Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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.

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

More by this author

Catherine Alford

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

11 Reasons Why It’s Important to Follow Your Dreams How to Make Money Right Now How to Have a Successful Garage Sale 30 Money Questions to Ask Your Fiance BEFORE Marriage 42 Amazingly Free Things That Will Make You Smile

Trending in Money

1 9 Millionaire Success Habits That Will Inspire Your Life 2 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020 3 How to Set Financial Goals and Actually Meet Them 4 25 Killer Sites For Free Online Education 5 How to Develop a Millionaire Mindset in 6 Simple Steps

Read Next

Advertising
Advertising
Advertising

Published on January 15, 2020

9 Millionaire Success Habits That Will Inspire Your Life

9 Millionaire Success Habits That Will Inspire Your Life

As technology evolves and information becomes more accessible, it has also become more challenging to define success. A lot of people are trapped in the rat race while trying to discover the actual formula for success.

You could become overwhelmed with what tools, techniques or philosophies to imbibe while trying to get tips over the internet. At every click and turn, there are ‘how-tos and quick-fix’ on how to become successful overnight. You will find several courses, articles, videos and books on how to achieve financial success.

But what if I tell you it doesn’t have to be complicated as people made it out to be? What if you could achieve success by merely following these 9 millionaire success habits?

1. Read for Personal Development

A daily habit I have discovered millionaire share in common is reading. For instance, if you are an entrepreneur, you need to read to become an efficient leader and a productive business owner. Reading helps you to grow and learn without going to a business school.

A research conducted by Thomas Crowley indicates about 85% of self-made millionaires read at least two or more books each month. [1] Warren Buffett is one of these examples. He spends 80% of his day reading. In the early days of his investment career, he would read 600 to 1000 pages in a single day.

While millionaires sometimes read for pleasure, they also learn to improve themselves. They read topics on leadership, how-tos, self-help, biographies, lifehacks and also follow current events.

2. Establish Multiple Sources of Income

Another success habit I noticed about success is that they don’t depend on a single income source. Every millionaire possesses multiple sources of income. This helps them to manage economic challenges and also make more money.

They are passive income addicts. They earn interests from loans, rental income from real estate, royalties from intellectual properties, dividends from investments. They also launch a side business or run a website or sell information products.

How income is made either passively or actively is what separates the successful from the wannabes. They are always learning ways to build multiple streams of income.

Advertising

3. Live on a Stipulated Monthly Budget

An average millionaire does not believe in luck and jackpot. They take the time to understand cashflow-income and expenses. Based on this, they establish a monthly budget and religiously stick to it.

The essence of the budget is to minimize unnecessary expenses. This will help you gain complete control of your financial life. Budgeting helps you to avoid overspending to achieve your financial goals. Here’re some tips to help you stuck to your budget: 32 Hacks for Sticking to Your Budget

4. Manage and Maximize Money

The most significant education for a millionaire is financial intelligence. Nobody attains financial freedom without gaining financial intelligence. This is the more reason millionaire regardless of their income update their knowledge about tax strategies.

They always seek to reduce their tax bills. One approach they employ is by living or incorporating their business in states with no income tax.

Do you know that about 60 companies paid $0 legally in the 2018 tax year? Some of these companies that ‘avoided'(note: not evaded) federal income tax include Chevron, Amazon, Halliburton, General Motors, Delta. The total income. Their total US income was totaled at $79 billion with an effective tax rate of -5%.

What’s the deal? They got a tax refund. How do they accomplish these?

An ITEP report indicated that they have the culture of throwing huge sums at tax experts who assist them in discovering creative, as well as convoluted means of paying little tax as much as possible. [2]

5. Avoid Debt

Another habit that separates the millionaires from the rest of the world is how they manage debt.

They don’t live an extravagant lifestyle and only buy what they need and can pay for. They do not book hotels and flights by using their credit cards to pay for them.

Advertising

They are conscious of the interest rates even when they use credits cards or take loans. They use those facilities for their advantage or pay with cash because of its zero percent interest rate.

6. Set Daily Goals

It does not matter if they are setting business, career, or financial projections; they have the success habit of setting short term goals. They plan daily and weekly to generate momentum in achieving their long-term goals.

