7 Personal Finance Principles Made Easier Through Minimalism
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- čas přidán 4. 07. 2024
- Can minimalism help us spend less money? Here are 7 ways minimalism can make a direct impact on our finances and teach us how to spend less.
Link to the article mentioned in this video: www.usatoday.com/story/money/...
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“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” - Robert Kiyosaki
I totally agree. My portfolio just broke $40m yesterday, added more shares to VOO, SCHG & SCHD. Started growing this portfolio from $2m 2022. Real estate is next, so they can bring in great income. It just shows how important it is to invest in things that grow over time. It's like I'm living out the lessons right from the start of his book- Guide to investing
How did you grow your portfolio to $40m, I'm impressed, I have a lump sum in the bank, the rates are not impressive so I'm moving it, what's your cash flow like?
I have a financial advisor (trader) she grows my liquid assets and I reinvest the weekly payouts back into real estate and long-term ETFs like VOO and SCHD. I have also started acquiring some tech ETFs, including IITU and IUCM.
Sure it's all about DCA, could you please share her name with me or any details so I can look her up online? Thanks!
She is well known as - Diana Leayani Lara. please do your own research.
What brought it home to me was when I was in the midst of decluttering, my friend who was helping me, looked at the piles of "stuff" and said, "Wow! All this stuff used to be money!" Point taken.
1. Spend less than you earn
2. Save consistently.
3. Avoid credit card debt.
4. Start retirement savings early.
5. Maintain an emergency
fund.
6. Diversify your investments.
7. Plan for big purchases.
Boom!
No sence in case of war ! Than 🕳️.
Minimalism is so so much easier than clutter shuffling, cleaning through clutter and everything is easier.
Totally.
Once I started ruthlessly decluttering and came face-to-face with my mindless over-consumption...I was embarrassed with all the money I'd wasted. Luckily the decluttering process had helped me become a more intentional spender because I don't want to clutter my home again. Buying less naturally leads to less clutter and more savings. ❤
Well done,
@@Mujcanal Thank you 😊❤️
Excellent!
@@marilynrybak9154 😊❤️😊
@@Mujcanal ❤️❤️❤️
Buying only what you need is great for groceries too. When I keep a "minimalist" fridge and pantry where I can see everything I have - it means nothing goes bad and I don't accidentally buy duplicates.
I always joke around that the prepper side of my family would be horrified to see my pantry, fridge and freezer. We don’t buy much prepackaged foods and only buy what we’re eating for the week. So it can look quite bare at times. 😂
@@lindsaysimplified I really believe in "white space" and "visual simplicity" with the fridge and pantry because they can get so disorganized quickly. I have ADHD, so I need to see at a glance what I have before shopping. 😊
I used to trash so much fresh produce. For the last two years, we have been buying based on our weekly meal plan and use up most of it. Very minimal waste.
Exactly! And, when you can see what you have in stock and take a quick inventory- it will definitely save you money when grocery shopping! It helped me!
@@marilynrybak9154 This is exactly it!
Aussie here. I paid out and cut up my credit card in 2011 and haven't looked back. We now have a separate bills account where so much goes in per week to cover electricity etc., and then the savings account which gives bonus interest when we deposit $50 or more a month and don't withdraw anything.
I recently starting adding a small amount into my superannuation (retirement) account. I don't notice it as it comes out of my weekly pay packet before I get paid.
We buy clothes etc. at op-shops (charity and second hand). We have an older car that we keep serviced and clean (and it's Toyota tough). We repair and fix as much as possible. We meal plan. I cancelled Amazon Prime, Netflix etc. because honestly, I'd rather be out in the garden.
I love this channel and appreciate all the advice and reminders. ❤
You gotta set up automated savings and pay yourself first, even if its not that much. You gotta do it.
The freedom that comes with minimalism can never be overstated. I have never felt this free and at peace in my entire life.
Let the inventory stay at the store! Love that saying.
I agree! The ease of economizing is greatly enhanced by minimalism.
A great audiobook I’ve been listening to lately is “The Day the World Stops Shopping”. It’s very eye opening.
I would have said that we weren’t wasting much each month, but then we took a voluntary pay cut (for better mental health) and realized that we were really spending more than we thought on unnecessary items.
First? 😃Wow, 1.500 only for unneccesary things? 1.500€ is here in Germany for many people the monthly income.....
