Here is the biggest problem of financial minimalism, what you can do about it, and how this could end up improving your finances and investing career for the rest of your life - enjoy! Add me on Instagram: GStephan
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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
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Get 2 Free Stocks on WeBull when you deposit $100 (Valued up to $1400): https://act.webull.com/k/Vowbik9Tm5he/main
NEW: JOIN THE WEEKLY MENTORSHIP - https://the-real-estate-agent-academy.teachable.com/p/graham-stephan-mentorship-program/
The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv $100 OFF WITH CODE 100OFF
My ENTIRE Camera and Recording Equipment:
https://www.amazon.com/shop/grahamstephan?listId=2TNWZ7RP1P1EB
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
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.
Thank you so much Graham, this is brilliant. Although my friends mock me for not spending 12 dollars on drinks every week because I'd need almost 20k to sustain that indefinitely
Life is short, u can die tomorrow due to an illness (heart attack, cancer, etc.) or accident. Enjoy buying things and experiences with your family
before they're gone or all grown up with complicated lives far away from you.
That's NOT a life. When you're old, you want to look back on your life and will a piece of you live on: getting married, having kids and watching
them grow up, then watching grandkids. Having fun with toys like cars and boats and Starbucks with family.
And now I want a snicker.
Cant stop watching your videos! Thanks for this content
Really terrific video, Graham! I am doing so much better with my savings and investing nowadays, and it's making me so content and feeling more responsible! You are really amazing and inspiring man!
The real meaning of this video is higher income with financial minimalism is the way to go . Be frugal not cheap.
Pavlov's Graham lol
Hey Graham!!!! I wanted to say thank you for linking that Reddit thread. That is the exact same existential dilemma I'm grappling with right now and the perspectives there are super helpful. Glad to know I'm not alone. Keep making the cool content you do. You are one of my role models! P.s. I say this every time but I LOVE the T.Rex 🙂
I completely agree on all your points bro!!! I'll meet you at the top. 🙂
Graham is the God of minimalism. I also take it as a hobby and a challenge
When i watch your videos i feel i will never have troubles with money ❤️
I crashed my 2019 challenger and downgraded to a 1987 wrangler. It cost $2000 and I have just as much fun in it.
I want a lambo, live in a big house and get to travel the world… I can save $10p/m please help 🙂 LOL
As soon as I think I have a good budget here comes Graham making me rethink it lol. Now I have to re-evaluate my $100 a month date night and my $200 miscellaneous categories. I might try to eliminate the $200 misc. and see if I can stay on track. Thanks a lot Graham lol.
MrLlamaSC is literally a Diablo 2 streamer that i watch from time to time, was so odd for me to see his name in a Graham Stephen video lol. Small world after all.
Graham, I wholeheartedly agree with you! People need to have a plan out what they’re actually saving for and also focus on increasing their income.
Saving can make you MISERABLE, especially when the amount saved doesn’t have a real impact on your life.
I talk about this all the time to my friends and family and on my own YouTube channel. You’re an inspiration, Graham!!
right now you are my guilty pleasure Mr. Graham Stephan lol
I spent money without leaving the house, probably more than if I go out 😅 ordering food etc 😂
what stocks & when should we buy in? is the questions we want to know
Mr. Graham I have a question, I’m not exactly a Warren Buffett when investing or being that humble but I do save and invest I take care of my priorities but I just can’t be a minimalist I just suck at it I like to eat out and get 3 shots on my mocha so my question is, is it really that bad even if I can still save on the side?
Your math is off on the video 200 a month is 3,600 not 36,000.
Hi Graham,
I really like how you explained safe withdrawal rate, thank you for that. I just wanted to clarify in regards to investment, does it mater if that investment of lets say $1,200,000 financed or straight out cash purchase?
Can you do a video on how to make money living in an economically depressed area when you don’t have enough to move?
You said Lamborghini. I'm in. But will I ever make it, will I get old enough to make it? Or am I just too dumb, as other people already have one. It really is a big problem for me why I am so dumb.
Why has Ally Bank plummeted 11%!?
Watching cat videos is also my guilty pleasure. By the way, when is Ramsey getting his own YouTube channel???
Like button was smashed before asking. You’re getting slower Graham! Cheers!
I thought the problem with financial minimalism is you don't get to eat. But hey what do I know.
I like the sentiment, but how do you plan for medical expenses? I know what my savings goals are for the lifestyle I want in retirement, but I have no idea how to plan for things I can't foresee. How much will heart surgery or chemo or assisted living or end of life care cost? How much do you plan to spend in medical expenses after ~60?
New sub
This might be a really silly question but why 30?? because we suspect to live 30 years after we stop working?