How To Save Money Like A Frugal Millionaire!

Can looks be deceiving?

Well, let’s see! Who would you be more likely to take financial advice from?

A beer drinking party jock? Or an Armani wearing corporate fat cat?

Probably the latter, right?

Well, guess what?

Rob Gronkowski, aka, beer drinking party jock. Announced his retirement after 9 years in the NFL. And, he was only 29 years old!

You may think that’s no big deal because he’s got a multi-million dollar cash cushion to rest on.

True. But you know how that goes!

Plenty of millionaire athletes have notoriously mismanaged their finances. And they ended up broke, busted, and disgusted. For instance, Vince Young, Dorothy Hamil, and John Daly, just to name a few.

And even corporate billionaires are not immune to financial disaster.

Just take a look at this!

Ouch! Going from mega-rich to mega broke (or even prison in some cases) has to hurt!

But if you think Gronk is likely to follow down a similar path of financial destruction…don’t count on!

In fact, he’s been so savvy with handling his money there’s even a name for it. It’s called “Gronkonomics!”

Wait, what? Yeah, Interesting right?

So what about you? Would you be able to comfortably retire after only 9 years of working?

For most of us, the answer would be…I wish!

It’s far more likely that you’re still searching for a promising way to secure your financial future.

Well, good news! There are some simple, frugal tricks Rob has used to keep his finances on track.

And the cool thing is, they can work for you too!

3 “Gronk” Strategies Anyone Can Learn About How To Save Money Like A Frugal Millionaire.

1. Gronk Saves First! Spends Second!

This is so brilliantly simple that it should go without saying! But, seeing as how 80% of Americans live in debt. And 73% will die in debt. I guess it does need saying after all.

Rob shocked everyone in his book, It’s Good To Be Gronk, by saying that he hasn’t touched a dime of his NFL salary. Huh! Yep, that’s right!

I know what you’re thinking! So how has he survived?

Well, he says that he’s been living off his endorsements instead. And it’s been reported that he’s earned as much as $60 million in salary alone. Not to mention, the tens of millions in endorsements.

Sadly, most of us don’t have million dollar endorsement deals to live on…not yet, anyway!

Not to worry, because it’s the method that matters!

And there are some things you can do to live by a similar practice as Rob, despite not having millions. For example:

• Hoard your tax refund checks! Don’t look at this little windfall as an opportunity to buy more gadgets. But instead, as an opportunity to jumpstart your emergency fund. Or stockpile your savings.

And my post on How To Overcome The Gut-Wrenching Pleas Of A Neglected Savings Account offers even more great solutions.

• Ignore that raise or bonus! One crucial mistake people make is to spend more — when they earn more. But don’t do it! Pretend the money doesn’t even exist (just like Rob did). Simply have it automatically transferred straight to your savings account — sight unseen!

• Live on 50% of your income (or as close as humanly possible). I KNOW IT SOUNDS ABSURD! But that’s only because we’re all conditioned to spend everything we have — and then some!

The good news is that you can retrain yourself to want less. And my post on the 3 Money-Sabotaging Chains That Hold Your Finances Hostage gives some amazing insight into this issue.

• Earn money on the side! Think about it, That’s precisely what endorsements are…side hustles! But in your case, save it! Don’t spend it! (Unless you’re pulling in millions like Gronk!)

Also, if you need help starting a blog, then check out my post: How To Start A Blog The Right Way In 7 Easy Steps.

2. Gronk Lives Well Below His Means!

When it comes to money you’ve got two options…spend it or save it! And most athletes choose to spend it!

They begin shelling out dough for everyone and their grandma. And that is where they run into trouble! Because before you know it, they’ll find themselves financially supporting an entire entourage of people.

On top of that, they also spend lavishly on palatial mansions, fancy jewelry, and luxury cars. As if the money will never end!

That’s probably why 80% of NFL players go broke within their first few years of retirement. Aye Yai Yai!

But Gronk is the exception!

