I did this back in 2006. I snapped one day, and cut 3 or 4 maxed out credit cards. Went out and got a second job, paid my debts, and got control of my life in many aspects.
Last year I decided to spend $0 outside of gas, groceries and bills to see what I missed and it was the best thing ever. The only thing I missed was going out to the movies with my son. So I started budgeting $50 for a date night once a month.
Just purging unused subscriptions and intentional shopping instead of impulse buying has helped me quite a bit. I simply got overloaded with too much crap and have a tendency to dive head first into each hobby and buy all the equipment like I'll be doing it forever.
Riiiight. First World minimalism: Own 3 properties and rent two of them (with cleaning, painting, landscaping, bookkeeping tasks/tools) so my living expenses are paid, and that's Livin' Simply!!! (2.00) "I think pretty much anybody in the world can do that within 3-5 years." (3.21) Wow. Just wow. Sounds more like Trust Fund-ism.
i'm starting out trying minimalism after a 2 month wilderness backpacking trip, living off what i could carry on my back, usually less than 30lbs with food and water. i'm a small person so i had to keep a lightweight minimalist pack to make sure i didn't get injured from the weight of it. during this time, i knew where EVERY item i owned was at all times. i didn't waste time searching, or making decisions on what to wear or what to eat. i was forced to unpack everything every night, and put it away in the morning so i could get back to hiking. i really got to know what items i used every day, and what i could live without and literally get off my back. now i'm moving into my first apartment soon, after living in the same bedroom in my parents place for most of a decade without a single decluttering. i'm trying to take these principles with me, starting out with just enough to get by, leaving everything i can live without in the room to dispose of in a few months.
I wish you a wonderful new year and hope it brings you many blessings. Get rid of the old to make place for the new, and I wish you happiness throughout the year! Best wishes for the New Year! I am counting my blessings and sending more of them your way.
Hello Gabe, I’m a lot older, but I always believed in spending where it matters, good shoes and healthy, high quality, good for our well being food. I believe in saving, but being from a different generation I worked hard for what I have. I come from the generation that got laid off ten years out from reaching retirement, but that is for a different channel.☺️ I really hope that your videos gives hope and direction to our younger generations. I’ve tried advising my two grown children, finally my daughter took my advice and surprised her self and wishes she done it sooner (investing), now if she only stop spending on things that don’t matter, my goodness sky would be the limit for what she could do. I’ve subscribed, and wish you continued success. 😉
Hi Gabe! Great video! I finished school in 2017. A year or so before, I saw a video on Facebook. There was a couple. They cut their expenses, bought a house and paid down the mortgage in less than 3 years! I was like: OMG they are motivated and they made a lot of sacrifices! There’s no way I could do the same! Then I learned more about minimalism and IT IS possible to save money if you make a budget and don’t spend money on unnecessary things. Something difficult to do (at least for me): I should stop comparing myself to others. For example my friend owns a big house, my neighbour has a brand new car, I would like too … I tend to forget that they are overwhelmed by debt and have trouble sleeping at night hahaha! :P
that's definitely something I have struggled with as well no matter where you are you always compare yourself to others around you and that's never good
It blew my mind when you said about subscriptions. I was using Netflix and Spotify Premium previously, but I don't have the time to watch Netflix and Spotify Free is not bad actually. I starting the financial budgeting like the Japanese and I can control my financial matters. However, I'm not giving up to have a minimalist life with me! Minimalism helps me in many ways.
@Dan Swildens Yes you were right! I changed my entertainment and education sources with the alternatives because I rarely spend my time to watch it. I don't give up my gym membership also because I need it for me. It's up to you whether how you would like to do in other ways. Just because we cut off a membership doesn't mean were in goal. There are a lot of ways for it. Keep fighting! :)
I always enjoy your videos. Keep them coming. I started sitting on the floor years before becoming a minimalist most in the summer because sitting and sleeping low is a cooler temperature. But I started sitting on the floor even in the winter to be humble
@@GabeBult I use something to lean my back on such as the wall. I'm mostly on my feet though which helps me get to sleep easier. Also not sitting on your bed during the day will train your mind so when you do lay in bed it's programmed to sleep mode
Watched you for the first time today ,and so impressed. So smart and totally makes sense and wished you were around 30 years ago. I have 2 credit cards maxed out. I pay them monthly but have to use them again. I don't buy things for me but I love going to sit on patios and enjoy being with my family. But I enjoy making my grandkids happy when they need things. Or if my car broke down. Didn't take long to max them out. Pretty well just paying the interest now. So to late for me but I shared everything I watched of yours to my kids and grandkids today. I think you really brought such a new and positive perspective that can help so many people right now. So thank you and your amazing .
