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First, I think it’s important to understand that “financial minimalism” is a LOT more than me saying: Just don’t spend money. Even though, it’s also as simple as: just don’t spend money.
Instead, to me, Financial Minimalism supports the notion that it’s OK to spend money on something and treat yourself…as long as that ‘something’ brings you the equivalent amount of value as what you spent on it, and as long as you couldn’t get a better value for that spending elsewhere. It’s all about MAXIMIZING your value when you do spend money, then MINIMIZING the experiences that aren’t as important – and that then brings us to our first financial minimalism principle:
SECOND: CUTTING OUT EVERYTHING YOU DON’T NEED TO SPEND MONEY ON
The basis of this is that the LESS financial overhead you have, the more “PROFIT” you have left over.
One, you’re going to sort through everything you DON’T NEED OR DON’T USE – and then you can cut it out entirely
Two, you’ll have a second category of expenses you can negotiate and shop around for
This might include a health insurance plan, car insurance, home insurance, or even a mortgage…I’ve literally gone through EVERY recurring charge of mine and found a way to bring costs down.
Three, you’ll have a list of your expenses that you can just cut back on:
Now, remember…Financial Minimalism is NOT about just cutting as much spending as you possibly can, selling all your furniture, and living in a tent…but, it IS about recognizing which spending habits are really contributing the most to your overall enjoyment of life, and cutting out everything else that’s unnecessary and holding you back from reaching that goal.
Third: Try to find the BEST VALUE for what you DO SPEND.
This one is JUST about realizing where you get the most enjoyment for your spending, and what’s going to bring you the best “bang for the buck” in terms of your happiness…then trying to find the best financial value, while removing everything else that gets in the way.
Fourth: Learn to live on less, despite how much you make
From my own experience, after a few months of doing this, you’ll VERY quickly realize that you could just as easily spend less money without even realizing it, you won’t worsen your quality of life, and you’ll be JUST as happy spending less as you were spending more. Once you see this for yourself, firsthand – you’ll start to decouple the thought that money brings more happiness – and you’ll WANT to start saving more money, knowing that the more you save, the more OPTIONS that will give you in the future.
FIFTH: INVEST YOUR MONEY
The more money you have saved and invested, the more FREEDOM is brings you…plain and simple. You’ll have the freedom to leave the job you hate, to work on the projects you find most fulfilling, or just go AWOL and work on your hobbies all day long.
LAST: Think about what you REALLY think about what you want out of life, and what’s going to make you happy. In other words, what are you doing all of this for?
I just know there won’t be ANY better motivation to actually go and do this, than if you envision your perfect lifestyle in your head, and know that every purchase you make will either bring you closer – or further way – from actually reaching that goal.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
Clever term I must say
Thank you so much for your videos! You have completely changed the way I think about money.
Wow thank you so much truly inspiring words and I will take to it most definitely.
Money = freedom 100%
Finding the best value is super fun.
I fill a flask with coffee before I leave home. Now to convince my friends to join me for coffee on a park bench instead of a cafe 😆.
Kerry Watson Take walks with friends instead of drinking coffee 💪🏼
Thanks for sharing!! This made me realize that I’m on the right track financially. 👍🏼
So one thing that helped me become frugal, besides having a spouse ( now exspouse) that spent all of our money, was intermittent fasting.
If you can control the urge to not eat for 16 to 20 hours a day, you can save so much money buy not having to spend money on breakfast, lunch, snacks, etc.
Makes me sick to see people at work who eat out of the vending machines.
I´m going to make this the theme of 2020. Thanks for an inspiring video!
I watch several youtube videos on how to invest but haven’t made any head-start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands.
Sarah Ann Navarre is a really experienced investor, I actually got to hear about her at a trade seminar, I started investing with her and so far I’ve made remarkable progress on my investment portfolios.
For a beginner, I’ve always been told it’s best to invest with a qualified broker, I’m already checking Sarah on web, and so far I’m impressed with that I see on her website.
The ad is half the video
General credit question.
If you sign up for credit cards just for the bonus, never use them again, and keep that process going does that affect your credit?
Same with if you get a credit card just for the transfer balance then keep doing that to not pay interest would that also affect credit?
And when I say affect credit I mean more so in the negative sense.
Thanks for the info!
Today i spend 65 dollars on 2 preces of clothing that immediately regreted when i tried it at home. They were so unusful or nice on me. Now watching ur video made me realize that how bad its when we use noney on stupid things. Its buying junk and lose money
I am very curious as to why Graham uses apple products. He has a mac it seems. That would not fit the criteria of being the best you can get for money imo?
I agree so much with this video. What has happened is that the rich have brainwashed the poor into buying unnecessary junk and paying top dollar for it. Money that the poor can’t afford. “Keep them poor”, the rich say..
