Financial Minimalism [2 Years WITHOUT Buying Anything]
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- Опубліковано 23 лип 2024
- I spent 2 years without buying anything. In this video I talk about the 8 things I learned.
I spent two years of my life living in a small country in South America called Ecuador working for the Peace Corps. During that time I was practicing something I call "extreme financial minimalism" because I was being paid about $570 a month. After rent I has $370 to spend on my necessities and I didn't have enough money to purchase anything outside of the necessities those years.
Financial minimalism is intentionally spending your money in a way that brings value to your life. Extreme financial minimalism is only spending your money on your necessities. Due to the lack of money during those years I was able to learn a lot about money, budgeting, and life. In this video I talk about 8 lessons I learned while I was living in "extreme financial minimalism."
1. You appreciate more with less
In the United States, we live in a culture of abundance. We can have pretty much anything delivered to our doors without leaving the couch. The special thing about living on such a small budget is that when you get a "luxurious" item like a meal at a restaurant, you really appreciate it because you don't have it often. Often, the more you have in your life, the less appreciation you will have for it because the thing stops becoming a rarity.
After living at this level, I still try to limit myself to things like eating out or buying stuff because I know the more you do it, the less you appreciate it.
2. It doesn't take much to be happy
In those 2 years I learned that all you really need in life is food, water, and a roof over your head, everything beyond that is optional. In the United States we're often told from a young age to search external for happiness through consumerism, but once you have your basic life needs met, happiness will be found from within.
I save 60% of my income now not because I am trying to save money, but because I just know that a new phone or a new car will not make me happy.
3. Happiness comes from community
When you can't afford anything and are living in a very simple way, you don't have the option to try to find happiness from consumerism, so you start learning that happiness comes from community. Since I had so little money in those 2 years I took walks around the city and chatted to people on the street. Those little conversations throughout the day really contributed to my mental health because it made me feel a part of something bigger: a community.
In the US, we have made life so convenient through services like Amazon, Uber Eats, and grocery delivery that we are not only spending more money, but we are losing community through these services.
4. Less money spawns creativity
Since I was making $570/month, I could not afford to furnish my apartment. So what I did was I went to the local market and bought a bunch of fruit crates and built my furniture. The lack of money in my life made me become extremely creative on how I lived.
As you start to make more money in your life, you might opt to go the easier route because you can afford things, but I think it is important to strive for the creative route instead of the easier route because it leads to a richer, more creative life.
5. Being poor is not the same thing as being in poverty
Living in a "developing country" you really begin learn the difference between being poor and being in poverty. When you're poor you just don't have any money, but when you're in poverty you have a mental illness. You're constantly in a state of fear of money, so know that if you don't have money now, you can always break out of it because you're just poor...and being poor is not a life sentence.
6. Time is the most valuable asset
I was cash poor in those two years, but I was extremely rich in time. I finished my job before lunch and had the rest of the day to do what I wanted with my time.
In my videos I have mentioned that you need to define "enough" in terms of money because you can always be making more money in life, but you are limited to how much time you have. Money is in abundance in life, but time is limited.
7. Money doesn't matter
Money doesn't really matter if you have it, but if you don't have it then it matters a lot. Debt is the modern form of slavery and can make it impossible to catch up financially. However, when you have money it will make you feel more secure and comfortable, but beyond that you are going to have to find meaning in other things. Money matter to a certain extent, but when you have money it doesn't matter as much. - Навчання та стиль
![10 Minimalist Ideals I [ADOPTED] from Living Abroad](http://i.ytimg.com/vi/pFcGG2Nn5_g/mqdefault.jpg)
![10 Minimalist Ideals I [ADOPTED] from Living Abroad](/img/tr.png)
Could you spend 2 years without buying anything?
Yes! Great great video!
Yes 👍
Yes
I don't have a two year supply of food, so, no.
@@karlabritfeld7104
You right about this one
I shop for food for the week only
Really enjoyed this! As a divorced woman with very little money, I had to learn to be content with very little. I have learned that it does not take much to be happy! Sitting in a swing outside on a pretty day, or watching the humming birds fight over the nectar. Doesn't cost a thing but so wonderful!