Great points Gabe. Making things simple increases the likelihood that they will be maintained in both your personal development and your personal finances.
We are the same, I also have a hard time spending money for myself and I realized that its pretty nice having that kinda behavior. Great Video. It helps me. Thank you
Even though I'm not a minimalist, I had a system for where everything went, but that kind of went out the window when family moved in with us due to their health issues. I am so thankful that we are able to help them out, but it has been seriously stressful.
Don't forget you can borrow books and sometimes take classes through your public library. Look up online or drop by your public library and speak to the people in information about what resources, events, activities are being offered at or through your library.
Your videos inspired me to cancel my cable subscription today! Yes, I still had cable.... I was paying around $50 per month for a totally underutilized service (mainly to watch news). That's $600, which is the cost of a roundtrip ticket to my home country, which I visit every year. Thank you
I totally enjoy those lyrical digressions you insert randomly in your videos ("if you don't drink coffee made with a fancy coffee thing, then you're not a minimalist... Joking... Not really" kinda thing). Guess it makes all the difference) really authentic) thanks for your videos!
Thanks! You helped motivate me to organize my kitchen cabinets, medicine cabinet, and workspace. Moving to minimalism is truly a journey. You might want to reduce your rings down to just your wedding ring. LOL
I have systems for everything in life and work. It makes my life so much happier and productive. For some reason it dries my bosses crazy. I think if they don't have a crisis to manage, they get nervous.
Loooooved the $50 latte metaphor! Tea drinker over here so I'd be more of a $100 chai... Feel like a stalker now. I've watched like 5 or 6 videos one after the other BUT in my defense, the content has been valuable so I'll notate that down as "time of personal growth." Ok, need get busy now. Nice channel. I'll be around.
I have 9 more car payments and my car is a Toyota Corolla that I have taken very good care of and bought new (never again). I will drive it till it dies and save up to pay cash next time. Lesson learned.
@liz t but why destroy all that hard earned credit score boosting criteria for no reason? What if you need the credit down the road because life happens? You can't regain wasted good credit history. There isn't any harm in keeping cards you already have. Plus, if you are smart with them you can afford vacations just through points/miles or simply earn cash back.
@liz t you don't have to pay anything to keep many cards. None of my cards have annual fees. If I use my no annual fee card, pay it off entirely before it accrues interest each month and just get cash back or use the miles to take a trip once they build up enough then that is all benefit. I'm not paying anything for any of it. The trip may cost more miles than it would cash but if the miles are entirely free it's still a free trip. I don't think you understand as much as you think you do.
@liz t If I use my cards for groceries and toothpaste, I am not paying more. Credit cards rely on people to not pay off their cards in full and therefore gain interest on the balances. If I pay mine in full and never pay interest, I am not paying anything extra. You are generalizing credit card usage. I am saying, you have to play the game correctly to win. I am playing correctly. I never pay more to use my card. The retailer pays the credit usage fee. And whether I use my card or not, the prices don't change. If EVERYONE stopped using cards it may be different but since that isn't the case then it doesn't matter if I use my card or not and I am profiting off my card use by getting cash back for things I would be buying anyway WITHOUT paying extra to buy those things. Use cards correctly and the house doesn't win when it comes to YOU.
And I coupon, comparison shop, use shopping lists, buy generic and only buy what I need. I also cook all of my own meals so I don't waste money dining out. If you do it right, you win. If you spend money you don't have or buy things you don't need, you lose.
@Matsotello Molefe You still have the account, and you are improving your credit by building up your credit history. Having credit card accounts proves that you are a reliable borrower. If you have student loan payments, car payments, etc. then you can sustain credit. But it's helpful to have a credit card account so you don't have to maintain large debt to maintain your credit. I think the point in the video was more about canceling subscription services and memberships, which you can do easily by closing the credit card those payments are attached to.
If you zre budget driven you can keep the credit card and use it for everything. Just pay it off twice a week online- treat it like a debit card. My card pays 2.5% cash back.
