How to be a Financial Minimalist
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- เผยแพร่เมื่อ 2 ต.ค. 2024
- 10 steps to become a financial minimalist
We often live in a world of extremes where people think that there are only two options to live. Where you are either living in a mansion or a cabin, working 60 hours or nothing, and are materialistic or don't buy anything; however, there are more than just two way to live in this world and I think that the perfect balance of the two extremes is through "Financial Minimalism."
Financial minimalism is just using your money intentionally to bring value in your life.
In this video, I talk about the steps that I take to live a life of balance through financial minimalism, instead of living a life of extremes.
10 Steps to be a Financial Minimalist
Step 1: Realize We Are Playing a Game
When you become an adult and have to figure out how to do things on your own, nobody tells you that what you are doing is that you are playing a game. The game is called, "Money." Instead of spending money blindly and acting like there is nothing to do, start playing the game of money with strategy.
Step 2: Play the Game in Your Favor
The game of money is not evil. It is only evil when you spend your money blindly and do not plan for your future. The game is set up that only wealthy elites benefit, but if you start playing the game so it benefits you, you will enjoy the game more.
Step 3: Don't Play to Win
The game of money cannot be won because there is no limit to how much money you can have in this world. Instead of trying to win the game and keep accumulating money, play to live life on your terms. The game is not a competition to the top, but it is a game against yourself.
Step 4: Help Yourself First
When you are in an airplane they tell you to, "Put on your own mask before assisting others." This is the same thing with money. You have to take care of yourself first so that you have less stress and are able to contribute to society more.
Step 5: Look Out After Yourself
We live in a dog-eat-dog world where people do some terrible things in the name of money. The hard reality is that you get more respect in this world when you have more financial security. You have to establish financial security in your life so that you can live life on your terms and no one will take advantage of you.
Step 6: Don't Base Every Decision Off of Money
I am a financial minimalist because I think it is a balance between the two extremes of saving and spending. It is important to save money, but it is also important to live in the present. I use my money both to save and spend, so I can enjoy things without worrying about my future.
Step 7: Find a Balance
As I mentioned, life isn't about living in extremes, there are more than just 2 options in this world. When it comes to money, you need to find a balance to live your life so that you are not living in extremes.
Step 8: Celebrate How Far We've Come
We often are always looking towards the future and looking for the next thing that will improve humanity, but we are never celebrating how far we have come. A financial minimalist isn't always looking towards the future and remembers to celebrate the present.
Step 9: Find Contentment
Minimalism is about finding contentment in your life. You will not find contentment directly through money, it is what you do with the money that will allow you to be content.
Step 10: Have a Healthy Relationship with Money
Life doesn't have to be a world of extremes. There are more than just two ways to live in this world. Financial minimalism is just about finding a healthy balance with the two extremes.
*None of this is meant to be construed as financial advice, it's for entertainment purposes only. Past performance is not indicative of future results. Austin Williams does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned may not be suitable for you.*
What does a "life of balance" look like to you?
Hello Austin Williams. A life of balance to me is living financially below my monthly income but enjoying life to its fullest by appreciating a simple life which is loaded with wonder and friends and good food.
I like turtles
Not going into debt (mortgage aside) and keeping fit and stress levels down!
Trying to find happiness no matter what life throws at you to make your life very different from what you imagined!
@Austin Williams
Your daily growing subs numbers confirm your msg is sooo important. 🙌
I’ve become a fan of yours--and for goodness sake I’m turning 79 in a couple of months! It is a joy to hear such wisdom from a young man!
Same here. I am 66 and always wondering and sometimes stressing if I'll make it through financially.
79, what a great age. Bet you have a stack of wisdom you could share.
Aaaawwww
73 Here!
Austin Williams, I wish I was half my age and I could go back thirty years and be your best friend. You, good man, are a fresh bowl of information sprinkled with the highest quality of charm and kindness. I adore you and your videos and I don't mind repeating that over and over. Cheers, Austin Williams. Much thanks!