Very true Beverly! I'm also newly divorced and have had to make due on half the income. Thankfully, the things I enjoy the most just so happen to cost little to nothing. Running, going to parks, and the beach to name a few. I find much more fulfillment in exercise and being outside than on material things, but I have been like that even during and before my marriage, so not so much of a shock.
What rang with me is money and debt. Although my mortgage is low, about 575 a month, I am rushing to pay down my last debt. I look on it as a game. I set small goals.
There are so many free things to do. I appreciate spending time with friends and family. Yesterday I met a friend at an art gallery in town. It was free and we enjoyed ourselves. Tomorrow I am hosting a potluck at my house. I already have the groceries to make curried beef and 15 other people will be contributing to the meal. It's an inexpensive way to spend a few hours with friends. No restaurant tab at the end of the evening. We are all old friends who enjoy each other's company. I am a people person. Friendship is priceless.
This week we went out for a pub lunch to celebrate my son's 39th birthday. Nothing fancy. But I had not been out for a meal with my family for 2 months, since my 6 year old granddaughter 's birthday in February. So it was such a treat! To watch my little granddaughter enjoying her food and chatting to her dad and myself. Golden memories. I felt so blessed! I am frugal otherwise so that I can enjoy such occasions without guilt or worrying about cost. At one point in our lives we ate out quite often and, you are correct, it stopped being special!
The only reason to have more than you need is so you can share it with others, so in my opinion, being frugal and debt-free gives you the ultimate freedom to bless others if you can earn more money than you need.
You are so wise. It amazes me. I think the same as you now. I want time and freedom. I learned this late, but the last few years I have been making big changes to get closer to these goals. Thankfully I’ve always been frugal, have lived below my means, and only have my small house payment as debt. Keep up the awesome work!! I love your videos!
In Hungary where I live, average monthly wage is 1.000 EUR; actually, now with the war going on, it is even less, more like 800-900 EUR. So our finances are quite different than in the States, and prices almost doubled for food items, not speaking about gas/fuel. I think these will be the years that we will learn first hand, how to live frugally and how few things are really needed. I wish everybody health and patience for these years to come.
Your video works because you have lived it out, your advice is spot on, our grand parents had fewer choices and less money but families were alot better off and a lot happier, i am constantly removing excess from my life and only keeping things i need and like, colleagues at work spend spend spend and the little i have always seems way better, i know myself and whats good for me and they seem on a constant tread mill, i wish i knew what i know now many years ago.
I really appreciate your comment and thoughts. I agree, as life become more complex we have to make a conscious effort to go against some societal norms to keep our humanity and do what's best for ourselves. It is a hamster wheel, but we, fortunately, do have the choice to step off, but we as individuals are the only ones who can make that decision...and it can often be a very challenging one.
A few weeks traveling in ecuador had the same effect on me. I went with a small duffel bag. Enjoyed the people everywhere, the food, the richness of culture, diversity of environment. Used very little money and came back not looking at physical possessions the same way.
Right on! It's a beautiful place!!
I agree with the aspect that when you have less your gratitude is much bigger.i agree with everything🍀
It’s so great to listen to someone talk about money and possessions in a calm and sensible way❤️ To me, a financial buffer is what brings peace of mind so I value that much higher than material things. It’s what keeps me sane in a way, ha ha😉 Love your posts and how you keep things real, hope you can keep it going!!
Thank you!!!!!
So true. Hearing birds sing, seeing the leaves fall, feeling the fresh air against my body, etc make my heart satisfied.
I seldom buy anything new. My kids, neighbors, and friends give me clothes, books, craft items, and more. I give away or trade whatever I can't use. I fix
things or help neighbors sort or declutter their messes. I volunteer at a few places, too. Tina, Al's wife
Questions around not buying stuff have been rattling around in my head the last few days. I hadn't been able to find much around that idea. There are a ton of videos about people doing a low buy/no buy year, but that's not quite the same as what you are talking about. I'm glad I found this video. I am in the process of trying to empty out a storage unit and get rid of 90% of my stuff, which is quite the endeavor. I'm hoping to set out and travel with only what I need, and my bicycle. I want to get first hand experience with the things you are talking about. I think we all know instinctively that more isn't necessarily better. And external things don't equal happiness. It's so easy to get caught in the cycle of consumption and waste. So thank you for this. Thank you for sharing your story.