@@Kim.firsttimemomlife I was under the impression you needed credit history to maintain healthy credit score, which is important for things like buying a house (unless you can afford all cash). Is this wrong?
You DO need credit, even if you have all your life figured out. It impacts your ability to rent homes, vehicles, cell service, interest rates on any loan you might need for (hopefully) just large purchases, sometimes employers even look at your credit score.... so you do need credit if you want to have access to more services and opportunities at cheaper prices. Closing credit cards can decrease your credit history (depending on the age of the accounts you close) and can change your debt to credit ratio, which also impacts yours score. It’s important to consider the age of your accounts and their limits before just closing them. Cutting them up leaves your account and credit score intact, but can prevent uncontrolled spending. Don’t forget to still make payments if you have a balance, though, and check in once a month to ensure there are no recurring expenses you may have forgotten about.
"it's not about how much you're making it's about how much you're spending" TRUE you can be making $40,000 a year and be saving a good 30-40% of your income while someone else is making $100,000 a year can be living paycheck to paycheck.
Great video! Applying minimalism to our finances is such an underrated idea and it can help so much! Thanks for sharing your six rules! Another channel that shares tips on applying minimalism to finances is Canna Campbell's channel, SugarMamma TV. She provides a lot of tips too with how to budget and invest! I think you would find her advice helpful too! Thanks again for sharing advice and I am looking forward to your future uploads!
I live on slightly below "minimal" income in my country, so for me financial minimalism isn't about saving up money for financial independence, it's about getting more out of my money and feel content about my life instead of poor by cutting away anything I don't really care about. Independence will have to wait until I land a decent paying job :)
I wish I could give this video two likes. You have made me throw things away AND you made me look at my budget. Not even Graham Stephan could do BOTH in one video.
I enjoy your content and find it very helpful, especially for things like learning to stop spending mindlessly. I notice you gear your videos towards people who don't necessarily enjoy their job and want to retire early. What if someone loves their career and would actually quite like to devote a large chunk of their life to it? I'm curious to hear what you think about saving when early retirement is not the goal.
@A. Brown what a great observation and proposal... I think early retirement is trending and some of us would need to magically come up with 1 million $$$ NOW to invest and do that, BUT your right, a lot of people do love their jobs and find it less stressful to have someone tell them what to do for a specific amount of time in exchange for $$ and respects their needs for time off, communication and even healthcare needs. It’s true that the majority really do not enjoy the work they do. They do it out of necessity. IMO it’s from a fear based perspective and codependency on needing someone to provide the opportunity to be of service to the community. Not everyone is driven, self-starting or leadership based. BUT we all have free will as well as the personal choice about our needs and wants and what brings quality and value to our life. I commend you for choosing your path with intention and power of choice. Be well...
If you enjoy your job, simply keep working, but also do the things that will make you independent. Sometimes things happen that turn that job into a nightmare, and then you'll be glad you have more than an emergency fund!
I made a decision to let go of all kinds of things I had from bygone years, and sort through stuff.. picking out what I really liked and didn't like. Music for example. It was hard. So many reasons were what I paid for it, or how popular it was... and that I should like it. Funny. Now, gone, I don't miss them. Maybe, I'll grow into the 21st century, and do the music on line thing, eventually. Haha.
If you have rentals, it is hard to be a minimalist. You have to keep tools, ladders, everything to fix a house. It costs too much to hire it out and it cuts into your profit. Especially when it is a cheap fix and professionals charge too much.
Taxes pay for things you use. Do not diss them unless they are disproportionately paid by the poor instead of the filthy rich. Which unfortunately, they often are. The rich need to be taxed more. Waste and extravagance need to be taxed.
Hey Gabe I know the 10 min mark is good for ads and helps the stats but, at least for me, it makes it hard to fully watch knowing that it's 6 facts spread out for so long. Cutting them up TH-cam style makes them more digestible and desirable to share/favorite.
Thanks for the feedback, I cut this one down as much as I could I am trying to make them a little shorter from now on but this one just had a lot of stuff in it that I wanted to cover
Hi, thank you for your videos! I am really enjoying them! I love that they are on point and concise without any unnecessary waffling! May i ask whether you were able to buy your rental properties outright or with a downpayment and mortgage? Thanks!