Thank you for your kind words, David! I don't mind repeating this either!
Aww the age old question ….I have recently found your channel and love it. I have recently lost my job that I have now realized was killing me. Luckily…I saved my money but the new job I have just accepted is for less money but frees me up to enjoy this life. Your videos have made me realize that I do not have to sacrifice anything to have this job….just be intentional with the money I make.
Thanks for the comment, Christine! Glad my videos could help you! It's all about what's important to YOU and how YOU want to live your life, and there's no right or wrong answer!
Your Chanel WILL blow up. You are providing great, useful content. Even if you know all of these things, as a TH-cam junky, it’s nice to reflect on these principles instead of consuming useless content. Thank you.
Very kind for you to say! Always good to hear!
“Live below your means but within your needs.” - Suze Ormandy 🧡 🐪
I love the term financial minimalist. At 57, my mortgage has been paid off for ten years and I retired early to care for my kids. Living life on my terms intentionally. Loving your channel & the Spanish add one. Thank you for sharing your wisdom❣️
Amazing to see a young person with so much insight.
I learn everyday from others... thank you for sharing this .
Same. We take parts from others.
I wish you was around when I was in my Twenties...I'm now just 10 years off retirement age and only just started looking after my money. I wish I knew all your advice years ago. I enjoy watching your video's you explain everything so I understand it...Thank you Austin ❤
Love your energy! So many beginner youtubers are missing this and it's crucial for this type of video.
Haha, thank you!
62 years old and I have never heard words so true and wise! When is your book coming out? You should be teaching these steps in Jr high or grammar school!!
Good food, a glass of wine, a very modest home on the countryside, enough time to work creatively and to do nothing but reading and my husband at my side. But wait, this is the definition of happiness. 😂
This video rings true on so many levels. I have followed most of these steps, but there are some material needs and desires that I ultimately want to work towards, such as owning a home. The only thing I really need to work on is my well being, but it is a work in progress.
We were grocery shopping. This couple has ice cream cones. My husband commented about their cones. I saw them and said we were putting $20 a week aside so we could go out to dinner...a nice meal. Passing up the ice cream gives us a special meal occasionally. We are planning to go out to our favorite German restaurant in Virginia. The food is authentic. It's worth it. We love the place. We go when we're in Virginia. This time we're paying cash.
Part of it all is asking ‘what do i really need?’ Is this a need or just a want? As you said I think in your first video or two, we don’t really need much in life
I love how you used pictures of chess because that in itself is a strategic game and we have to be strategic about money. Great video
Thanks!
Living a simple life is so much more rewarding. It's not about sacrificing and doing without, it's about having what you truly need and a little more. After my divorce, I started living a more minimalist life by necessity and discovered that you can be so much more fulfilled with less and I don't deny myself the things that I enjoy. I will never go back to a huge house with a bunch of stuff with the mentality that more = happiness.
You said it very well, James. If you learn how to live with less you will ultimately have less to worry about and a clearer mind. Thanks for watching!
One of your best videos for me. I took notes to remind me I'm on right track. Don't give away your money, just cus your family knows you have money saved for retirement from sale of your house. Learning as I go.
The cabin in the woods sounds good 👌🏼, specially if it’s near a stream or a lake, being in touch with nature is very relaxing 😌, but I will have all the comfort that makes me feel content and a small pickup 🛻 truck to go to the nearest towns to get some supplies and get to know the good local cafes, restaurants and breweries 🍺.
I’ll be able to save $$$ and still enjoy ☺️ life.
Thanks Agustin for all the great ideas 💡 on how to be a financial minimalist.
I’ve really been enjoying your videos.
Peace ✌️
The part about people not having control over you when you are a financial minimalist is so true. I still have to work and will do so for decades but I can afford to switch jobs, quit on the spot if need be, and I don’t feel the need to be at the bosses every beck and call anymore. I enjoy my time with coworkers now and have started making work friends more easily.