I wonder how much this guy spends a year. 12000? Lol
Watching Graham’s videos has really brought out the financially efficient inner me. I like it. Living as a minimalist is the way to go.👍🏿🥳
I didn’t just smash that like button I destroyed it haha!
5:19 if for some reason you can’t find a track spending app You can write up a spreadsheet takes about 20 to 30 minutes write your total income for lets say the month $2711 next your expenses for that month $2698 3rd section type out how you can realistically cut those expenses then tally it up it should be cheaper than that months expenses say $2196 and that is your goal for next month $400 then below keep track of your days write down what you spend each day takes a few minuted to add that info do this every day til the months up hopefully you’ll hit goal that or be little over give or take depending on how much give yourself for fun $100 $2296.. That’s okay the point is your expenses are lower than the previous month expenses of 2698. at $2296 thats $400 saved a month maybe more if you managed to stash some of your cash in a portfolio.. Sorry Graham got carried away here
After credit card churning, do you close the credit cards? Do you then have a lot of credit cards just left open?
Would I take the money the jacket is worth instead of buying? of course … Sometimes good brain tricks you play Graham I liked it
Graham, you’re the reason why I quit Starbucks. Now I only go there after recieving a gift card. I want to hate you SO BAD 😂 but how can I hate someone giving such good advice??
Show me how to do extreme coupons in the UK. I spend all my funds on current bills and older debts. I want options. I want a tiny home to retirement in Barbados St Michael WI.
DTF Ratio is classic…
Not trying to be “that guy” but some gasoline brands ARE better than others. It doesn’t apply to everyone, but if you drive a “sporty” car (loose term) I would only recommend Sunoco or BP, unless you are okay with getting the “plus” gas at other stations. That’s what I personally do, but it’s all dependent on your location, car, and situation. Getting off my soapbox now lol.
It is almost like the konmari method!
I live right by the best pastry shops in my city and I have a mild sweet tooth. But I found a soy milk that’s soooo delicious and has just enough sweetness to curb cravings. Helped me cut back on 1. Buying ice cream and treats at home and 2. Buying this shop’s pastries
Great tips! Thank you!
Stephen, Im a guy who really fucked myself in the beginning. I recently have discovered you tutorials and i have tried a few of your tricks. the outcome was amazing. Thank you for putting all this out there. I really appreciate it!
I wonder how many people are out there who’ve built up a retirement nest egg, but then it grows big enough and fast enough, that they don’t realize they can retire early and wind up working that dead end job and end up working until they’re 67.
Had to pause your video to sign up for Credit Sesame. 🙂
I drink milk everyday for $0.35 instead of coffe
Living in a tent is not a bad idea 😅😂 but can’t with the New York wheather 🤪🤪🤪
If you invest do you have to file a 1099 when you want to take it out down the line? It scares me to make money just to file taxes on my profit just to make nothing as opposed to save and have a savings account
I used to be broke,
now Im a minimalist 😁
I had a goal to smash the like button and found that I could accomplish that goal for free haha
As my boy ramit sethi says spend extravagantly on what you love but cut cost mercacelles on what you dont
I’m a minimalist. Every time I need to buy something I get a mini anxiety attack. Now I’m becoming a financial minimalist.
I’m really enjoying your videos Graham. Your definitely a great role model! Keep up the good work! Definitely influencing my way of thinking now.
Totally do this. Live like a miser so I can travel 2 months out of the year.
just boosting the algorythm
I consider myself to be frugal even though I have the resources to live a higher lifestyle. It’s fun being debt-free.
Excellent video Graham!👏
Here the secret to being a millionaire
First, you get a million dollars
Didn’t Starbucks sue you by now for all the bad publicity you make for them? haha great content! Keep it up!
Awesome vid Graham! 😃👍
I work in retail and the one thing I love to do as I start work at 6 am is to buy a chilled coffee for £1.50; I did this 5 days a week. Added up though out the year that’s £360, I was shocked. I also used to buy meal deals for lunch most days at the cost of £4 a day; do the math for the year and that’s nearly £1000. Round all that up and it’s nearly £1400. I’ve stopped sending money on things like that and think to my self “I could buy 5 shares in Apple for that price”. I want to save and invest instead of wasting it on rubbish. I’d rather make ice coffee for 0.15p (0.22$) 😂😁👌
There’s no way I would be a financial minimalist with Graham’s level of income. As long as my investments cover my expenses and I have other sources of income.
Sir do you have any courses that you offer
#1 Tip of minimalism: Don’t have a girlfriend. (or children) 😃
double love this video 👍
I think you mean Fun-to-Dollar Ratio.
You’re seriously so inspiring and have helped me so much being better with my finances
That moment he says that you should smash the like button and you already did.
