a laser-sharp intensity on your wealth-building activities.

Also, on your journey to building wealth, realize you’re going to make plenty of mistakes.

But with time and perseverance, you’ll learn from your blunders.

And then, you’ll arise, phoenixlike, to construct an impenetrable financial fortress that will stand the test of time!

Norm Tedford

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