Blogger and successful day trader Steve Burns has several tips to help turn a minimalist approach to life into a profitable and wealthy lifestyle.
- Do not waste your money on new cars; buy used ones.
- “Live below your means,” and spend less than you earn.
- Do not mistake the temporary pleasures of material possessions for true happiness.
- Invest more into your savings than into your personal spending.
- Limit unnecessary spending, eat more of your meals at home, and do not feel the need to “keep up with the Joneses” and have the newest and biggest thing.
- Learn to delay gratification, buy quality products, and only buy what you need.
- Live fiscally responsibly, build toward your financial goals, and invest in your personal and career growth.
Why It’s Important
It is very easy to be a packrat and a heavy spender. Because of that, minimalist lifestyles have become a progressively more popular way for successful people to minimize their materialistic tendencies and focus on smart decision-making, resulting in less cumbersome possessions. The lifestyle usually involves decluttering physical spaces, selling or gifting possessions that are not widely needed or necessary for daily life, and readjusting to a different mindset about what is important in life.
As Burns writes, building wealth is not just about making money but building a lifestyle that helps individuals manage themselves and what they are building. It requires an intentional lifestyle and mindset to succeed. A minimalist lifestyle helps adopt the habits necessary to build a strong financial future and a happy life, free of the burdens of unnecessary consumption and poor judgment.
“Embracing minimalist habits paves the path towards true wealth, not just monetarily but also in contentment and quality of life. These habits are less about sacrifice and more about making deliberate choices that align with your long-term financial and personal goals,” says Burns.
“By opting for used vehicles, maintaining a simple lifestyle, focusing on non-materialistic values, prioritizing savings, limiting purchases, and investing in personal growth, you can optimize the management of your resources. This holistic approach fosters discipline and clarity and is a testament to the powerful adage: less is truly more. The wealth generated thus is enduring and fulfilling, making minimalism a lifestyle worth considering.”