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Learn to Be a Cheapskate

By Sam Glover

Saving money is like losing weight: there’s really no secret. You just consume less, and a little exercise doesn’t hurt. When it comes to saving, exercise means self control, though it is just as hard to stick to. In The Cheapskate Next Door, Jeff Yeager talks about being “the Ultimate Cheapskate,” and his search for other cheapskates.

He found some interesting things. Budgeting may be important, but only 10% of the 300 cheapskates Yeager talked to actually have a budget. He also found that being a cheapskate doesn’t mean being a miserable hermit. Yeager’s cheapskates save, instead of spending, and value experiences over things.

And guess how they answer this question: “Someone drops a million bucks on you tomorrow, how would it change your life?” 9 out of 10 cheapskates say it wouldn’t change their lives one bit. That’s the mark of a true cheapskate.

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Full post as published by Caveat Emptor on August 23, 2010 (boomark / email).