Frugal Is Fashionable - The Two Americas

 More than 60 percent of those in America believe that frugal is smart. And it doesn't mean that we're "cheap."

"BARGAINS" AS MEANINGLESS

So, those selling whatever will have to retrofit the positioning and packaging if they're going to be effective in influencing our purchasing journey. The noise about Memorial Day discounts, for example, becomes sound we can easily screen out. The same for all those long-weekend yard sales. Rock-bottom pricing for "good stuff" is meaningless if the items aren't totally necessary for how we live. 

The amazing part of this development - that is, frugal as fashionable - is that we no longer care what the other 40 percent think of us. 

THE TWO AMERICAS

Yes, there has evolved two Americas.

MINIMALISM

There's the America which has embraced minimalism. For us transportation means getting from Point A to Point B. Not status. Not even the beauty of styling. We don't explain or apologize for tooling around in a Smart car instead of a SUV.


There's no ranting about the American Dream of home ownership being unfordable because our buying patterns aren't determined by dreams. We calculate what's more cost-efficient in our location: purchasing a house/condo or renting. In all 50 major metro areas, renting is cheaper than owning.

Dress for success? Of course, that's important.  You can still do that in consignment shops. A Calvin Klein jacket goes for under twenty bucks.


WEALTH OR LIVING PAYCHECK-TO-PAYCHECK

Then there's the other America. Some are wealthy. But only some. The others live paycheck-to-paycheck. They constitute 57 percent of those in America right now. 

In that America, there's no clear line between what's nice-to-have and what's essential. 

The classic example is the four-year college education. It may be nice to become formally educated in a traditional manner. But it's increasingly unnecessary to earn a good living. 

The stress of laboring at those stressful jobs on Wall Street, in elite law firms and management consulting is acceptable. It buys a glitzy lifestyle. Or maybe just the ability to pay the bills in the HCOL (high cost of living) areas in which those jobs are usually based. The average rent for 599 square feet in New York City is $3,992. That's 142 percent higher than the national average rent. The frugal don't loop into that kind of dynamic: lucrative job, HCOL.

Usually impossible is "living under your income." Therefore, it's not likely that there can be enough in reserve for the majority to exit this lifestyle for minimalism. 

DON'T GET PREACHY

The two ways exist. It's cringey to rant about the virtues of one versus the other. And it's relatively recent that the language of frugal hasn't been offensive. Remember when the term "cheap" sounded crude. We used to have to use the euphemism "affordable."

UNEMPLOYED, REGRET OVERWHELM

But in my coaching a growing number of clients who have lost their jobs regret "living so high" when they were in the speed lane. They wish they had saved/invested more. Likely their line of work, such as HR, has collapsed and there's no way back in. 

HYBRID FRUGAL

With the global economy so volatile and generative AI accelerating in its capability it might be wise to consider modified-frugal.

Undone by the uncertainty? Faith-based Career Coaching. Special expertise with transitions, reskilling and aging. Complimentary consultation with Jane Genova (Text 203-468-8579, janegenova374@gmail.com).





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