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The way I see it, Financial Minimalism is just about taking a simple, uncomplicated, and bare-bones approach to your FINANCES, learning to live on LESS, and still getting the same Joy you would, normally, as if you had spent more. By doing that, you can lead a more financially flexible lifestyle, with less obligation, and that gives you more freedom to pursue what you REALLY want to do…like smashing the like button…so it’s all about cutting back on what DOESN’T matter, so that you can spend MORE on what does.
However, it takes work. It’s a constant battle of prioritizing your expenditures, really paying attention to where you get the most value, not giving in to immediate gratification, and sticking with it long term. The end goal is about maximizing what you have RIGHT NOW, and investing the difference so you can maintain the financial security that allows you to pretty much do whatever you want, and walk away from whatever you don’t like.
But, there’s also ANOTHER side to this that isn’t really talked about much…and that’s the fact that, sometimes – reducing expenses, and saving as much as you can, can only take you so far. You can only save so much…until, at SOME point, you literally just don’t have anything more left to save – and then you’re stuck.
That’s why there ARE downsides to saving too much, as hard as that can be to believe. What’s the point of saving everything if you can’t do what you really enjoy…if you can’t take the vacations you want, or get the life experiences that you otherwise would have, if you just had more money?
And that’s why Financial Minimalism is, in a way…just as much about MAKING MORE MONEY – and MAXIMIZING your value – as it is about recognizing what you want, and what’s important.
This reminds me of an old reddit thread posted a few years ago with the title: “Build the life you want, and then save for it” – link here: https://www.reddit.com/r/financialindependence/comments/58j8pc/build_the_life_you_want_then_save_for_it/
From this, MrLlamaSC recommended that the solution was to first figure out what you want out of life, find out how much that’ll cost – and then develop your investment and savings plan around THAT. Really think to yourself – without money getting in the way – what’s ACTUALLY important to you?
And second – this post also recommended leaving a little room for new experiences. After all, our priorities change over time and that’s completely ok. So give yourself some wiggle room to pay for that upfront, and plan that into your lifestyle and overall savings goals.
And while it’s certainly worth it to be mindful of your spending, and not live above your means…it’s also just as important to think about the bigger picture, and realize that life isn’t meant to be enjoyed in the distant future…you can still have a chance at that, NOW, within your means, by prioritizing your life around that.
This is why MAKING MORE MONEY has just as much of a place in Financial Minimalism, as – lets say – reducing expenses. And, instead of seeing the two as polar opposites…you see them as complementing one another, to get you closer to your goal of building the lifestyle you want – and then having your investments pay for it.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com