Latest news with #frugality
South China Morning Post
13 hours ago
- Politics
- South China Morning Post
Overbite: China urges officials to pull back on dining austerity drive
Leading publications of China's ruling Communist Party have urged local governments to implement strictures on lavish banquets carefully, an attempt to temper overzealousness amid concerns from the country's beleaguered food and beverage industry. Advertisement Qiushi, the party's theoretical journal, said in a commentary piece on Friday that recent affirmations of the need for frugality in official meals are intended to limit extravagant practices, not ordinary dining. 'Some local governments scrutinise every meal gathering and intervene in every banquet. Some agencies, to 'avoid trouble', simply cancel all official receptions. Some cadres even go so far as to avoid normal working meals,' the piece read. Such 'oversimplified' measures have complicated understanding of the regulations in question, derailing their original intention and bringing 'unnecessary shocks to the catering industry'. Curbs on perceived excess in official meals spread across the country in May after the party's Central Committee and the State Council, the national cabinet, released their 'Regulations on Practicing Thrift and Opposing Waste in Party and Government Bodies'. Advertisement The document stipulates rules for receptions involving government officials or employees of state-backed organs, banning 'high-end dishes', cigarettes and liquor at these events. Localities, to demonstrate their compliance, have rolled out their own guidelines on the matter, with some extreme cases receiving media attention.
Yahoo
5 days ago
- Business
- Yahoo
They Retired At 40 With $1M In The Bank, While Experts Like Suze Orman Say You'll Need $10M. Their Monthly Expenses Are Now Only $1,241
Most financial experts say you need millions to retire comfortably. Some, like Suze Orman, have floated numbers as high as $10 million. But one Indiana couple is proving that early retirement is possible on far less. One couple on the r/leanfire subreddit shared how they retired at 39 with just over $1 million in assets. They now live on about $1,241 per month, or around $15,000 per year. FIRE stands for financial independence, retire early. LeanFIRE is a version of that focused on extreme frugality and minimalism to achieve early retirement with a modest nest egg. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can 'We're living proof that leanFIRE actually works,' he wrote. 'We're free, we travel half the year, and we're not stressed about money.' The couple lives just outside Indianapolis, a low cost of living area they chose intentionally. Their expenses are low in part because they've made some big financial decisions: their house is fully paid off, they drive a 2005 Toyota with over 200,000 miles, and they have zero debt. Despite the tight budget, they don't stay home all year. They spend 4 to 6 months annually overseas in countries like Thailand, where they rent fully furnished apartments for as little as $400 per month and eat street food for less than the cost of cooking at home. 'Street food in Thailand beats cooking at home cost-wise,' he said. Trending: Invest where it hurts — and help millions heal:. Health insurance costs? Also zero. The husband qualifies for Medicaid because Indiana doesn't test assets, just income, and they keep their modified adjusted gross income low on purpose. His wife, who isn't a U.S. citizen yet, uses an Affordable Care Act-subsidized plan. 'Medicaid in 41 states is based on MAGI. No asset testing. It's literally how our overlords designed it,' he explained. The couple's monthly expenses break down like this: $500 on food and household goods $275 in property taxes $120 for electricity $97 for home insurance The rest goes to small costs like gas, gym membership, and internet They avoid spending by not caring about lifestyle inflation. 'Don't give a damn what the neighbors think,' he said. ''Stuff' is the enemy of FIRE.' Their income comes from a combination of selling short-term Treasury ETFs, dividends, an online side hustle, and occasional bank account signup bonuses. They say their IRA accounts continue to grow Reddit users were skeptical of the couple's access to Medicaid with over $1 million in net worth. But the husband maintained that their eligibility is fully legal. 'Nothing unethical about it,' he said. 'They set the rules of the game. It's our job to know and play by the rules.' They say not having children makes this lifestyle possible, and many in the comments agreed. 'No kids, no fancy cars, no keeping up with anyone,' he wrote. 'But we're free.' While many FIRE enthusiasts plan for 4% withdrawal rates, the couple spends closer to 1.5% of their net worth per year. 'You just have to actually want it more than you want stuff,' he said. Read Next: Can you guess how many retire with a $5,000,000 nest egg? . Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article They Retired At 40 With $1M In The Bank, While Experts Like Suze Orman Say You'll Need $10M. Their Monthly Expenses Are Now Only $1,241 originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Lifestyle
