Orlando Miner: cheap vs frugal: how to maximize value & save money

Hello, everyone. Welcome to my channel. My name is Orlando. And today we're going to talk about something that is, you know, I hear a lot. I hear in my comment section, sometimes people who meet me. And I just want to distinguish the difference between someone who's cheap and someone who's frugal. For some odd reason, people believe that if you're frugal, you're cheap, right? And they're just two completely different beasts or individuals. So I really want to talk about that. So let's just take a look at both of these, right? Being cheap and being frugal, both of them want to save money all the way around. That is what both of those categories of individuals want to do. Save money, save money. It's just the person who's cheap will do it at the expense of others where the person who's frugal, it's not the bottom line for them. They just want to save money so they can really enjoy the things that they want to really have. So let's give some examples of where a cheap person and a frugal person. What examples can we give here that kind of make, you know, this complete puzzle so everybody can understand exactly the difference between these two? So a cheap person is willing to risk it all, right? The bottom line for them is the cost is the money, period. They cannot break the line of saving money or something being cheaper. Then it's it for them. It doesn't matter if it messes up your time. It doesn't matter if your health is in danger. It doesn't matter whatever the cost may be. They're willing to do it. They're willing to hurt others by being cheap. And what do I mean by that? Like, for example, let me just use an example. Have you seen that there's this reality show that I watch and it's like extreme cheapskates or something like that. And these people drive around town and they're just trying to save as much money as they possibly can by driving around and spending hours and hours and hours and hours just to save 30, 40, 50 dollars. Now, they're not maximizing their time. They're deciding that the bottom line is the dollar. So they're willing to give away 10 hours for 30 bucks. Now, just just do the math and I don't have to do it for you. Just they're willing to save 30 to 40 dollars for eight to 10 hours of their own time. That's a person who's cheap. A person who's frugal will decide, hey, you know what? I'm at a restaurant instead of getting a soft drink that costs extra money. I'm going to stick to water. You know what? Instead of coming to this diner and getting coffee, I'm going to make coffee at home to save some money. That's a frugal person. See the difference there? So let's do another example of someone who's cheap. Someone who's cheap will decide, you know what? Instead of buying a new a new piece of furniture, a new couch. I just saw a couch that was in the alley and it's free. And I don't care how dirty it is. I don't care how many bugs and all that other stuff is on it. I'm going to get that couch because it's free. The other person who's frugal will say, no, I'm not going to do that because my health will be at risk. So I'm not willing to do that. What I'm willing to do is wait for a couch to go on seller clearance at a furniture store and I'll buy then. Also, a cheap person isn't willing to give. They're only willing to take, take, right? They do not want to give. You will not see a cheap person deciding to give away something. They will normally say, no, if I give away something that's taking away from me. That's costing me money. A frugal person will say, you know what? I'll give. But maybe this just isn't the right time to give. Maybe when I have a little extra money and it fits into my budget, I will give then. That's the difference between a cheap person and a frugal person. So let's talk about the things that everybody are willing to give up. A cheap person versus a frugal person is willing to sacrifice. A cheap person is willing to sacrifice things like other assets that a lot of people don't talk about, which is your time, your health relationships with people. Just imagine you chasing money all the time and you don't have any of those things. It turns into a lonely. I would hope that you really wouldn't care about money if you didn't have any of that. Let's talk about your health. Does it make sense if to chase money, to save money, if the cost is your health? Not to me, at least it doesn't make any sense. What about your time? Does it make sense to give away 10, 12, 20 hours of your time just to save a penny, a buck? Not to me, but to a cheap person, it does. You know, what about relationships with people? Are you willing to sacrifice your relationship with your kids and your wife or your husband or your significant other or your brother, your sister, co-workers just to save a buck? I'm not, but a cheap person would. So you have to see that there is a big difference between someone who is cheap and someone who is frugal. The differences between both of them are vast. I get excited talking about subjects like this because I think everybody co-mingles both of the groups together and thinks that if you're frugal, you cheat