Ensure you prioritize when setting daily goals. This will help you to achieve the most important to-dos on your list.

Setting priorities will help you to focus on highly rewarding activities. If you desire financial freedom, it is wise to pursue activities that earn you thousands of dollars than hundreds of dollars.

7. Don’t Act Rich

The goal is not to act rich but to be productive. Interestingly, Thomas Stanley buttressed this in his book that the most prestige brands of cars, about 86% percent are toys of the non-millionaires. People with huge fortunes tend to drive exotic cars but in reality, the largest consumers of pricey cars are aspirational. [3]

According to findings by Experian Automotive Researchers, 61% of individuals who earn $250,000 or more rarely buy luxury brands. Instead, they buy Hondas, Toyotas, and Fords like the rest of the world. The reason is they are not ready to spend money on premium cars that tend to drop in value in a couple of years as it would cost money. Millionaires invest in assets that appreciate. [4]

8. Own or Buy Businesses

In Robert Kiyosaki’s cashflow quadrant, he divided how you earn income into four quadrants. The E and the S quadrants take the left position while the B and the I are on the right side. According to Robert, it is possible to be on all quadrants, but the millionaires are not.[5]

  • E stands for employee – they work for others
  • S stands for self-employed – they work for themselves
  • B stands for a Business owner- employees work for them (500 or more employees)
  • I stand for Investors – Money work for them like Warren Buffet.

Your goal is to move from the left quadrant to the right quadrants where you own big businesses or make money work for you.

It is possible to become financially successful by pursuing what you love. For instance, if you love writing, aspire to be the best seller. Wealth and passion work together.

Advertising

9. Avoid Get-Rick-Quick Scheme

A millionaire holds patience as an essential virtue. It takes patience to become successful, not only in finance but in every aspect of life. While it is possible to become financially successful at an early age, most millionaires hit it at age 50. They live a moderate life, invest in their future and retire rich.

Bonus: How Can You Develop the Millionaire Success Habits?

Having learned these habits, the next question is,

How can I develop the Millionaire Success habits?

Here are six values you will need to develop:

Establish Your Life Vision

You need to be clear about what you want in life to set yourself for a life of success. Your vision has to go beyond becoming a millionaire to understanding why you want to become one. Any great entrepreneur you will ever find has a clear vision and an established mission.

Understanding why you are doing what you do will drive you to become the kind of successful person you want to be.

Make Your Passion a Profession

When your passion becomes your profession, work becomes pleasurable. Loving what you do enables money to flow to you and through you.

So what’s going to be? Wake up every morning by speaking positive words into your work, love what you do, and focus on the work that brings you joy.

Take a look at this article and learn how to make it happen: 5 Steps To Turn Your Passion Into A Career

Advertising

Focus on Solution

Focusing on the solution means establishing the problem that you or your business address. This will help you focus on the solutions when others are faced with challenges.

A millionaire has a mindset that is fixed on the solution. He or she knows there’s a way out, and that every problem is an opportunity in disguise.

Improve your problem solving skills with these tips: 6 Effective Ways to Enhance Your Problem Solving Skills

Develop Your Leadership Skills

Leadership skills are an asset that is indispensable if you want to develop a millionaire success habit. The more you hone your leadership skills, the more you will attract leaders who share your values.

Be Growth-Focused

Millionaire entrepreneurs prioritize self-improvement. Here’s how to achieve it:

  • Get a coach. Coaching will impact your life, and you will achieve peak performance in life and business when you have a life coach.
  • Be coachable. It is not enough to have a coach; you must be coachable. Sometimes, you need feedback and counsel to reposition your life and business. A coach has the wisdom and experience to counsel you from a higher perspective. The more you receive feedback and work on yourself, the more you become better at what you do and who you are.

Flip Your Thought Pattern From Acting To Being

It is not enough to have a millionaire success habit, you must also become a person of positive influence. This is how you can become significant. Bill Gates is not only rich; he is changing lives in Africa and different parts of the world.

If you want to become successful, you must first be and think like a successful person. This is how resources you need can flow into your life.

Here’s a final thought from me:

It is not enough to do something to have something; success is about being someone who possesses what is needed to take positive and inspired actions.

More Success Habits

Featured photo credit: Austin Distel via unsplash.com

Reference

Read Next