76 , things I learned throughout life : DGP : deferred gratification programming- watch your pennies, the dollars will watch themselves. The more you have , the more you have to maintain. If it’s broke , learn how to fix it. Cheap things in the long run are expensive. Buy the car you most see on the road . Don’t go overboard on a house, get one that is strong and dependable and fits your basic needs. Pools are for fools. Plant tree that give you fruits. Compound interest : money makes money. Take care of yourself, your money will do the same. Eat well : low salt , low on fat , low on sugar, low on booze. Give yourself gift that entertain you for a long time. Don’t think about retirement continuously, it’s like driving a race car and looking at the rear view mirror. Life is short, capture the moments. Love thyself it will spread to others.
good advice but eat carnivore diet. meat, liver, high animal fat
I'm on a planned camping trip. During this trip, I made the decision not to buy anything but a sticker to commemorate our experience. I'm super proud of not bringing home something that will just collect dust. Now, I need to work on the food budget!
If you can - cut up your credit cards if you're in debt. You can pay them off faster if you don't continue using them.
Just don't buy anything.
And, cancel Amazon Prime- stay off of Amazon!
@@marilynrybak9154 Yes, I cancelled prime!
Most of the people I know don’t have $1,500 a month to waste on unnecessary items.
Unfortunately this is how the slippery slope with credit cards happens for a lot of folks 💔
What you need and what you want is two different things
Start hanging out at a country club.
@@sharonrose3549 🎯
Joshua, thank you for this content. Yes, minimalism; buy only what you need. So elementary, hard to do in the "real" world BUT unbelievably worth it.
After doing my extreme decluttering over 4 years ago, I’ve been very conscious about what I buy and bring into the home. This savings has allowed me to save for major purchases and buy higher quality items when I do need something (usually a replacement).
Thank you for this. 1st comment in the year+ of listening to your wise advice. May your channel and this wisdom sink in & take hold. With the economy as it is, this is vital. The thing to overcome also is the guilt & shame of overbuying in the past & how do dig out of those bad decisions. Clutter steals life & robs true joy.
I never liked to spend, but my narcissistic parents needlessly overspend, consume and waste stupidly on electricity, water with no regard how much they waste. Mother always throwing groceries away and cluttering. Hence, why parents were always stressing for money. With this experience, this is why I became a minimalist to avoid their habits and misery that they brought to themselves.
Good job on your part💯. I always say we lean what to do and what NOT to do from our parents.
@@UTP504 You are right. It is ok to disagree with them when it involves bad habits. Sometimes older generations are wrong in their views and habits and no longer reflect present reality.
“Every parting gives a foretaste of death, every reunion a hint of the resurrection.” Arthur Schopenhauer
Thank you as always, God bless!
Great video x
If I didn’t smoke
I’d have no money problems ever
If you stop, your future healthy self with money to spend will thank you. It is hard but so worth it. Good luck x
Hi from Sicily,i just adore your videos.Have you ever visited my island?and Italy?i love travelling:every year i save lots of money for a one-month road trip around Europe with my daughter:we are building precious memories much more imoortant than stuff,and Netflix and coffe and dinners outside(this summer Romania,Bulgaria,Bosnia,Serbia,Slovenia)
Well, it is easier for Europeans to travel and visit many countries. It is much less expensive for Europeans and Europeans are welcomed in most of these countries. Not many Americans travel due to expenses and isolationist and close world perspective and not feeling welcomed in majority of countries except Western Europe. They do not like to see much outside their inner world, hence they also only value material things. Notwithstanding, I think before travelling the world it is better to know your own country. The US is vast and I think people prefer to visit other cities in the US rather than travel outside the world. There are people but usually people who are interested in seeing the world. Most Americans do not like to learn other languages and cultures.
@@jacqueslee2592@jacqueslee2592 i'm afraid but...if you travel aroundcthe USA...what can you see?i personally search ancient ruins,medieval castles,greek and romans temples,baroque,gothic...that's why i'm pretty sure that i'll never visit North America and Australia(Africa is a totally different story)cause i'm not that rich to visit places i'm not interested in.It's sad witnessing the death of the American myth:no-one loves Americans(included me)cause the world needs spirituality,low profile,modesty and the Americans are...too much
@@skincaremakeup40 On the one hand, you are right in your observations. Well, not everybody in the world is interested in museums and history. I think US is more for younger people interested in today's era not so much in what happened in the past or the arts but it is true US is becoming a toxic mess by closed minded people, especially the older Americans living in the Southern states or like you said those who lack spirituality and put money and materialism above everything.
