5 Minimalist Habits That Made Me Rich

Summary

The speaker shares their journey of a 90-day spending fast, saving $1927 by cutting back on non-essentials like clothes, takeout, and even heating. They discuss how minimalism has improved their finances, leading to increased income and smarter investing. The video offers five minimalist habits that have contributed to their wealth, emphasizing the importance of productive hobbies, self-discipline, creativity, focusing on less, and understanding true wealth as freedom and options, not just material possessions.

Takeaways

• 💸 The speaker is on a 90-day spending fast and has saved $1927 by cutting down on non-essentials like clothes, takeout, and reducing electricity usage.
• 🌡️ They've adapted to using a pellet stove for warmth and taking cold showers, which also serves as training for a polar plunge event.
• 📈 Minimalism and reducing consumption has led to positive life changes, including increased income, lower expenses, and better investing habits.
• 💼 The speaker initially earned a low hourly wage but worked to increase it, valuing the freedom money can provide rather than material possessions.
• 🔥 A key to growing income was turning passions into profitable hobbies, such as the speaker's friend who is building a business around music.
• 🏓 Engaging in productive hobbies can save money and provide benefits beyond income, like playing Pickleball for health or making sourdough for savings on dining out.
• 🤹‍♂️ The speaker emphasizes tricking oneself into self-discipline through simple commitments that become habitual, like consistent gym visits.
• 🍰 By making healthier food choices, such as cutting out sugar, the speaker has improved their health and found it easier to maintain these choices long-term.
• 🛍️ Creativity and minimalism have been applied to save money and time, like finding discounted appliances or second-hand items in good condition.
• ✈️ Travel hacking is mentioned as a way to save on travel expenses without impacting the budget, a strategy that has allowed the speaker to travel for free.
• 🎯 Focusing on a single area of expertise rather than spreading oneself thin can lead to exponential growth and success, as seen in the speaker's focus on real estate and YouTube.
• 🏆 Understanding true wealth is about having freedom and options, not just accumulating more money or possessions, which can come at the cost of happiness and freedom.

Q & A

How long is the spending fast mentioned in the script?

The spending fast mentioned in the script is 90 days long.

What is the total amount saved by the speaker during the first 57 days of their spending fast?

The speaker has saved $1927 during the first 57 days of their spending fast.

What lifestyle changes did the speaker implement to save money during the spending fast?

The speaker implemented several lifestyle changes such as not buying clothes, avoiding takeout or restaurants, cutting down on electricity by using a pellet stove, and taking cold showers.

Why did the speaker start taking cold showers?

The speaker started taking cold showers initially as a part of their spending fast to save on heating oil, but also because they are training for a polar plunge event.

How has minimalism and doing less impacted the speaker's financial situation?

Minimalism and doing less has led to positive outcomes for the speaker, including raising their income, lowering their expenses, and aiding in investing.

What is the speaker's view on the relationship between hobbies and income growth?

The speaker believes that engaging in hobbies that one is passionate about and trying to monetize them can lead to income growth and personal fulfillment.

What is the significance of the 90-day commitment in developing self-discipline according to the speaker?

The 90-day commitment is significant because it is a short enough period to achieve and maintain a habit, which can then become a part of one's lifestyle, leading to self-discipline.

How does the speaker define 'true wealth'?

The speaker defines 'true wealth' as having more freedom and options, rather than just accumulating more money or material possessions.

What advice does the speaker give regarding the pursuit of wealth and happiness?

The speaker advises not to sacrifice what one has for what one doesn't need, emphasizing the importance of being content with enough and not overworking oneself for more material wealth.

How does the speaker suggest one can travel without disrupting their budget?

The speaker suggests using travel hacking techniques, which can save a lot of money and time, allowing one to travel without disrupting their budget.

What is the speaker's approach to focusing on one area of expertise rather than spreading oneself thin?

The speaker advises to concentrate all one's energy on one thing and become an expert in that area, which can lead to exponential growth and success, rather than trying to do a little bit of everything.