Your lifestyle is making you poor. I know this because I monitor people who have money, for a living. Well not currently but I did at one point in time when I worked for JP Morgan Private Bank. Now, I spend a lot of my time around millionaires, who I also monitor, and because I work so much I learn what they do. The millionaires I know scale back and drive the oldest car in the lot, that they own. So lets talk about why minimalism needs to become the new Jays.
What is minimalism?
Minimalism isn’t living below your means, minimalism is living at the bottom of your means. I know what you are thinking “I wan’t to live life now, YOLO”. You are right. The goal is to live not just scrape by. The problem is that most of us didn’t come from wealth and if you didn’t come from wealth you have to sacrifice so you can build the initial nest egg that gets the snowball rolling. After you do that then you can YOLO. If you never do that, enjoy a life of paycheck to paycheck living.
Minimalism is sacrificing a few years so you can live the life of your dreams. Clouds and dirt. Eat dirt for 24 months so you can eat caviar for the rest of your life. All that dope Gary V stuff.
Gary V tells the story about how he grew up thinking they were poor but they really had a good middle class life they just lived like they were poor while his dad saved to buy his own liquor store. Years later they are multi millionaires. You can and should do that same. Instead of living your life to the fullest because you don’t have kids, stay on your grind and keep hustling. Life is long.
You can live without the things you think you can’t live without
I always tell the story about when I lost everything and I didn’t die. I was living in LA, I lost a job, and I was in my first year of law school. I was beyond stressed (1L is no joke) and finances were strapped. I sold every thing I owned to make the rent in the month between jobs. For many of us there are things we think we can’t live without. New iPhone, new Benz, expensive drinks (don’t put alcohol on my tab bro), luxury vacations. At that time in my life I had to let go of the very things I thought I couldn’t live without, and I didn’t die, I was still in law school, still had great job prospects and still in good health. Your list is different based on your taste and how you derive your IG likes, but the point is that people like stuff to fill gaps in their life not to actually keep them alive. You can live on less than you think you can.
The problem is that stuff costs money. The money you use to buy the stuff that you think you can’t live without but could actually live without is robbing you and your children of your wealth. An example of this is my dad. My dad has three cars, he only needs one car. The money spent on those two unnecessary cars is wealth that could be put in other places that could then produce the cash to buy unnecessary cars. The places we blow money where it doesn’t need to be blown, all in the name of feeling good, is wealth gone.
Why that matters
After we establish that you can live without the things you think you can’t live without you can scale down AND avoid the level up on other frivolous things. In the book The Slight Edge the author talks about how we are willing to sacrifice to do the things that make us successful only to stop doing those things once we become successful. For me this was scaling down on all the flashy stuff that I had. If I scaled down to win financially why would I then level back up? By staying down you can still hustle and increase your income but the money goes in the right places not silly places that don’t serve you (think bottle service).
Every time I tell people what we need to own or buy they tell me that they don’t have money. That is why I wrote this post, because we always think we don’t have what we actually do have. We think that we don’t have money or time then we proceed to watch every episode of Insecure and buy every iPhone that comes out. That isn’t a scarcity problem that is a priorities problem. Most people need to say that they can’t win because they don’t have their priorities in order not that they can’t or they don’t have.
We as a culture can’t afford to look the best while doing the worst. That line of thinking impacts everything from credit to savings to generational wealth. We know that this is caused by insecurity. We know that Kings and Queens in Africa had jewelry and extravagance. But if you know better but don’t do better that is a choice and choosing to lose makes you stupid. Don’t be stupid, be great. If you are interested in working with one of our personal finance consultants to get your money right email us at firstname.lastname@example.org
Be great, invest well,