- Yahoo
Frugal People Are Sharing The Cheap Habit That Vastly Improved Their Quality Of Life
Contrary to what you see on social media and in TV shows and movies, sometimes it's the simplest and cheapest habits that end up really improving your quality of life. Recently, frugal people on Reddit shared the cheapest habit that changed their lives for the better, and it was a goldmine of good ideas. Here's what they had to say: 1."Cleaning frequently but half assed adds up to pretty clean over time. Quick wipe of the stove and counters, clean a few dishes, walk away. Do this once or twice per day, and it adds up to a pretty clean kitchen. Then, if you want an even shinier kitchen, you're already most of the way there." —JustPandering "I play a game with myself to see how much kitchen cleaning I can do in the two minutes it takes to heat my water up in the microwave for coffee. I usually can empty the dishwasher in about two minutes!" —Ronscat 2."Buy multiples of a clothing item that fits me. I stopped caring if people noticed it's the same cut or style. Guys can wear the same thing over and over again and no one really bats an eye. So if I find pants that fit. I'm buying five. A shirt that fits well. I'm buying multiples of that color or other colors." —Glassfern "I make my own clothing, and yes, I will make a dress six times in different fabrics because I love it." —Own-Tea-4836 3."Read the instructions/manual for your new items! The instructions on new electronics, kitchen gadgets, etc., outline exactly how to care for the item and how to troubleshoot issues. It takes like 5-10 minutes and definitely ensures longevity on most items." —QuestFarrier "We have a Google Drive folder. As soon as something new comes into the house, I Google it and find the PDF of the manual and save it to that folder. We always have the manual to troubleshoot. And I don't need to find a place to keep the papers." —Whimsical_Adventurer 4."Floss. There are a bunch of different products that can be more expensive, but once you're addicted to it, you can't go back. You will notice if you skip days. I started with just the roll kind, but now use a toothbrush-looking kind. Never tried the Waterpik kind, but curious if it's any good." —elvis8mybaby "I cannot even fathom sleeping without gliding floss between my teeth, or I feel extreeeemely uncomfortable lol." —petrastales 5."Practicing gratitude. My misery was in defaulting to a 'victim' mindset, and things I don't have. It paralyzed me. By focusing on the things I am capable of doing, and the things I do have, I was able to dig myself out of that hole." "I won't suggest it's a mindset that works for everyone, because you really have to dig deep sometimes to focus on something to be happy about. So in that sense, it can feel unrealistic. There is value, though, in thinking 'my hobby is fun' or 'I enjoy the smell of this candle.' It's just a nice reminder that things don't really suck so bad." —PathosRise 6."I buy two chickens from Costco for $16 (they come in a set). That's several meals for two using the chicken, and then I boil the bones for broth for future soups. Usually, I freeze a whole chicken at a time." —imhereforthemeta 7."Running. I was never a runner, but when I turned 40 and started to add some pounds, I somehow managed to train myself up to running a 5k alone. After several years of that, I met running friends in my city, and it is now the most fulfilling and enjoyable part of my life. I spend plenty of money on it, but all that's really necessary is a good pair of shoes and some discipline. Can't imagine my life without it now." —anthnysix 8."Journaling. I always stumble across a realization that I wouldn't have noticed if I wasn't going through the process of talking it through with myself through writing." —OneTwothpick 9."Many meal plan and then go to the store, but I do it backwards. I only buy what meat and produce are on sale and then cook for my week around that." —treeswithnames "I do this too, but I check all the grocery stores around me to see what's on sale, then I meal plan." —mzzd6671 10."Volunteer at a food pantry or fundraisers. You get to help a cause, and there's often free snacks and stuff for volunteers." —Human_Bad5547 11."Buying the same-sized reusable containers. I've got 1 liters, half liters, and quarter liters; they all use the same lid and stack together neatly. Tupperware puzzle difficulty 0." —doomstone420 "I did that, and mine are collapsible, so they take up barely any space. They are stacked up container, lid, container, lid, so you just pull a complete pair out. I love it so much. I got my mother a set, but she just mixed them in with all the previous decades' hodgepodge of containers." —Chance-Dot162 12."Drinking a full glass of water first thing every morning. It's ridiculously simple and costs next to nothing, but it wakes me up better than coffee sometimes, helps my skin, and just makes me feel less sluggish all day." —TheDearlyt 