How Minimalism Can Help You Build Wealth

Timecodes:

0:00 - Intro
0:18 - Reinforces The Principle of ‘Enough’
1:31 - Frees You From 'Possessions’
2:24 - Think Hard About Every Purchase
3:34 - Prefer Quality vs Quantity
4:30 - Try Mint Mobile
5:29 - Less Space
6:45 - Less Accounts
7:51 - FREE 1-Page PDF
8:04 - Encourage A Minimalistic Approach To Finance & Investing
8:53 - Free Up Time & Energy For Wealth Generating Activities
9:56 - Mitigates Comparison
11:03 - Improved Emotional & Physical Health

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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.

[larryronhartfield]

Frugality lets you maintain a balance where only your priorities come first, leading you to a secure financial future. I am avoiding debt, saving and investing around 40 percent of my income. I have a high paying engineering job, and I live upstate MN. since covid my expenses got extremely low. I have zero debt on a 7 figure portfolio, low rent and truck paid off. So i can just save. feel lucky and grateful i got a great financial planner

[RichardTouchfaith]

Walking out of Costco or Target and not buying anything besides groceries since you realize you do not need more "stuff" is a nice experience.

[Kamarleyy]

Not wanting too much made my life easier and I realized you can have all the money in the world and still be unsatisfied.

[SkepticalMechanic-lx]

Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[TheWasup]

My biggest realization recently is that the more stuff I buy, the more tax I pay to the government. So spending less money on items helps me save money on tax

[stpehenswenson]

Great advice again. I’m myself a minimalist for about two years now. I was so surprised how much money I was blowing just on coffee everyday. I’m not rich at all but it’s nice now having a nice emergency fund and able to max out my Roth every year. Which I wasn’t able to do before.

[JigglyBees]

I have ADHD and I used to be a constant hoarder or 'collector' as I phrased it. Minimalism made my life so much better. Don't get me wrong, I am not a perfect minimalist. The impulsivity that comes with ADHD and the dopamine spike from new buys is hard to resist and there are times I have failed at resisting. However, after downsizing around 50%-60% of my possessions over the last 2 years, it has really helped my mental health, finances and executive function. It has massively improved my ability to say no to things and I am finding it easier to resist wanting to buy any shiny thing that draws my attention. I even managed to go on my first holiday abroad a year back which is something I was never able to do before.

[MrAgility]

I have a North Face jacket from 2011. It's definitely a little worn in some places but it still looks good and works well.

[Ozzie]

Thank you for this. So much practical advice. Really enjoyed how you presented a quote and then explained how we can implement these principles in our lives today.

[schwaemmy]

The sunglasses case as an example of minimalism did make me chuckle a bit. While of course I respect it, it doesn’t seem like the quintessential minimalist item, haha. I’m glad the world is moving in the direction of minimalism! Better for the environment, anti-consumerism, and promoting real contentment and engagement in the world. Great video :)

[themeatspot]

Me and my family become homeless I was 15 over the next few year we lost all our belongings from leaving them at places and them being stolen.

Now have a decent job and salary and roof over my head, but now I can't stop buying things. Buying something new and keeping it feels good.

[soumyajeetchakrabarty]

(P2) I totally agree about quality over quantity, I have a couple of jackets which I purchased in my college days ( 1 Addidas & 1 puma) and they are still solid gold, I just had to repair the zip of 1 one of them. However when a couple of years back I purchased a stylish pair of shoes from an unknown brand that were cheap I had blisters on my feet, I dreaded to wear them and it soon succumbed to wear and tear.
I gave this context because I wanted to share a valuable lesson that I learnt in my indulgence in materialism to my relationships, I rather have a couple of long quality meaningful relationships rather than a bunch of shallow toxic ones.

[VikDFW]

Buy the Champion sunglasses from Costco. I have 1 in each car. No case needed. UV Rated and made in same factories as higher priced brands. At $29 if it falls apart, throw them away.

[Marelybbmarley]

NEED A ROOM TOUR.
Even if it's a short. 🎉❤
Love the look and feel. The book shelves, the weight rack and the simplicity.

[Merewah]

My northface inner and fleeces still works well 25 years later

[RichieRichIIII]

Some great alpha on this vid on having a minimalist viewpoint ✅

[stephen.macleod]

Tae, did you just throw your wife under the bus as an excuse to buy new North Face?! 😂 Love the channel.

[Mileko-fvpb]

Thx you for this video. After having my couch for seven years, it finally broke and I took over a month to try to find a replacement. This additional information was very helpful.

[barry]

appreciate your would not spend that much time or effort for a glass case....we all have our own methods and limits

[Inspire_andrew]

Such great advise, I am definitely on board.