Good job Nichole, way to have balance in your life. I look at money in a way that gives us more options in life.
yep same here i am no longer working in fear mode i am working in enjoyment mode because my finances are beginning to balance out
He helps us by reaferming what we allready know instinctively.. especially now with this bad economy.
Love the fridge - so many minimalist videos say, clear your fridge of visual clutter. Nope, this isn’t clutter for me; these are precious photos for me, only visual clutter for you. Love that take + this is MY minimalism and yours will look different and work for YOU.
We live in a World of Extremes.
How true!
Great content mate! I’m going back over your older videos :) I find them both entertaining, informative but also really relaxing 😎 60k followers now my man! Congratulations!
Wait...what? Your channel was over 3000 last week! 🤩🤩. I'm loving the growth . Awesome content👏🏾👏🏾
Ain't that somethin?
Really enjoying your videos, love your energy and clarity. I have flirted with minimalism over the last few years but finally managed to make a consistent effort this year and I know now this is how I want to live my life forever. Creating security with a financial buffer from living well below your means is like having a super power in work. It makes me really angry that employers exploit the fear of people with no financial security of losing their jobs. One you have financial security it gives you the opportunity to gain respect by sticking to your values and ultimately being a better employee.
Yes! It makes working more enjoyable because it's not as much about the money and you have the options to leave if you want.
Just came across your channel...great content. Fellow Coloradan as well 😊
Your videos help me become a financial minimalist, all this resonates with me. Keep it up
The water from my tap is still working fine!
I don't let myself have all of the stuff that's out there. I pick and choose what I really want. When I occasionally go out to eat , it is special and I truly appreciate it so much. You can't be happy if you dont appreciate anything.
Hi Austin, the problem these days is that people are too used to having easy credit and buying all they want. With interest rates rising many people on the brink will be staring into a financial abyss. Love your channel, you have the same outlook as me.
Exactly!
Hi all the way from Liverpool, UK! i'm newly subscribed and loving your videos, another great upload!
Welcome Sarah!! Thanks for watching!!
Same here. Just found them.
St. Petersburg, Florida.
Great pieces of advice. I started a no-buy year in regard to clothes and a low- buy year in regard to everything else because I want to renovate my house next year and I am learning so much from you! Thank you!!!
"And that's when people start to lose their shit" I honestly was buckled with laughter...🤣🤣🤣👏
It was meant to be funny! Glad you caught the humor!
You are a good singer :) Like!
My biggest goal in life has always been to live in a cabin in the woods. Lol
lol!
I must say, it is harder than it looks. There is struggle involved in staying fed and warm even there.
Thanks!
Thanks!
Saving most of my money for travel and gym equipment
I’m seventy, my intentions were good but I’ve
made the mistake of helping family members who were struggling financially and watching some of them overspend and using money unwisely.
Comment
I think that Life Balance is the ability to pay for essential bills and a few of the things that I like to do in life. Just simple little things. Once that number is known, I can then taylor my working life around meeting my minimal needs, yet still enjoying my life.
I used to earn more than a thousand pounds per week and I was wasted chasing money. Plus, I never had time to enjoy it. Today, I can live on a much smaller weekly amount and unbelievably, my lifestyle has gone up a notch - while I remain extremely frugal.
A lot of what you say is just "common sense" unfortunately this is something some of us have forgotten or just never had, thanks for reminding us.
I'm a successful financial minimalist too. Let celebrate with a glass of toilet water, cheers.
Cheers!
When I was just 16, I came in 4th place in a state wide monopoly contest. Would love to play. Another good game is cashflow. Like your other vids, I watch again to think about what you are teaching.
I’ve got the family coming over tomorrow to play Cashflow 101. It’s a favourite for sure.