13."When I buy meat in bulk, I divide it all up and divvy it into portions before freezing. When I buy ground beef, I make it all into burger patties. I separate each patty with two pieces of cut parchment paper, flash freeze, stack them in freezer bags, and freeze. It makes it really easy to just pull out however many I need for the meal. If I need a certain weight, I just weigh out however many patties that is and break up the patties as they cook." "They don't even have to be thawed to cook. I just start the cast iron out hot, then lower the temp to allow the inside to cook before raising the temp to flip and cook the other side. Instead of buying pork chops, I buy a pork loin and cut it into chops at home and do them like I do the ground beef. Again, they don't have to be thawed to fry." —FlashyImprovement5 14."Buying one kind of sock. I don't have to waste a single sock just because I lost its mate, and I never have to match socks when folding laundry." —chainsawx72 "Every couple of years, I have a sock-pocalypse. I throw away all of my socks and buy new ones. I bought about 20 pairs, and I'm going on three years with this batch. I switch to a new batch when I start wearing holes in them. I try to put clean socks in the back of the drawer so I rotate them pretty evenly." —makinentry 15."Repairing clothes and darning socks! I am a crafty person, but I absolutely hate the idea that you need to buy craft supplies. So instead of buying crap, I darn socks, fix up old T-shirts, and repair clothes that need repairing. I've been doing this for a few years now, and I've saved maybe $100 to $200 and only spent $10 on scissors and thread. It feels great to lessen my environmental impact, and it helps my loved ones hold onto their favorite T-shirts, sweatshirts, socks, etc. I am so happy when I can mend something for a friend." —excellent_dog_ 16."Replacing my phone/screen time with reading in its place. I feel a lot happier with less scrolling, and I've been talking to a lot more people about reading since I'm reading a lot more books with the new time I've found." —ran0ma 17."Before you run the dishwasher, run the hot water in the sink until it is hot, THEN turn the dishwasher on! That way, the first rinse it does is with super hot water. My dishes get so much cleaner with this hack, even though I use cheap powder dishwasher detergent!" —VoiceMailKiller_com 18."Getting a library card. I went years without reading a book. Slowly got back into it, and now I read about a book a week. I put books on hold online, and it's always nice getting a notification that a book I've been waiting for is ready. And the library is pretty close by, so going to pick up/return a book is a good excuse to go for a walk." —welpseeyalater_ 19."Keeping my phone out of the bedroom at night and using a real alarm clock." —bugzzzz 20."Cooking from scratch. I like to cook anyway, and it's SOOOO much cheaper. I batch cook on the weekends and then coast through the week. Got a cheap bread machine from Amazon a couple of years ago and use it to make dough for single-serve pizza crusts." —techiewench 21."The only thing that works for me, even if I'm shattered after a long day, is whenever I leave a room, I'll pick up one thing to take back with me, like rubbish or a cup or whatever. Since I move around quite a bit, a surprising amount of mess disappears and makes me feel a little more put together." —nordicthundercock 22."Ordering my groceries online, then picking up. This saves so much time and money. My list is always pretty boring, but with the money I save, I can afford to do an in-person Trader Joe run every couple of months. I look forward to that." —WorkingDescription 23."I buy second-hand name brand clothing at thrift stores (Goodwill), when I get tired of it, I sell it to a second-hand store (Uptown Cheapskate) for more than I paid for it originally. For example: Purchase a Tommy Bahama summer shirt for $6 at Goodwill in the spring, sell it to Uptown Cheapskate for $8 in the fall." —noideawhatimdoing75 24."Before I go buy an expensive appliance, I go to Facebook and ask my friends and family if anyone has one of what I need (think things like a mixer, table, sewing machine). We live in a society of overconsumption, so most people know someone who has something extra. You can get stuff at discounted prices or even for free. And you can also borrow, so the storage doesn't become a problem. A lot of big libraries have rooms of stuff you can check out as well!" —thejadeauthor 25."I work in the insurance brokerage industry, so I preach this frequently: use your annual wellness checkup, bloodwork, colonoscopy, and other preventive benefits! Get your two dental cleanings, get your eye exam, etc. Those preventive visits can save you SO much in the long run. You can easily identify things before they become a real emergent problem. As an adult (36 now), I've always done the visits like clockwork and feel like my health is better for it." "Also, check for manufacturer coupons and patient assistance programs for your more expensive medications. They can