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First, I think it’s important to understand that “financial minimalism” is a LOT more than me saying: Just don’t spend money. Even though, it’s also as simple as: just don’t spend money.
Instead, to me, Financial Minimalism supports the notion that it’s OK to spend money on something and treat yourself…as long as that ‘something’ brings you the equivalent amount of value as what you spent on it, and as long as you couldn’t get a better value for that spending elsewhere. It’s all about MAXIMIZING your value when you do spend money, then MINIMIZING the experiences that aren’t as important - and that then brings us to our first financial minimalism principle:
SECOND: CUTTING OUT EVERYTHING YOU DON’T NEED TO SPEND MONEY ON
The basis of this is that the LESS financial overhead you have, the more “PROFIT” you have left over.
One, you’re going to sort through everything you DON’T NEED OR DON’T USE - and then you can cut it out entirely
Two, you’ll have a second category of expenses you can negotiate and shop around for
This might include a health insurance plan, car insurance, home insurance, or even a mortgage…I’ve literally gone through EVERY recurring charge of mine and found a way to bring costs down.
Three, you’ll have a list of your expenses that you can just cut back on:
Now, remember…Financial Minimalism is NOT about just cutting as much spending as you possibly can, selling all your furniture, and living in a tent…but, it IS about recognizing which spending habits are really contributing the most to your overall enjoyment of life, and cutting out everything else that’s unnecessary and holding you back from reaching that goal.
Third: Try to find the BEST VALUE for what you DO SPEND.
This one is JUST about realizing where you get the most enjoyment for your spending, and what’s going to bring you the best “bang for the buck” in terms of your happiness…then trying to find the best financial value, while removing everything else that gets in the way.
Fourth: Learn to live on less, despite how much you make
From my own experience, after a few months of doing this, you’ll VERY quickly realize that you could just as easily spend less money without even realizing it, you won’t worsen your quality of life, and you’ll be JUST as happy spending less as you were spending more. Once you see this for yourself, firsthand - you’ll start to decouple the thought that money brings more happiness - and you’ll WANT to start saving more money, knowing that the more you save, the more OPTIONS that will give you in the future.
FIFTH: INVEST YOUR MONEY
The more money you have saved and invested, the more FREEDOM is brings you…plain and simple. You’ll have the freedom to leave the job you hate, to work on the projects you find most fulfilling, or just go AWOL and work on your hobbies all day long.
LAST: Think about what you REALLY think about what you want out of life, and what’s going to make you happy. In other words, what are you doing all of this for?
I just know there won’t be ANY better motivation to actually go and do this, than if you envision your perfect lifestyle in your head, and know that every purchase you make will either bring you closer - or further way - from actually reaching that goal.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com

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23 thoughts on “How to be a financial minimalist”
  1. Avataaar/Circle Created with python_avatars plutonicresilience says:

    This might be my favorite video of yours ever

  2. Avataaar/Circle Created with python_avatars Ravnanger Tveiten says:

    Spend less than you earn

  3. Avataaar/Circle Created with python_avatars Onyx Rafle says:

    DTF (Dollar to Fun) is very important to remember! Thank you!

  4. Avataaar/Circle Created with python_avatars Dr. Brian C. Sams, Ph.D says:

    My favorite on list; “would you rather have the cash! “That mindset and internal dialogue 😮wow… great value to have ! Great video!

  5. Avataaar/Circle Created with python_avatars Do You Eat Rocks says:

    Wow, a mattress, fancy

  6. Avataaar/Circle Created with python_avatars Redd Bendd says:

    So many people just want to have things, i only want space. Lots of open rooms

  7. Avataaar/Circle Created with python_avatars N2BFW says:

    Great advice. Thanks.

  8. Avataaar/Circle Created with python_avatars The Dude Diaries says:

    Great video

  9. Avataaar/Circle Created with python_avatars Endless Travels says:

    Living on less objects is a big part of my life
    I do a YouTube channel of travel, my whole life fits in my backpack and I love it would NEVER change it

    You ask someone what their dream or goal in life is, 80% of them will lit. describe my life
    "Travel, not worry about money and enjoy life as it should be".

    Great advise of a video, me personally 80% of all the money I make goes into some type of investment, stock, interest account ANYTHING that builds on itself.

    The final 20% if its not enough to buy something in need than I save some and work harder to have it next month

    I really wish I started at 18 saving like I do today I'd be a decamillionare no joke, but ether way my life now is free from all and so called "Dream life" people talk about is a normal Tuesday for me

    Spend less on useless shyt by far is amazing, and save and invest before you spend..
    When you learn to live happy on 20 or 70 percent of your money you learn to be rich in the future

  10. Avataaar/Circle Created with python_avatars Sugar Tits says:

    I literally be pullin’ out a notebook + pen. I’m taking notes.

  11. Avataaar/Circle Created with python_avatars Shania Ann says:

    You gotta stop shouting at the camera my head hurts 😭

  12. Avataaar/Circle Created with python_avatars Oceancitynutrition says:

    I saved 60% of my income with a “no-spend” year and paid off 25k of student loans

  13. Avataaar/Circle Created with python_avatars STEM in a few Seconds says:

    Not sure why but they way he tells me to smash the like button…. Makes me actually want to smash the like button

  14. Avataaar/Circle Created with python_avatars Uba Okereke says:

    Everything you buy should serve a purpose. I

  15. Avataaar/Circle Created with python_avatars That Other Guy Greg says:

    Amazing video. It gives some perspective in this day and age.

  16. Avataaar/Circle Created with python_avatars Lani Garcia says:

    I relate so much with Graham, I enjoy saving more than spending..

  17. Avataaar/Circle Created with python_avatars OurvidsTV says:

    great video!

  18. Avataaar/Circle Created with python_avatars Lunaas says:

    I’m so glad I found your channel while I’m still a teenager

  19. Avataaar/Circle Created with python_avatars Jeffrey Clark says:

    There is ZERO chance that "negotiating" will reduce you expenses by 1000 bucks a month unless you are already rich in which you don't need to watch this video.

  20. Avataaar/Circle Created with python_avatars Josh says:

    Graham – You say to not keep money in your bank account. Do you have suggestions of where to put the money (aside from the stock market)? I personally have been saving for more apartment buildings and leave $10k+ in the bank. I haven't found a good use for this money in the interim between purchases. Any advice?

  21. Avataaar/Circle Created with python_avatars Taylor L says:

    Gram coined the term financial minimalist

  22. Avataaar/Circle Created with python_avatars John Smith says:

    "I'm not a minimalist in the traditional sense." Stopped watching and downvote.

  23. Avataaar/Circle Created with python_avatars Mr.Wepx says:

    Financial Minimalism also known by me as I'm too poor lol. (not an attack just a joke, love your videos Graham!)

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