I love how you get to the point succinctly and concisely!
Glad to hear you worked in Ecuador! I grew up in Guayaquil, Ecuador. Now I live in the US. I ran into this video by accident. Small world.
Right on! Ecuador will forever hold a place in my heart. Such an amazing, extremely diverse country!
great vid. great channel. very underrated.
never say you're poor. say you're broke.
being broke is temporary. being poor is a state of mind.
Hello! Kate Kaden sent me over and I’m glad she did. This is the first video of yours that I watched and it was inspiring. Thanks for sharing the truths you learned. I needed to hear this despite my repeated attempts to purchase happiness. Community is so important.
Right on! Glad you are enjoying my videos!
You echoed my thoughts and inspired me. And reminded me what poverty is. Thank you.
Mbm, reality check, what's really important & what's not.
The life we live & that's a lot.
Thx u
Frugality means Conscious Living in which one does not blindly keep up with the Joneses nor let the media/ societal expectations dictate how one lives.
My goal is to continue saving and not buying anything I don’t need. It feels great. I’m 54 and I regret spending on items I didn’t need. I finally feel free and secured. I rather enjoy life gardening, reading, painting, and repurposing items around the house paying off my mortgage is priority and saving as much as I can. I advice young people to save money
I am 46 years old and I think that as I get older I feel less need for material things, so I feel free and happy, I suppose it is a psychological preparation for when it is my turn to leave this world.
46 is young! No need to think about leaving this world yet. Enjoy your time, make friends, spend quality time with people.
I was overweight so I was fasting and then eating one meal a day I enjoyed the one meal a day more than eating three meals a day.
This was such a lovely video and I’m happy to have found it!
I like your perspective on money. Thanks for sharing. Subscribed!
Austin, so enjoy your videos, just verbalise how I've been feeling lately and where im going..
Great video and so very true.
Love this video!!!
Wow- this is fresh content I love it
I love this. Thank u from NZ
I really appreciate this videos 😉💪
Very useful video, thank you 😊
I lived this video down to earth and so true.
Glad you enjoyed it!
I got sufficient value out of this video at point number 2. Thank you.
Woww, Thank you for this video
Thank you for sharing those inspiring ideas. I have learned a lot from you. Thanks.
Awesome, man 🙏🇦🇺
Thank you for sharing this wisdom!
Thank you for watching!
thank you Austin! I love your channel. We share the same values with money. Keep up the good work! Btw, I think you're pretty funny too. Thank you ❤
Austin you are really good at teaching us about life and how money works,thank you very much ❤
Your video is great, thought provoking. Thank you for sharing your experience in Ecuador.
My pleasure, Gillian!
I am making the least amount of money I have made in 20 years, about $30,000 a year. 2 years ago I was working 2 jobs making $70,000 a year and I was broke. Now I am saving about 40 percent. I am doing a job I love where I work about 30 hours a week max. I have a small house with good neighbors who I talk to on a regular basis. The key is I have almost no debt (except for a $300 a month mortgage payment) and am living on about $1500 a month. My car is relatively new, but I have an emergency fund of 5 months living expense, a car repair fund, a business emergency fund and a training budget fund (I run a small business). I live very frugally and budget everything. I am the most content I have been in years. I have a community of friends. Thank you for your vulnerability in opening up your life to teach others.
Great videos! Keep going.
Great information
Beautiful, beautiful video.
Thanks!
Money isn’t everything but not having money is everything!
Hi, Austin -
I'm wondering what you think about renting vs owning a home?
I spent 10 years overseas teaching in developing and post-conflict settings. I returned to the USA but really found it to be an unhappy place, where people always were grasping for more and no matter how much they had, they were always unhappy and looking for more.
Now I've left - and am happier but also still trying to navigate this without being employed (I am double your age). I am really enjoying your channel!
