Penny pinching is the art of being smart enough to limit cash outflow and maximize cash inflow. Though common people may define it as being miserly what should be noticed is the fact that a lot of billionaire's are penny pinchers.
From Donald Trump who confessed the same in his book to Warren Buffet who till date believes that buying a brand new car is overrated to Azim Premji whose latest buy wasn't a BMW or Audi but a good
old Toyota.
The point is that it pays to be cheap in most cases.
For instance, A Taxi or Auto ride amounts to say 36 rupees and you don't have it in lose change. So you hand the guy a 100 rupee note. The guy refuses to pay you the exact amount and hands you over sixty bucks instead. The point is that if you would have handed him forty rupees or even fifty rupees with even a five rupee coin you would have lost out on barely a rupee.
So the question is that how does this affect you? Assuming that you let go of six rupees.And you travel around 5 times in a week. That makes it 10 round trips a week or 40 trips in a month or 480 trips in an year. That's 2880 in an year or 28.880 in 10 years on travel expenses alone.
But if you go out on a date and ask the girl to pay that is simply being impolite and chances of you going out with a girl again are extremely low. Similarly, not tipping a waiter when he's served you well is just being cheap. But if you pay a service tax of say 10-12% then it's all right to not pay the waiter.
The point is that 'Little Strokes fell great oaks'. Every rupee you save adds to your wealth and in turn reduces your financial goal.
Happy Penny Pinching,
-Doodle
From Donald Trump who confessed the same in his book to Warren Buffet who till date believes that buying a brand new car is overrated to Azim Premji whose latest buy wasn't a BMW or Audi but a good
old Toyota.
The point is that it pays to be cheap in most cases.
So the question is that how does this affect you? Assuming that you let go of six rupees.And you travel around 5 times in a week. That makes it 10 round trips a week or 40 trips in a month or 480 trips in an year. That's 2880 in an year or 28.880 in 10 years on travel expenses alone.
But if you go out on a date and ask the girl to pay that is simply being impolite and chances of you going out with a girl again are extremely low. Similarly, not tipping a waiter when he's served you well is just being cheap. But if you pay a service tax of say 10-12% then it's all right to not pay the waiter.
The point is that 'Little Strokes fell great oaks'. Every rupee you save adds to your wealth and in turn reduces your financial goal.
Happy Penny Pinching,
-Doodle
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