Replying to myself, here, on a second listen and taking notes. You laid down the basic rules from which you design a life. Between the two extremes, you will sometimes waiver more toward the cabin in the woods life, and at other times, move more toward the happiness over security side. The course is more like tacking then trying to maintain a middle ground. This is my conclusion for my life. Right now, I need to maintain more of a cabin in the woods. Then, when I feel I have enough, I will move more toward a middle ground. If I find that I feel that I do not have enough, once again, back to the woods, I go.
This is my conclusion.
Howdy Kevin. Yes, I think you described exactly how I feel. Right now I am focused on the "cheap" life while saving a bunch of money, so I am setting myself up in the future. I don't mind the "cabin" life now, but I know as I get older I won't want the cabin life as much. As I get older I notice my standards getting higher, but I try to fight it a bit so I do not upgrade anything too quickly as I know it's hard to go back. Thanks for the comment and made me think!!
Austin Williams,I love your videos...I have become your fan...
Or living in the Ghetto!!! Minorities know that. Oh yes I forgot the reservations for native Americans.
Thank for this, i watched all your videos and it was enough to take me out of spending. You already have a full successful playlist. God Bless you sir may you get everything for what you've done. Thank you.
Austin -So on point; love your perspective and wisdom -kinda blew me away-very impactful; keep up the invigorating content.
Glad you enjoyed it!!! I appreciate your comment!
I just started to listen to you and Love your outcome on life❤️. I’ve always been frugal, but listening to you makes me see some things in a different light 💡 keep up the good 👍🏾 thanks 🙏
Right on Mona! Thank you for your kind words.
Muy bien partnah!
I get how financial minimalism can play a role in freedom. I haven't traveled as much as you have, but I have traveled outside the country and it is a eye opening experience.
Also I too live in Colorado, so whenever you want a game in monopoly, hmu. 🤙🏽
Thanks Austin. I swapped to mint 15 dollar plan from the 30 dollar plan saving me 180 dollars a year. Yay. You have rekindled my old frugal ways.
i pay myself first. i now have increased my savings account deductions. i can do without the increase in my savings and it will be there in the future when i need it. we are taking a cruise this summer and we paid for cabin, excursions, beverages, and WIFI ahead of time and since everything is paid for ahead of time we will not be paying off any vacation debt when we get back.
I really like your views on life in your videos. I'm kind of in an el Agustin rabbit hole these day, thank you for the inputs!!
Excellent points. But please.... Don't drink that water. Point taken.
I won't...knowing that I can if I want to is enough. Thanks for watching!
Agustín!!! Muchas gracias por publicar este tipo de videos que aportan e inspiran 🤩
A ti!
I really enjoy watching your videos. I relate to almost everything you say.
With the exception of board games - not a fan 😉.
Hi Austin. I'm here from Kate Kaden's channel . She loves your channel, so I'm sure that I will too.
Great!!
I think you exaggerate some. How you spend and save it is important. But you still have to make some. Every dollar has two sides. I don’t think you can make much money in Ecuador.
delayed gratification means no road trips once a month but planning and saving for a summer vacation instead
instead of going to the moving every weekend we subscirbe to netflix now and i do not miss the outings anymore
By the by last year I was a quiet quitter and run my own small company. On my terms. GG
Whoa did ur subscriber numbers take a massive jump? Congrats
It did! Went from 600 to 10,000 in 2 weeks!
Who doesn’t want to play Monopoly with you haha, I guess it would be so much fun. As always a really cool video. Keep up with the great content! 💛
It's a long game! I'm also too competitive with board games, haha!
Thank you Austin you help me a lot! And you're funny
El Agustín para presidente!
Saying yes to everything in a job is so true. They won't respect you more they will just keep demanding more and more. The first time you say no it will be like all the other times you said yes don't exist.
100%. I learned this the hard way!
Thank you for another great upload!👍🏾🙌🏾👏🏾
Thank you!
I learn something every time i watch one of your videos. freedom and control are my new goals (not money!). Thank you!