Hello 👋👋
I want to thank you 😌
You made me passionate about Saving Investing formulas ❤️
Thank you so much for sharing! I got a lot out of this video. And I love your story about your bed!
Thank you so much for watching! Hopefully you are inspired to make your own pallet bed!
Hola Agustín. Soy de Colombia. Totalmente de acuerdo con lo que dices👍
I’m binge watching your videos. I notice you wearing mostly solid t shirts. Have you done a video re: wardrobe/clothes? Enjoying what I’m watching so far
Hubby busted his toe through his work sneakers. I replaced them. Otherwise, I'm not shopping. We both agreed we need to weed out a lot. We realize no one will love our stuff as much as we do. My dog is destroying whatever she can find. We need to do a lot more weeding here. Plus we will probably move soon. Who wants to move stuff that they don't need? Not me!
Helo from Indonesia thank you for you video I learn alootttt :)
Happy to hear that!
Im minimalist aswell, cheers
Good luck
Strive to be content with what you have❤
I spent 8 years not buying anything except basic food- its called divorce.
Aha! You ARE a teacher! I knew it!
Was! It was fun, but can be difficult at time!
I just completed 57 years in the classroom. (I have subbed the last few years until this past year. It was back to full time. Next year will likely be half time.).
I just loved the video ,but I found the sound of the video a bit low...I had to use my earphones.....rest everything was awesome and so helpful
Just got new equipment, so hopefully no issues in the future!
Te sigo amando
Hi Austin, have you read Walden by Henry David Thoreau? I ask because you're living by many of the principles he describes in that book.
Also healthcare is absolutely necessary.
❤
真是太棒了
I missed your little dance and speaking Spanish at the end of this one x
haha, this one was made many moons ago. It was actually the first video that people actually watched in my channel!
@@ElAgustin I hope your channel grows and grows and grows xx
I dont buy much after I pay for food, water, or housing either.
How do you socialiize? That requires spending money usually.
Have like minded friends. Hiking. Coffee. Chill by the river.
Somehow i think its easier for a guy to be a minimalist
Do you know that is Indian lifestyle.
Okay but imagine you're 18, living in America, making 1k a month, but 700 of that goes to bills because your mother is financially unstable. 300 to gas & food & my broken catalytic converter. It just be like that sometimes, but I'm trying to make more money next month, wish me luck y'all.
Yet you still managed to do it! Good job. I would like you to reconsider your statement about your mother. Somehow she managed for 18 years just enough to take care of you correct? Family has always stepped up to help family that's the way it's supposed to be. Good luck going forward!
How. Much was the gym membership there? Seems like it would be a serious percentage of that $350, no?
Hello, gyms there charge per session, so it was $2 a go. I would go depending on how ambitious I was!
@@ElAgustin 2 cups of coffee waaaaaay yummier!! :)
Gosh, I would love $2 a time here. I wonder how profitable the gyms were without the “roping in” of continual monthly payment contracts. But I suppose home gyms are rare where you were, so maybe a per time basis works out well financially for the gyms where you were.
Most of the Things that makes me happy cost Money,not much,but to say Best Things in Life are Free doesnt work for me.
QUITO, when you quit everything and just go to Quito.
I’m wondering if the gym membership was free or not?
It was $2 a session!
Improve the minimal audio please
How your country develop fast or even compete with other growing nations if everyone doing nearly the same
No tv
No dining table
No washing machine
No bed
Guess what.. im still alive
I very much appreciate your perspective, but your comment on poverty being a mental illness is messed up. There are people all over the world who don't have clean drinking water, their state of mind is not the issue. Also, mental illness is not something people can "change their mindset" about. You were able to make the choice to be frugal and learn how to manage because your parents supported you. People born into poverty don't get that same chance. As you mentioned, many people are born 12 steps behind.
up yours
Poverty is a "mental illness"? A little insensitive. Not listed in the DSM V.
That means he was living off of someone else. The only way to do that is have someone spending their money on you or live in the jungle, seriously.
Did you even watch this video?
bollocks i have 2 people in nursing homes you are young and have no clue
Poverty is NOT a mental mindset. That’s ridiculous. Unsubscribing.