Dollar cost average into a S&P 500 index fund. Reinvest all dividends. Make regular monthly contributions thru good and bad times. That's all you need to know as a passive investor. Just by doing this you will outperform 80% of all managed mutual funds and pay no fees. Don't fall into the trap of trading and churning individual stocks and watching prices ten times a day.
"I don't want to work until I am 65." How offensive, shaming, and ageist--particularly for those who are in their 60s, 70s and beyond watching this. Life emergencies, divorce, health shockers, theft, and so much more change over time and I think respecting that would be really sensitive and mindful as you make these videos. Also, hello, closing credit cards lowers credit scores. People who need credit for a TON of adult reasons should not do what you "highly recommended." More strategic ways to deal and manage credit card account is really important.
or you can lessen your expenses... as a Minimalist, am looking at refrigerator and going nah I don't need you, and that new dish washing machine is just decoration. I wasted $600.
Unsubbed because of negative attitude towards taxes. Welfare societies are built with taxes, and i can't support the way of thinking where taxes are seen as bad.
Did I say anything against taxes? I was simply stating how you have to account for losing 30% of your income to taxes I'm not against it it's just important to be aware of
When our tax money is frivolously spent the way it is, 1% is too much. Those cathedrals of buildings in Washington DC is all I need to see to understand how our taxes are being wasted away. And a welfare society isn’t a good thing...rather then welfare let’s teach folks “how to fish”. Why don’t u go ahead and send an extra check to the IRS this year @Happy Enviornmentalist
@@gabe5319 exactly. I don't understand the logic how some people think a welfare society is good 🙄 is it fair for people that work their asses off to continually be taxed to death so the govt can spend it and transfer to other people who chooses not to work?
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I did this back in 2006. I snapped one day, and cut 3 or 4 maxed out credit cards. Went out and got a second job, paid my debts, and got control of my life in many aspects.
👏👍
Good for you! That’s a big step
Wow!!
Excellent
Good job. What was the final results? What strategy did you use?
Last year I decided to spend $0 outside of gas, groceries and bills to see what I missed and it was the best thing ever. The only thing I missed was going out to the movies with my son. So I started budgeting $50 for a date night once a month.
Thats very good that you added some balance. I'll do that more as well.
I’ll give this a shot. This August.
Just purging unused subscriptions and intentional shopping instead of impulse buying has helped me quite a bit. I simply got overloaded with too much crap and have a tendency to dive head first into each hobby and buy all the equipment like I'll be doing it forever.
I’m working hard to become more minimalist in my life!
One day at a time. One choice at a time. Minimal consumption is a journey.
This comment hit me more than any financial advise
Good for you! How is it going?
@@Kim.firsttimemomlife i had more savings bruh
@@jwcfreetv727 good for you!
Riiiight. First World minimalism: Own 3 properties and rent two of them (with cleaning, painting, landscaping, bookkeeping tasks/tools) so my living expenses are paid, and that's Livin' Simply!!! (2.00) "I think pretty much anybody in the world can do that within 3-5 years." (3.21) Wow. Just wow. Sounds more like Trust Fund-ism.
Yep Gabe, joy + value = freedom
These are some great concepts for financial independence and minimalism. So much of this journey is psychological!
i'm starting out trying minimalism after a 2 month wilderness backpacking trip, living off what i could carry on my back, usually less than 30lbs with food and water. i'm a small person so i had to keep a lightweight minimalist pack to make sure i didn't get injured from the weight of it. during this time, i knew where EVERY item i owned was at all times. i didn't waste time searching, or making decisions on what to wear or what to eat. i was forced to unpack everything every night, and put it away in the morning so i could get back to hiking. i really got to know what items i used every day, and what i could live without and literally get off my back. now i'm moving into my first apartment soon, after living in the same bedroom in my parents place for most of a decade without a single decluttering. i'm trying to take these principles with me, starting out with just enough to get by, leaving everything i can live without in the room to dispose of in a few months.
Go outside without wallet, works. Best savings. I only go out with wallet on purpose like groceries shopping. With a list.
Since moving into my first home I realized I want to become more minimal and your videos help a lot!
👍
I wish you a wonderful new year and hope it brings you many blessings. Get rid of the old to make place for the new, and I wish you happiness throughout the year! Best wishes for the New Year! I am counting my blessings and sending more of them your way.