@@jacqueslee2592@jacqueslee2592 yes,not everone is interested in art and history and i guess in some part of the USA bature must be amazing.One day,if I'll have extra extra money and after having visited all Europe and Adia i'd like to visit Louisiana,the Maine,Seattle and San Francisco.You know what is really odd in me?at the Uni i fell totally ibsanely deeply in love with the American literature so...how come i can't stand the Americans,the people who forged such an incredibile literature??? Probably the world started to hate the Americans cause the Vietnam war and all the Palestine affair...until the '60 the USA were a model and a real dream to achieve,after the '70 the world entire started to doubt about the capitalistic model offered by the USA.Do you agree?
@@skincaremakeup40 I agree in your observations. I also wish one day to visit Italy and Europe. Thank you for sharing your perspective. Wish you a nice a vacation.
Another great video. I think people need more practical information - need to see to make a budget.
Very good,thank you for all the encouragement and reminding us again that”Less is better”.👏🏻👏🏻🙏🏻🙂
Watched this twice. A safety net is so important.
Yes, I believe minimalism and fiances are directly connected, I started investing a little bit after I stopped buying random stuff, so much extra money to do whatever now.
Sei davvero una bella persona... Sei mai stato in Italia? Ti aspettiamo con affetto
I payed my credit card debt after 18 years. It was the begining. Now I invest in the markets with good results. I changed.my mind. Never turning back. I feel free.
Great sir
I would have liked a little more explanation on for people who over spend the only thing they have is their home and maybe a little bit put into retirement. I do know people who don’t overspend who also that is their main source of wealth as well, they have a paid house and a little bit going towards retirement every month.
Best Country when it comes to Minimalism, Nepal 🇳🇵🇳🇵
Set up a separate account for a non-essential spending budget. It makes it way easier to track I find.
Also, read ‘everything that remains’ - really good.
I'm still kind of thinking man, I might should have dropped like 10 thou on Miller lite stock when bud light bud lighted themselves. I could see that one coming a mile away. Oh well. Fast to earn slow to spend. Good principal but does lead to missed opportunities. However the missed opportunities observing that principal don't even come close to the bad financial decisions from not observing it.
Dave Ramsey recommends $1000 emergency fund only during the time you are getting out of debt. This way you don’t have to get back into debt if a small emergency happens. This is not meant to be long term. Most recommend an emergency fund of 3-6 months of expenses.
We know many people who spend their time shopping. I've been saving for retirement since high school. Tina, Al's wife
In uncertain times, how can one outperform with the S&P 500? my money goal of $3m seems far-fetched and just saving is not an option, do I seek a license advisor to help grow my funds, or wait for a favorable economy? I have barely 5 years to retirement.
Patience is your best friend here, although you can benefit from the help of advisors, especially when it comes to smart minimalism.
First problem with premise of overspending on "things we don't need." Who is to say what someone's else's needs are? If I have a miniature train hobby and spend regularly on expanding it, but it provides me joy and contributes to mental health, then it is more than an idle, frivolous need- as it might appear to man- but a necessary expenditure to add contentment to this brief journey we have here.
1500 dollars on nonessential stuff,wow! That's crazy.
👍👍👍
hey Joshua Do you do videos and edits by yourself, or you have a team doing it?
Compound interest? What bank?
❤😊
hi❤❤
It amazes me that someone needs to tell Americans to spend less than they make 😂😂😂
04:04 In islam interest is not allowed, mad as far as I know in christianity and judaism as well
👍🏻🇨🇦$$🇨🇦👍🏻
I drive a 19 year old Ford Escape and my dumb phone cost me less than 100 dollars. Weathly people look poor and poor people go into debt to look wealthy.
I’m so glad there is a 1.5x play button as the slow speaking is very annoying
I dont think so at all, I really love how Joshua articulates and takes time to drop his message!
I hate the way he talks , but this is slightly better . He has changed his rhythm which is greatly improved from other annoying videos .
Pls support me sir