and it doesn't work. For some reason, it doesn't work the other way around where someone says, Oh, you're cheap. Are you frugal? But in some cases, it just all kind of blends together. It's basically the same person. The reason why I'm doing this video is to explain the difference between both of them. It is a big difference between both of these. And, you know, like I said, everybody doesn't talk about what they're willing to lose. And when it comes to a cheap person, they're willing to risk it all. They're willing to hurt. When I say hurt, I mean, as far as not giving cost of money, not actually hurt someone, but they're willing to, you know, be cheap towards other people, whereas a frugal person is cheap towards themselves. And that's the big distinction between it. They're willing to risk anything. A person who's cheap for the bottom line dollar. Now, I want to talk about this. This is very important, too, is that the reason why I'm saying that being cheap will cost you money is because you're blocking situations where you're willing to be cheap at any cost, where you don't have relationships with people, right? You want to block being cheap because you don't want to go to the doctor. But at the end of the day, it's going to cost you more if you would have maintained your health versus not going because it because you just didn't want to spend the money by being cheap. So if you, for example, decide to, I don't know, let's just say instead of going to the doctor and paying ten dollars for annual checkup or every six month checkup, you decide to not doing annual checkups for, you know, five, six years. But you end up having a surgery that cost one hundred and thirty thousand dollars. Now, does that make sense? No, you lost money, your health. And let's just say with that being said, not only did you lose money, but now you can't walk like you used to. You can't do the things that you did before. But if you would have maintained, you could have caught it early. You could have, you know, maybe had some other options that wouldn't have cost you not only your health, but it also costing you money at the same time. A cheap person doesn't look at it that way. Let's do another example. Let's say you decide that you don't want to pay for an accountant or you don't want to pay. You want you know what? You can forgo doing any of that stuff because you don't want to pay for it. It's just too much money. I don't want to pay somebody. Are you kidding me? Pay for an accountant, pay for my taxes to be done. You know what? I'm going to try to do it myself, even though I really don't know what I'm doing. So you go ahead and you do it yourself. At the end of the day, you end up getting a letter from the IRS and they say, hey, your taxes are all wrong, but you're incurred a penalty and your penalty is, you know, five hundred dollars. Now you've got to spend more time to basically get your taxes together. And then also, too, you're going to have a penalty of five hundred dollars, where if you would have probably paid the tax preparer one hundred and fifty dollars, two hundred dollars, they would have done it the right way. They would have been using their time and it wouldn't have cost you your time and money at the same time. That's two things that you're losing to assets, timing your money, and a cheap person will look at it and go, well, well, I mean, at the end of the day, at that time, I don't have to spend any money. But that's what I want you guys to look at. At the end of the day, being cheap will cost you money. Don't be cheap, guys. If you're trying to be a budgeter, a saver, that's one thing. If you're being cheap, quote unquote, because you don't have the money, then, you know, those are totally different conversations. But let's be real. Most people who are cheap have the money and they're just being cheap just to be cheap. So don't be that person. Don't be the person who just is being cheap just to be cheap, because I promise you at the end of the day, it will cost you money and it's not worth it. And once again, you're losing a lot more in cost other than actual money. So when you look at this, just think of this. Someone who's cheap is about spending less, period. That is it. Spending less at absolutely any cost. Spending less. A person who's frugal is trying to maximize their value. Someone, which is a very good example of it, would be someone who's a couponer or something like that. That's a frugal person. They're trying to maximize their dollar, but at the same time, they're not willing to do it at any cost. Let it be to others or to their health or to their time or to at the cost of relationships. They're not willing to do it at any cost. It still has to make sense value wise. So those are the biggest differences between the two. So tell me what do you guys think? Are you a frugal person? Are you a cheap person? Do you know someone who's cheap or frugal? And what are your views on both of the categories? But once again, guys, if you got value out of this content, please hit that subscribe button, hit that notification and like button. It really helps out my channel and I'll see you guys on the next one. Thanks.