Hello Gabe, I’m a lot older, but I always believed in spending where it matters, good shoes and healthy, high quality, good for our well being food. I believe in saving, but being from a different generation I worked hard for what I have. I come from the generation that got laid off ten years out from reaching retirement, but that is for a different channel.☺️
I really hope that your videos gives hope and direction to our younger generations. I’ve tried advising my two grown children, finally my daughter took my advice and surprised her self and wishes she done it sooner (investing), now if she only stop spending on things that don’t matter, my goodness sky would be the limit for what she could do. I’ve subscribed, and wish you continued success. 😉
Hi Gabe! Great video! I finished school in 2017. A year or so before, I saw a video on Facebook. There was a couple. They cut their expenses, bought a house and paid down the mortgage in less than 3 years! I was like: OMG they are motivated and they made a lot of sacrifices! There’s no way I could do the same! Then I learned more about minimalism and IT IS possible to save money if you make a budget and don’t spend money on unnecessary things.
Something difficult to do (at least for me): I should stop comparing myself to others. For example my friend owns a big house, my neighbour has a brand new car, I would like too … I tend to forget that they are overwhelmed by debt and have trouble sleeping at night hahaha! :P
that's definitely something I have struggled with as well no matter where you are you always compare yourself to others around you and that's never good
It blew my mind when you said about subscriptions. I was using Netflix and Spotify Premium previously, but I don't have the time to watch Netflix and Spotify Free is not bad actually. I starting the financial budgeting like the Japanese and I can control my financial matters.
However, I'm not giving up to have a minimalist life with me! Minimalism helps me in many ways.
@Dan Swildens Yes you were right! I changed my entertainment and education sources with the alternatives because I rarely spend my time to watch it. I don't give up my gym membership also because I need it for me. It's up to you whether how you would like to do in other ways. Just because we cut off a membership doesn't mean were in goal. There are a lot of ways for it. Keep fighting! :)
Great points you cover. One way is recognizing needs versus wants. Self-awareness is the key
💯👍
I always enjoy your videos. Keep them coming. I started sitting on the floor years before becoming a minimalist most in the summer because sitting and sleeping low is a cooler temperature. But I started sitting on the floor even in the winter to be humble
I think I need to work on my posture sitting on the floor always hurts my back lol
@@GabeBult I use something to lean my back on such as the wall. I'm mostly on my feet though which helps me get to sleep easier. Also not sitting on your bed during the day will train your mind so when you do lay in bed it's programmed to sleep mode
Watched you for the first time today ,and so impressed. So smart and totally makes sense and wished you were around 30 years ago. I have 2 credit cards maxed out. I pay them monthly but have to use them again. I don't buy things for me but I love going to sit on patios and enjoy being with my family. But I enjoy making my grandkids happy when they need things. Or if my car broke down. Didn't take long to max them out. Pretty well just paying the interest now. So to late for me but I shared everything I watched of yours to my kids and grandkids today. I think you really brought such a new and positive perspective that can help so many people right now. So thank you and your amazing
.
I am 72 yrs old. It is never too late to make saving a habit. Start with $5.00 a month. Find ways to cut expenses. KateKaden TH-cam has lots of ideas.
Great points Gabe. Making things simple increases the likelihood that they will be maintained in both your personal development and your personal finances.
Absolutely I'm a big fan of automation
We are the same, I also have a hard time spending money for myself and I realized that its pretty nice having that kinda behavior. Great Video. It helps me. Thank you
💯👍
Even though I'm not a minimalist, I had a system for where everything went, but that kind of went out the window when family moved in with us due to their health issues. I am so thankful that we are able to help them out, but it has been seriously stressful.
Don’t cancel your credit cards. That will hurt your credit score. Stop using them for a bit to test what is valuable. But do not cancel them
Don't forget you can borrow books and sometimes take classes through your public library. Look up online or drop by your public library and speak to the people in information about what resources, events, activities are being offered at or through your library.
Your videos inspired me to cancel my cable subscription today! Yes, I still had cable.... I was paying around $50 per month for a totally underutilized service (mainly to watch news). That's $600, which is the cost of a roundtrip ticket to my home country, which I visit every year. Thank you
I totally enjoy those lyrical digressions you insert randomly in your videos ("if you don't drink coffee made with a fancy coffee thing, then you're not a minimalist... Joking... Not really" kinda thing). Guess it makes all the difference) really authentic) thanks for your videos!