Yes, he can party with the best of them. But he’s certainly no dumb jock when it comes to money matters.

Here are 3 surprising things Gronk has done to stay frugal.

• No extravagant home purchases. He reportedly owns 2 adjacent homes that are approximately 4,500 sq. feet each. I’m sure that still sounds large for most people. But it’s actually quite frugal for someone of his means.

• Despite making millions, he still has a ‘broke habit.’ After growing up with 3 older brothers, hand-me-downs were part of his normal way of life. So he doesn’t feel compelled to waste money on clothes or shoes. In fact, he says, “If I like the clothing…if I like the shoes…I’ll wear those shoes, and I’ll wear that clothing down to the rags.”

• He believes in keeping things simple. His frugal spending proves that he prefers comfort over extravagance. He even advises his younger teammates to get what they need to live a comfortable lifestyle. And not to go crazy splurging on excess stuff.

3. Gronk Follows In The Footsteps Of Money Savvy Mentors.

Here’s a quick laugh!

I was able to witness the Rev. Al Sharpton give a sermon in person. As a surprise to me, he was dynamic, engaging, and quite funny.

And one of the most interesting things he said, is that he hangs around with rich friends whenever he can.

At first, you might think that he was bragging. Especially after he dropped some heavy-hitting names like Beyonce’ and Jay-Zee.

But actually, he was quick to mention that he has nowhere near as much money as they do. But that he likes being in the presence of rich, smart people.

He said that you never know…

• It may open up new opportunities.
• Some of their success may rub off on him.
• Or shoot, he may be walking behind them, and they might accidentally drop a bag of money that he can pick up.

He was joking about that last part of course! But his point was this — if you want to learn how to be rich, then you should be around people who are rich.

And that is precisely what Gronk says he does.

He gets his money savvy advice and inspiration from money savvy people. For instance, Tom Brady and LeBron James…just to drop a few more heavy-hitting names.

Watch this cool video and listen to Gronk tell it in his own words.

https://www.youtube.com/watch?v=n2rMafJgoZg

Try Gronkonomics To Be Frugal And Save Money

Now, I’ve shown you some of the things Rob has done to save money. And how he lives a frugal lifestyle (compared to others with his type of wealth, that is).

But you may still be wondering what exactly are Gronkonomics?

Well, basically Capital One was impressed with Rob’s money management skills. So they enlisted him to educate customers with practical advice on how to save money.

So the basic principals are:

• Aim for short-term goals. For example, saving $100 a month for 6 months. That’s a quick win that may drive you to save even more.

• Nickname your savings account. For example, Shena’s New House. It also provides motivation by keeping your eye on the prize.

• Choose a money-smart savings account. For example, one that has high-interest returns, but no fees or minimum balances.

• Build financial discipline. Try setting up automatic transfers and discover how to save money the easy way.

• Create sub-savings accounts. For example, vacation fund. Keeps you focused on what you’re working toward.

• Practice spending control. Try this little trick. Add the exact same amount of money into your savings account that you spend on nonessential purchases. You’ll start building more savings or make fewer purchases. Either way, you’ll end up saving money.

• Establish an emergency fund. Everybody needs one to tackle those pesky unexpected expenses.

Related posts: How To Boost Your Emergency Fund With Little Money.

Related post: 3 Super Smart Strategies To Prepare For Unexpected Expenses.

The Takeaway

Being able to retire at whatever age you choose would be a dream come true for anyone. And having millions of dollars in the bank would be the icing on the cake.

However, as you can see by the millionaires that lost it all, money can also be easy come, easy go.

So learning how to save money by being frugal is just as important as earning it in the first place.

With that being said, Rob Gronkowski is definitely a stereotype contradiction.

Because he may be all about his party jock image on the outside. But, he’s a frugal money-saving genius on the inside.

So the answer to the initial question is, “YES,” looks can be very deceiving!

Now it’s your turn!

Which tip will you start today to help you live a more frugal but comfortable lifestyle? Drop me a comment below.