help offset your co-pays and often still count toward your max out of pocket (not all insurance plans track if you paid or coupons paid)." —Signal_Jeweler_992 26."When I feel like buying something I don't need, I organize my tools, cables, gardening seeds/prunes, pantry, or closet, related area of storage first, and usually find a project there instead. If I am still thinking about the item a month later and making mental plans for it, then I will buy it to also free up mental space." —Skywatch_Astrology 27."Meditation. I appreciate everything in life so much more after a few days of meditation. Colors are more vibrant, time with loved ones feels more connected, and I just feel so much more grateful for the moment I'm in." —ROIDie777 Is there anything you would add? Share it with us in the comments or via the anonymous form below:
Yahoo
6 days ago
- Business
- Yahoo
A 40-Year-Old Couple With $1 Million Explains How They Reached The Milestone: 'We Are By Far One Of The Smallest Homes On Our Street'
Some millionaires show off their wealth, but most of them live ordinary lives. They have practiced frugality and smart money habits for so long that their wealth has compounded to the seven-figure milestone. A 40-year-old couple recently crossed the $1 million milestone despite looking like ordinary people, and they shared the details on Reddit. They don't drive luxury cars, live in a mansion, or do anything that you would expect from the stereotypical millionaire. After mentioning their financials, the couple shared how they reached the milestone and what others can do to achieve the same feat. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to "We are by far one of the smallest homes on our street," the wife explained. There's a lot to unpack in that statement and some of the other insights from the post. It's possible to build wealth once you get out of debt. The wife explains that she went into the marriage without any debt, and they worked together to pay off the husband's car and student loans after their first year of marriage. Getting rid of debt allows you to focus on building wealth without worrying about interest accumulation. While some debt is good, such as a mortgage with a record-low interest rate, it's important to get rid of bad debt that isn't tied to assets, especially credit card debt. The couple prioritized getting out of debt right away. This objective forces you to review your finances, get rid of unnecessary expenses, and look for ways to make additional income. Trending: Invest where it hurts — and help millions heal:. The couple didn't stop once they became debt-free. The wife explained that they aggressively saved and invested their money after the husband was debt-free. They have been married for 13 years, so they have been diligently saving and investing for 12 years. Assuming they invested in stocks, the couple got to enjoy more than a decade of compounding growth. They even set up their 7-year-old son for college with a 529 savings plan. The couple didn't go deep into credit card debt or invite bad money habits into their lives after getting out of debt. Some people get out of debt and then go right back into debt. Building financial discipline and recognizing the effort it takes to become debt-free can ensure that you don't end up falling into debt below your means is a common strategy that can help you have a $1 million net worth earlier than your peers. The 40-year-old couple encouraged people to avoid lifestyle creep, but they went into detail about the measures they took to live within their means. They have modest cars. One of them is a 2018 model, and the other car is a 2021 model. Both were used cars that the couple paid for with cash. Getting the latest car, taking out a lease, or buying luxury cars will add more expenses to your budget and limit your ability to grow wealth. The couple also lives in a 1,800 square foot home that they say is one of the smallest homes on their street. They could afford a larger home, but opting for a smaller property reduces the monthly mortgage payments and other housing costs. Read Next: The average American couple has saved this much money for retirement —? Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article A 40-Year-Old Couple With $1 Million Explains How They Reached The Milestone: 'We Are By Far One Of The Smallest Homes On Our Street' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
10-06-2025
- Wall Street Journal
Xi Tightens Leash on Officials' Boozing and Lavish Living
Local officials gathered in China's central city of Xinyang in March for a seminar about regulations requiring them to be frugal. Over lunch, five officials consumed four bottles of baijiu, a fiery sorghum-based spirit, flouting the very rules they had studied. One of them died that afternoon, according to an official account, which didn't state the cause of death. The officials at the lunch tried to hide the illicit consumption of alcohol, the account said, by paying off the deceased official's family and omitting the drinking in their reports to superiors.