I love your videos! Thanks for making them.
Thanks! You helped motivate me to organize my kitchen cabinets, medicine cabinet, and workspace. Moving to minimalism is truly a journey. You might want to reduce your rings down to just your wedding ring. LOL
I have systems for everything in life and work. It makes my life so much happier and productive. For some reason it dries my bosses crazy. I think if they don't have a crisis to manage, they get nervous.
That's awesome!
Loooooved the $50 latte metaphor! Tea drinker over here so I'd be more of a $100 chai... Feel like a stalker now. I've watched like 5 or 6 videos one after the other BUT in my defense, the content has been valuable so I'll notate that down as "time of personal growth." Ok, need get busy now. Nice channel. I'll be around.
I cut everything except netflix. It's value added and less than 20 dollars per month. I also use Pluto app to stream free TV channels.
Amazing production. Thank you for putting out solid content. You are aspiring the rest of us. Great work man!
Thanks 👍
🙌
The Peachy Show peachy show. I’m digging your content
Thank you for this great content ! 💫
Thanks Lydia !
I have 9 more car payments and my car is a Toyota Corolla that I have taken very good care of and bought new (never again). I will drive it till it dies and save up to pay cash next time. Lesson learned.
Don’t close your credit card accounts, it will affect your credit score. Just don’t use it.
Yes! I was going to comment the same.
@liz t but why destroy all that hard earned credit score boosting criteria for no reason? What if you need the credit down the road because life happens? You can't regain wasted good credit history. There isn't any harm in keeping cards you already have. Plus, if you are smart with them you can afford vacations just through points/miles or simply earn cash back.
@liz t you don't have to pay anything to keep many cards. None of my cards have annual fees. If I use my no annual fee card, pay it off entirely before it accrues interest each month and just get cash back or use the miles to take a trip once they build up enough then that is all benefit. I'm not paying anything for any of it. The trip may cost more miles than it would cash but if the miles are entirely free it's still a free trip. I don't think you understand as much as you think you do.
@liz t If I use my cards for groceries and toothpaste, I am not paying more. Credit cards rely on people to not pay off their cards in full and therefore gain interest on the balances. If I pay mine in full and never pay interest, I am not paying anything extra. You are generalizing credit card usage. I am saying, you have to play the game correctly to win. I am playing correctly. I never pay more to use my card. The retailer pays the credit usage fee. And whether I use my card or not, the prices don't change. If EVERYONE stopped using cards it may be different but since that isn't the case then it doesn't matter if I use my card or not and I am profiting off my card use by getting cash back for things I would be buying anyway WITHOUT paying extra to buy those things. Use cards correctly and the house doesn't win when it comes to YOU.
And I coupon, comparison shop, use shopping lists, buy generic and only buy what I need. I also cook all of my own meals so I don't waste money dining out. If you do it right, you win. If you spend money you don't have or buy things you don't need, you lose.
DO NOT CLOSE YOUR CREDIT CARD! IT WILL HURT YOUR CREDIT SCORE AND CREDIT HISTORY!
Instead, just cut up the credit card.
@Matsotello Molefe You still have the account, and you are improving your credit by building up your credit history. Having credit card accounts proves that you are a reliable borrower. If you have student loan payments, car payments, etc. then you can sustain credit. But it's helpful to have a credit card account so you don't have to maintain large debt to maintain your credit.
I think the point in the video was more about canceling subscription services and memberships, which you can do easily by closing the credit card those payments are attached to.
If you zre budget driven you can keep the credit card and use it for everything. Just pay it off twice a week online- treat it like a debit card. My card pays 2.5% cash back.
@@mackhiggins4731 if you take care of your money you will not need credit
@@Kim.firsttimemomlife I was under the impression you needed credit history to maintain healthy credit score, which is important for things like buying a house (unless you can afford all cash). Is this wrong?
You DO need credit, even if you have all your life figured out. It impacts your ability to rent homes, vehicles, cell service, interest rates on any loan you might need for (hopefully) just large purchases, sometimes employers even look at your credit score.... so you do need credit if you want to have access to more services and opportunities at cheaper prices. Closing credit cards can decrease your credit history (depending on the age of the accounts you close) and can change your debt to credit ratio, which also impacts yours score. It’s important to consider the age of your accounts and their limits before just closing them. Cutting them up leaves your account and credit score intact, but can prevent uncontrolled spending. Don’t forget to still make payments if you have a balance, though, and check in once a month to ensure there are no recurring expenses you may have forgotten about.
