Why I'm A Financial Minimalist: Keys To Building Wealth

I share my keys to building wealth in why having a financial minimalist mindset leads to a sustainable feeling of being wealthy and how you can also become wealthy, if you're not already! :) Add me on Instagram: michellemarki

As a modern society, it's never been easier to have all the things we want in spite of rising wealth inequality. Warren Buffett says it helps if you can be satisfied with an inner scorecard.

By living according to the values of my inner scorecard, I'm free to choose how I want to spend my money or allocate capital. By living below my means and delaying gratification just a little bit, I'm able to have full financial optionality later on in life to help the people and causes I care about the most.

First, I'd like to understand what being wealthy is commonly defined as, and then we gotta define what being wealthy means to us. For me, being wealthy means I'm always in the black with my net worth. That I'm never negative, it's important to me that I'm not in debt.

I don't enjoy being in debt. It's a huge financial stressor. When I first got jobs out of college, I prioritized paying down my student loans and car loan. The day I was finally debt free, I felt this bliss of not having debt payments looming over me = financial freedom.

I'd like us to challenge traditional yardsticks of wealth. I think it's super irrelevant for us to know what anyone's given salary is because I think true net worth and rates of return on investments are way more important.

I cite an example from a Refinery 29 Money Diaries and what some people close to my age are up to. As an example, it would be amazing to say "I had a 20% return on my investments last year" since the stock market's historical average rate of return is anywhere from 7-10%/year. This changes the conversation and focus.

I've been living the FIRE (Financial Independence Retire Early) lifestyle and striven to live below my means since my early 20s. Warren Buffett and Charlie Munger also did this.

One of the ways in which I implement this lifestyle of FIRE is to pay myself first. Whenever I have income coming in, I put as much of that into vehicles that are either earning interest or being invested.

To me it's super important to have a war chest of enough cash that can serve as either an emergency fund or I can deploy into the right type of investment opportunity when it comes along.

There's this principle in Buddhism where desire leads to suffering. As soon as we accumulate enough abundance like enough candy, we actually stop desiring as much.

This mindset helps me save money because I'm collecting cash and put it to work, and I'm not just trying to consume it or spend it on meaningless stuff. I'm trying to make it be productive so it can lead to a better future for myself and my family and others.

Another one of my keys to building wealth is minimizing my expenses and maximizing the value I get in anything I might purchase.

I'm also relentless about maximizing value where I recently splurged a little bit and bought orange skateboard wheels that will last me for the next decade and they brings me so much joy to cruise around in.

I'm human like everyone else and every now and then I fantasize about getting a Jeep Wrangler that has an orange coat of paint, but then I reign myself back in and tell myself I can't afford this thing in order to stay frugal and I think about how this $43K invested for 30 years at 10% per year becomes $750,000!

Another resource that could be used to define wealth is time. Many are financially and time-trapped on a hamster wheel.

Paradoxically, embracing this financial minimalist lifestyle has led me to having an abundance of time and assets slowly building up that I believe leads to sustainable happiness. Don't think that you'll be happy when you're wealthy, think that you're happy and then you'll be wealthy.

I look forward to making more investor friends! Please like and subscribe if you learned something or enjoyed my video. Thank you! :)

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Disclaimers: This content is for entertainment, information, education purposes only. Michelle is not a financial advisor and is not providing financial, investment, trading, tax advice, or recommendations. Please consult with a professional financial advisor with a fiduciary duty and responsibility if you need help in your situation. All trademarks, logos, and brand names belong to their respective owners.

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[KingOfFinance]

Great Video !! Loved the quotes and examples. Way to educate people ..

[NathalieLazo]

Congratulations on the 1K, Michelle! 🥳💯

[miked]

Great video! I like that example you said of someone spending $400 a week on food and drink and $1, 700 a month on food and drink. I thought how in the world do you spend $400 a week and $1, 700 a month on food ? : ). I actually like the cheaper cars like Kia Forte, Kia Soul, or Nissan Cube about as much as other cars. They costs like $17, 000 each or so. I think they look about as nice on the inside as other cars and that's what matters to me most when I'm driving or riding in them. I don't really care too much for car color thinking about that too. I pressed the like button like always : )

[richard]

Your investing smarts and intelligence should be recognized and upheld as an example of what to do financially. I wish you good luck and success in the future! And I hope you get Jeep Wrangler one day!

[thestockexplorer]

Nice collab on Kaye’s channel. I like your jeep example. I have the same approach to money. I don’t like debt

[TheHollowGloom]

Very well spoken and love your outlook on minimalistic saving. I feel I can relate to a lot of the what saying. I really enjoyed the video and your positivity, so had to give you some props.

[tactical-offset]

Great job on Your Channel. Keep it up. My Co-Host and I just Started so we know what it like to build it.

[dannywaider]

It’s sad( and of course it’s their choice) that people will have large salaries, but spend more than what they actually can afford all because “ I make enough to compensate”. I’ve been doing a system of I buy food or if I go and get like Taco Bell or even subway, I’ll go ahead and addd the same amount I bought and invest or save it since if I’m going to splurge, I have to punish myself by saving and investing. I’m mostly investing and saving now, but I make sure to give myself incentives to not buy anything extra.

[NathalieLazo]

YOU'RE BEAUTIFUL, MICHELLE! <3 :)

[grahamstefaan]

The only thing I spend $ on is buying the dip. Only splurge I plan is an Ak47.