Now more than ever it is important to live a more frugal life.



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Chapters

00:00 Start Here
01:08 The Unintended Effects of COVID Response Are Still Unknown
02:46 The Modern Economy Is Extremely Fragile
04:22 World Order Is Being Challenged
05:32 Job Security Is Nonexistent
06:52 Life Is Becoming Increasingly Unaffordable
07:52 Nothing Really Makes Sense Right Now
08:58 Nobody’s Coming to Save the Day



The world is very volatile right now where due to so many events that have happened in the post pandemic world. Now more than ever it is important to live a frugal life where you live below your means, spend intentionally, and budget your money. In this video, I talk about the state of the world and 7 reasons why being frugal is so important right now.


1. The Unintended Effects of COVID Response Are Still Unknown

The COVID shutdowns affected people where they lost their jobs and businesses were not allowed to stay open. The government responded to this by pumping a lot of money into the economy through stimulus checks, unemployment benefits, low interest rates, and payment protection. Although this was a lifeline in the beginning, we're starting to see the negative side effects of this like inflation, increased house prices, and market crashes. As more time passes, we could see more negative effects and so being frugal is important to prepare for the uncertain future.

2. The Modern Economy Is Extremely Fragile

Our economic system is extremely complex consisting of complex supply chains. This complex system, however, is extremely fragile where the smallest change could throw it off course. For example, in 2021, changes in consumer behavior affected the supply chain where many store's shelves were empty. Being frugal is important because the economy could change extremely quickly and so we all must prepare living in such a fragile system.

3. World Order Is Being Challenged

The last few years we have seen many big world events occur involving world super powers. This has and could affect the economy drastically that harms individual's personal finances. It is important to be frugal in this volatile world where world order is being challenges because things could go from bad to worse very quickly.

4. Job Security Is Nonexistent

In the past, many people would get a job and stay at that job for most of their career because they received a good deal of job security; however, nowadays people change jobs every few years because job security is non existent. We live in a world where you can no longer rely 100% on a paycheck. And so being frugal is important because it's important to take steps to be financially secure so that you are not 100% dependent on a paycheck.

5. Life Is Becoming Increasingly Unaffordable

In the past few years, we have entered a cost of living crisis where inflation has increased the prices of everything. Life has become increasingly unaffordable and prices are unlikely to go back down. It is important to be frugal and intentional with your money in order to afford to live in this expensive world.

6. Nothing Really Makes Sense Right Now

Despite all of the bad things that have happened in the past few years, on paper, many things about the economy seem to be doing well; however, this does not necessarily make sense because many families are struggling financially right now. Being frugal is important because many people are struggling right now.

7. Nobody’s Coming to Save the Day

If we have learned anything over the past few years with everything that is going on, it is that nobody is coming to save the day. It is important to take responsibility over your personal finances because you are the only one who will protect you financially.

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