"it's not about how much you're making it's about how much you're spending" TRUE you can be making $40,000 a year and be saving a good 30-40% of your income while someone else is making $100,000 a year can be living paycheck to paycheck.
I like your content. Its very straightforward. Thanks man. Keep it up. You have my sub.
Great video! Applying minimalism to our finances is such an underrated idea and it can help so much! Thanks for sharing your six rules! Another channel that shares tips on applying minimalism to finances is Canna Campbell's channel, SugarMamma TV. She provides a lot of tips too with how to budget and invest! I think you would find her advice helpful too! Thanks again for sharing advice and I am looking forward to your future uploads!
I live on slightly below "minimal" income in my country, so for me financial minimalism isn't about saving up money for financial independence, it's about getting more out of my money and feel content about my life instead of poor by cutting away anything I don't really care about. Independence will have to wait until I land a decent paying job :)
Great content as always!
Thanks 👍
I wish I could give this video two likes. You have made me throw things away AND you made me look at my budget. Not even Graham Stephan could do BOTH in one video.
Glad you enjoyed it I really appreciate it
Well done Gabe!
Just found your channel ..love it all!😊❤️ great useful content!!
Thanks! Glad you enjoy it
Rule number 1 of minimalism is buy a plain dark T-shirt.
Rule number 2: must be obsessed with coffee
Maybe 5 & 2 #plainWhiteTees
Yes, but if you work less how can you pay for health insurance?
thats what i was thinking.
your money you saved from not doing or buying excesses ... do what you want
I enjoy your content and find it very helpful, especially for things like learning to stop spending mindlessly. I notice you gear your videos towards people who don't necessarily enjoy their job and want to retire early. What if someone loves their career and would actually quite like to devote a large chunk of their life to it? I'm curious to hear what you think about saving when early retirement is not the goal.
@A. Brown what a great observation and proposal... I think early retirement is trending and some of us would need to magically come up with 1 million $$$ NOW to invest and do that, BUT your right, a lot of people do love their jobs and find it less stressful to have someone tell them what to do for a specific amount of time in exchange for $$ and respects their needs for time off, communication and even healthcare needs. It’s true that the majority really do not enjoy the work they do. They do it out of necessity. IMO it’s from a fear based perspective and codependency on needing someone to provide the opportunity to be of service to the community. Not everyone is driven, self-starting or leadership based. BUT we all have free will as well as the personal choice about our needs and wants and what brings quality and value to our life. I commend you for choosing your path with intention and power of choice. Be well...
If you enjoy your job, simply keep working, but also do the things that will make you independent. Sometimes things happen that turn that job into a nightmare, and then you'll be glad you have more than an emergency fund!
I made a decision to let go of all kinds of things I had from bygone years, and sort through stuff.. picking out what I really liked and didn't like. Music for example. It was hard. So many reasons were what I paid for it, or how popular it was... and that I should like it. Funny. Now, gone, I don't miss them. Maybe, I'll grow into the 21st century, and do the music on line thing, eventually. Haha.
If you have rentals, it is hard to be a minimalist. You have to keep tools, ladders, everything to fix a house. It costs too much to hire it out and it cuts into your profit. Especially when it is a cheap fix and professionals charge too much.
You can still own tools and be a minimalist I just have them all in the corner of my basement
Taxes pay for things you use. Do not diss them unless they are disproportionately paid by the poor instead of the filthy rich. Which unfortunately, they often are. The rich need to be taxed more. Waste and extravagance need to be taxed.
Super interesting and inspiring. Did I recognize images from Quebec city in Canada? That's my town! 😊
Yes! We visited last year
Hey Gabe I know the 10 min mark is good for ads and helps the stats but, at least for me, it makes it hard to fully watch knowing that it's 6 facts spread out for so long. Cutting them up TH-cam style makes them more digestible and desirable to share/favorite.
Thanks for the feedback, I cut this one down as much as I could I am trying to make them a little shorter from now on but this one just had a lot of stuff in it that I wanted to cover
@@GabeBult I like the longer videos when the topic is interesting
This is so inspirational, thnak you for explaining it in a way which doesn't seem had to achieve :)
Hi, thank you for your videos! I am really enjoying them! I love that they are on point and concise without any unnecessary waffling! May i ask whether you were able to buy your rental properties outright or with a downpayment and mortgage? Thanks!
