By your definition, I am frugal, except on one or two things, e.g. “establishing your future”, being “financially free”…. How to tick those 2 boxes??
Discussion
Cool! 🤙
Somehow these things interdepend a bit.
Financially free: you shall not fully depend on 1 high income.
1️⃣ Have enough savings to be able to quit any time.
2️⃣ Don't have any or too much financial burdens that expects a high salary from you that makes you unable to move to a new job.
3️⃣ Having multiple source of income. (Side hustle, investments)
4️⃣ Have low expenses.
5️⃣ Don't immediately increase your living expenses when your salary increases.
Establishing your future: you shall plan a head money-wise.
1️⃣ Be prepared for bad times:
Usually we have bad times and good times. In good times we shall think about the bad times in front of us, and make excess savings if situation allows.
2️⃣ Be prepared for job change/career change (even for lower paying career)
3️⃣ Don't immediately increase your living expenses when your salary increases.
4️⃣ Invest in continuous improvement/learning.
One thing is constant, and that is change. So be prepared that your job might be replaced with others.