I thought you were going to say “or you live in a van down by the river”.
Just a comment for the overloads
I like how you take references from pop culture to help us relate to your points.
Make a video on how to invest in index money?
❤
Excellent video
New sub. Love your videos, love the energy!
I’ll play you. I live in Denver!
Hello Austin. I think of this. If one has a steady income per month preferably without having to work a repetitive and trivial job he or she is eased. He or she has a much better mental health. Less anxiety less fear etc. I am not talking about a big amount of money here just enough to get you by. You don't really want to play this game. This game is very bad.
Great advice and true, hopefully, you will keep getting more subscribers who want to change their relationship with money!!! Good Luck, Austin!!
I bet many work physically harder on a minimum wage than any elite, well off, millionaires ever have...we don't play the game as they do. We, my partner and I are minimalists and not consumers. Many have to work minimal wage, high rent, many children, health issues.. now food and fuel increases. We are below the bar as minimal wage earners... lucky for us we are off-grid energy and water and pay very minimal rent. We have f-all bills. My children are waking up to not consuming crap. We drink out of our river and its soft and refreshing. I'm content but I want to help others with food locally thats where I'm afraid to not help because we grow organically and pests are a massive problem. Organic has zero gareentee of success. Permaculture and syntropic farming is what we are aiming for, but the pests keep coming( maybe the government unleashed them..lol)" Be wise, invest in yourself not others"
Well put Austin. You are great. I love listening to you. You're bright and you make a lot of sense. Really glad I came upon your channel. Keep the thoughts flowing young man.
Hi Austin - I wondered what your thoughts were on property ownership? Are you happy to pay rent for your entire life, or do you intend to save enough money to buy a property cash and avoid being trapped by a mortgage?
I took out a mortgage to buy a place, I overpaid on the repayments to pay off early but it still took 15 years.
I am thankful to be mortgage free now, it gives me options and security, but for 15 years it was a worry.
Just wondered what you think on the subject, as you have stated in your videos the requirement for shelter is one of our fundamental needs, so it's a big thing we all have to deal with.
Best Regards,
Pierre..........
Intetesting take on the cabin in the woods scenario.
Cheers Austin.
I wish you
Mucha dennaro .
Thank you,Austin
Thanks, Vanya!
How can You be so incredibly interesting man?
I am just trying to make Natalia proud.
@@ElAgustin Mission accomplished, I would say.
Agustín, I'm glad that I found your channel in the middle of this content mess that is TH-cam.
I always considered myself a minimalist, or, at least, a financially controlled guy, but I had a flaw: I was too much cheaper and this affected others around me.
But, thankfully with the help of your advices, I fixed that flaw and now I live a life much healthier, mentally speaking.
Thanks so much 🙏.
Thanks!!
I like the fact you speak clearly I notice you also speak Spanish.
Love the videos - your on fire 🔥 Thanks Sue ❤️🇬🇧
A cabin in the woods is sounding pretty good these days
haha!
Well, the funny thing is, Cologne, in french is called eau de toilette / toilet water.
Epic video and breakdown 👍👏🙏🏽🙌❤️
Great video and content!
Thank you for sharing.
I'm guilty if running out of money all the time. I am getting better.
A refreshing regurgitation of financial education.
Amazing and thoughtful video, thank you. You are making and making a difference, continue with a gift that has been given to you and paying forward. Blessings
Wow, thank you for your kind words!!!!! Means a lot!
I'd play monopoly with you .
Game on!
Haha. Nice. GG
Colorado is expensive. Your rent is high or low
You’re wise
Solid channel 😉🥂
How much isn your rent and what state do you live in
I missed you mentioning The Man in this video 😀😀. No seriously, interesting talk!
Haha, sorry! The video is pretty much about the man!
Your voice is soft, I love it, but I can't listen to it, while driving, in my truck, even after raising volume, on my blue tooth.
Sorry Neal, bear with me as I am getting new equipment very soon! Thank you!