How did/do you find rental properties that make $2k/month?
I had this on while working and I had to come drop a like for "floor gang". ❤
Great job. Disappointed skillshare wont sign me up!
Thanks!
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Save money , use everything in my home, learn to make everything stretch in my home.
You live in a low tax country with 130 to 100. In high tax countries like Sweden, Denmark etc you need to earn 4 dollars for every dollar you spend.
I’ll have to add wall hangings of some kind. It’s too Barren looking without them
All I can say is, I wish you were my son's best friend. Lol
Thanks for sharing this
when i want to clean out my apartment from things, my wife won't give permission =/ what should i do ? I'm minimalist with all my heard!
This guy: find a way to get spending down to 2000.
Me: lives on less than 1.2k a month already.
i realise i live minimalistic all my life because i worke onyl 8 moths a YEAR , is so good to be SELF EMPLOYED
I want this house paid off so we can buy a small cheap fixer upper and fix it to sell. We want to repeat that process until we're comfortable.
Thoughts on crypto then?
Gabe great video! Q: any advise on a good town to invest in a multifamily in MA?
Great analogies 👍
Thanks 👍
My journey was by default ( no more punctuation cuz I'm a minimalist
New subscriber here! 😁 keep up the good work! 🥰
Thanks !
Use quicken
It's pronounced "differentiate" ;)
Thanks
😂 Lattes always come up
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Haha so true 😆
Great video really getting to into your mind set even thought I am older than you keep them comming. Reg shannon in Dublin ireland
Thanks Shannon! Id love to go to Ireland some time !
If you ever get to Dublin Ireland I will show you around
Why did you throw away so many Pure Protein protein bars?
They were like 3 years old
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I want that bill.
Latte is good but cappuccino is better ;-)
How do you invest? Like where do I go to do this? I went to public school lol so I could use the help.
@Charlotte Balfour Thank You! =) its always hard finding a reliable starting point.
Dollar cost average into a S&P 500 index fund. Reinvest all dividends. Make regular monthly contributions thru good and bad times. That's all you need to know as a passive investor. Just by doing this you will outperform 80% of all managed mutual funds and pay no fees. Don't fall into the trap of trading and churning individual stocks and watching prices ten times a day.
30% taxes?
*cries in Dane*
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$48 Cuts T-Shirts?
"I don't want to work until I am 65." How offensive, shaming, and ageist--particularly for those who are in their 60s, 70s and beyond watching this. Life emergencies, divorce, health shockers, theft, and so much more change over time and I think respecting that would be really sensitive and mindful as you make these videos. Also, hello, closing credit cards lowers credit scores. People who need credit for a TON of adult reasons should not do what you "highly recommended." More strategic ways to deal and manage credit card account is really important.
yeaaah great chanel
How about kids need extra study class dance class
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2:56 Am I the only one who got that floor gang reference? Well, you found a sub that is also subbed to pewdiepie
Your the first one so far lol
Am I the only one who appreciates his cakes? Woof!
No, for every $1 I earn I need to make about $3!
or you can lessen your expenses... as a Minimalist, am looking at refrigerator and going nah I don't need you, and that new dish washing machine is just decoration. I wasted $600.
First
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😊😊😊😊😊🎉
Why are you so cute?! Lol
Unsubbed because of negative attitude towards taxes. Welfare societies are built with taxes, and i can't support the way of thinking where taxes are seen as bad.
Did I say anything against taxes?
I was simply stating how you have to account for losing 30% of your income to taxes I'm not against it it's just important to be aware of
Is a "welfare society" somehow supposed to be a good thing? The h is wrong with you
When our tax money is frivolously spent the way it is, 1% is too much. Those cathedrals of buildings in Washington DC is all I need to see to understand how our taxes are being wasted away. And a welfare society isn’t a good thing...rather then welfare let’s teach folks “how to fish”. Why don’t u go ahead and send an extra check to the IRS this year @Happy Enviornmentalist
@@gabe5319 exactly. I don't understand the logic how some people think a welfare society is good 🙄 is it fair for people that work their asses off to continually be taxed to death so the govt can spend it and transfer to other people who chooses not to work?
that's the ugliest green bedroom I've ever seen!
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