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How To Live Like a King on a Peasant’s Income

How To Live Like a King on a Peasant’s Income

Wouldn’t it be nice to live like a king, rule the land, and have people bow at your feet? It sure sounds like a nice fantasy that most of us think we can’t attain… but the truth is, you can.

Well, we might not get other people to bow to us, but we can certainly find a way to dress like a king, eat like one, and travel like one. Most kings have gorgeous clothes and a nice car; they eat at fancy restaurants; they travel in first class; and they always have crowns. Who’s to say we can’t experience a little of that?

Now, I know what you’re thinking: all of that might seem out of reach on a small income like yours, but I’m here to tell you it’s possible.

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There are ways to live like a king (or at least close to it) on a very modest salary—the key is to understand how to get great deals without putting yourself into debt. If you do your research, exercise patience, and keep your spending in check, you’ll be feeling like royalty in no time. Here’s how to go about it:

How To Wear King’s Clothes:

If you were a real king, you’d wear extremely nice clothes from the top name brands. Designers would beg you to wear their creations, and you’d have someone to do all your shopping and clothes coordinating for you.

All that sounds a bit luxurious, but there’s no reason why you can’t experience a little bit of that royal treatment. While you might not be able to match the exact brands favored by royalty, you can certainly buy clothes of very nice quality at a lower cost.

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One way to do this is to join membership shopping sites: membership websites like RueLaLa routinely have luxury brands anywhere from 20%-90% off of retail prices. Most of them also sell home goods, so you can make sure you’re living in the lap of luxury at home too. Also, don’t discount thrift stores, where you can scour thrift stores for both vintage and name-brand items that are worth a lot more than the small price tags seen at Goodwill—all it takes is a little bit of know-how and a willingness to look to find the best deals.

Also, don’t forget about websites like Overstock that carry nice items for less and eBay, where you can bid on brand new or gently used clothing items. Just remember to set a budget to stick to it. Living like a king is great, but only if you don’t go into debt to do it. Bidding online can get to be a bit addicting. It always helps to remember that unless it’s an extremely rare item, someone will sell something similar to it in no time.

Fancy Restaurants:

A few years ago, some five star restaurants would simply be out of a “peasant’s” price range, but with the birth of coupons and secret shopper programs, you can easily try out some of the best restaurants in the world for far less than you could have ever imagined.

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As a secret shopper, you can try out restaurants and eat for free as long as you rate their service and their meals. With companies like Groupon you can buy coupons to dozens of restaurants and get your meals approximately 50% off.

Drive A Fancy Car:

I can’t promise that you can afford a fancy car, but that doesn’t mean you can’t drive one. Have a fun day out with your friends. If you’re a guy, dress up in a suit with your nicest tie or bow tie. Be sure to have your shirt and pants pressed. (Wrinkly clothes don’t give off the best impression.) Ladies, definitely go for your nicest heels and a pretty dress. If it’s cold were you live, make sure to wear a nice peacoat or leather jacket, as opposed to a sweatshirt with your favorite team on it. I usually shop around at places like Marshalls or Ebay to get the best deals on clothing. The brands are not as important as how well they fit you and look on your shape. Once you’ve picked your you outfit and are dressed to impress, go out and test-drive some beauties.

Travel First Class:

There’s a whole movement of people called “churners” who use credit card points to fly free around the world. They also get free nights at some of the world’s best hotels and upgrades wherever they go. The best part is that most of these churners are normal people who just learned how be really smart about their credit cards.

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In order to master this, you have to have good self-control and great credit. Then, you have to be able to do the research required to understand the risks of being a churner, which could involve negative hits to your credit due to the amount of credit cards they apply for. Many churners apply for several credit cards all in the same day to avoid too many inquires on their credit. They also plan it out, so that they can reapply for other cards every 3 months. In order to receive these points you will have to spend anywhere from $1,000-$10,000 in a specified amount of time, so you’ll need to do your research and find out if your expenses actually merit getting a specific card. Spending needlessly just to get points defeats the purpose of getting free flights, so always stay within your means.

There are many resources online where you can go to find out how to travel in style. Join a forum online or read blogs written by churners to get insider tips on how the experts do it best. Some of our favorites are Milepoint.com and FlyerTalk.com.

Having A Crown:

Well, this last one might not be as easy as the previous items for us to attain. However, if you are smart with your money, utilize sales, shop around, clip coupons, and scour thrift stores, you can definitely save up for a crown in no time.

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Featured photo credit:  Blissful couple toast the beginning of their holiday via Shutterstock

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Catherine Alford

Catherine is the go to personal finance expert for educated, aspirational moms who want to recapture their life passions.

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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