Mark Kidd (from the TikTok account ecosufficiency) gives his top 6 tips on how to thrive whilst on a low income, Mark lives (and makes a living from) a 2.5 acre piece of land in the English Lake District, he lives in a straw bale house, grows his own food and fuel, lives off-grid via solar panels, battery storage and wind turbines, and really enjoys living a low impact lifestyle.
“I don’t expect everyone to live like this but for those that do or would like to I hope this [website/book] can pass on some of what has worked for me and what hasn’t.”
In a recent TikTok video (video below) he outlines the following:
- Save what you can but you must save
- The best way to save is frugal living
- Buy secondhand
- Cook for yourself
- Only have one or no cars
- Holiday in your own country
- Go camping that sort of thing
- Buy a modest home and modest vehicle
- Choose cheap hobbies
- Controversial but if you can buy your own home rather than rent it if possible
- Invest those savings
- Start young, if not start now
- Don’t invest in get-rich schemes as they rarely work
- But don’t just put the money in the bank either
- Probably better in the stock market or even property (if you can get into it)
- Reinvest all your earnings and the power of compounding should add up over time
- Invest in your own business or career if you have one because that will give you a far better rate than anything you will get elsewhere
- Side Hustle
- Small and steady, try and make some money on the side, if you can combine it with your hobby then that’s great
- Even if it’s renting out a room in your house
- All adds up over time
- Only Good Debt
- Just borrow for your home or business (the idea with a business loan is to make more money from that money)
- Not for luxuries as that will lead to certain financial doom
- Refinance whenever you can for better rates as that will save you extra money
- Get Life Insurance
- Protect the ones you love, this is really important for low-income people, if you were to die your income or all your efforts with saving money will be gone and the people left behind may be left in trouble but life insurance doesn’t cost you much (especially if you start young). Very important.
Mark has a book out in either eBook or Paperwork form which highlights how you can feed yourself from your land or garden! It’s worth a read!
Other 10ways articles you may find interesting:
- Low cost stocks and share investing – Capital at risk!!!
- Magic Food that grows back!
- This guy took a £10 shrub and turned it into £150
Mark’s TikTok Video:
Reply to @aoifec.1 #frugalliving #homestead