“I can hear you, but I won’t” 😆
Finally decided to buy that thermos and carry my coffee with me in my car instead of stopping halfway through my commute to get convenience store coffee. Saves me about 30 per month.
I’m guilty on the starbucks, time to cut it off
When does quality come into play? Take insurance. You haven’t saved money if the insurance company rejects a claim. Your thoughts?
I don’t miss consumerism at all. I used to think it was necessary to me but that was the lie I was telling myself. But I disagree with cutting the Starbucks. It’s more than just coffee, it’s getting out of the house, it’s community and you can sit there and use their WiFi. Now hear this. I never subscribe to cell phone plans. I use wifi at places like Starbucks. Never spent money on cell plans. So getting my coffee ($2.60) is well worth the value over all but yes just as coffee it’s not worth the price.
I stopped buying stuff. Most stuff can last a lifetime. I stopped buying carbo as my pantry got lots. Nowadays i buy potato chips and spend on transport and network. Financial freedom is very relaxing. It happened after tithing to Jesus makes not buying things a satisfaction a hobby for me.
The side effect is that my house gets neater. My family members have begun to model after me and stopped buying stuff but donating their stuff to me to get rid of their stuff. I also decrease the plastic pollution and the usage of modern slavery used for producing things.
It really is a freedom and joy to very drastically decrease expenditure.
Never heard you talk about Credit Sesame before…
5. Me after spending 3 years trying to figure out what I want to do with my life
What about donating to charities and causes that matter to you?
I need a smart phone! What is the best value? I must be able to use apps on it for real estate investing and Vendomo for hot dog cart sales but I need big screen. Who has the best value? Right now my Track Phone flip phone is dead!!!! Thanks!
Hi Graham! What if you have a credit card but you don’t fly. How do you get more bang for the buck from a credit card if you don’t take planes? I feel VERY foolish. My card gives me nothing!!!!
Is this guy Jewish or what?
0:06 i thought you would say smashing that like button for youtube algorythm
Is it unreasonable to get a time share on the vegas strip?
You don’t need to say that to any European we already are on low wages
3:25 Actually reminds me of what my brother does with video games, if he cant play it to the point of getting 1 hour per dollar worth of enjoyment, he just doesnt buy it. 😮
My newer car will be paid off by the end of the year.
Only buy stuff you NEED the stuff you buy won’t bring you lasting happiness it’s only temporary and most stuff you buy you won’t have in ten years or it’ll break and cost you more money and time. I can fit everything I own in a duffle bag. Becoming a minimalist brought me peace of mind. Sometimes you have to treat yourself on little things.
The most underrated Graham video. 👌🏼
This Video says it all…
14:00-15:40 This is the best advice I’ve heard in a long time.
Super helpful video.
I used to spend a ton on online courses, but then I started using the free version of YouTube for everything, and that saved me a massive amount. 🙂
(YNAB is great for budgeting!)
👍👍👍👍
Great tips….Need will power
🥺❤️
Starting to do this, but sometimes still a struggle.😔
Financial Minimalism also known by me as I’m too poor lol. (not an attack just a joke, love your videos Graham!)
“I’m not a minimalist in the traditional sense.” Stopped watching and downvote.
Gram coined the term financial minimalist
Graham – You say to not keep money in your bank account. Do you have suggestions of where to put the money (aside from the stock market)? I personally have been saving for more apartment buildings and leave $10k+ in the bank. I haven’t found a good use for this money in the interim between purchases. Any advice?
There is ZERO chance that “negotiating” will reduce you expenses by 1000 bucks a month unless you are already rich in which you don’t need to watch this video.
I’m so glad I found your channel while I’m still a teenager
great video!
I relate so much with Graham, I enjoy saving more than spending..
Amazing video. It gives some perspective in this day and age.
Everything you buy should serve a purpose. I
Not sure why but they way he tells me to smash the like button…. Makes me actually want to smash the like button
I saved 60% of my income with a “no-spend” year and paid off 25k of student loans
You gotta stop shouting at the camera my head hurts 😭
I’m a natural saver and have built up a decent savings. I couldn’t really put it into words or express the feeling of having money in the bank. However, what is said at 12:53 hits the head on the nail for me. Yeah, I *could* buy that brand new car, but I don’t *need* to. Just having the idea that I could afford something expensive is practically just as good as owning said item. It’s the peace of mind that is priceless.
I literally be pullin’ out a notebook + pen. I’m taking notes.
Living on less objects is a big part of my life
I do a YouTube channel of travel, my whole life fits in my backpack and I love it would NEVER change it
You ask someone what their dream or goal in life is, 80% of them will lit. describe my life
“Travel, not worry about money and enjoy life as it should be”.
Great advise of a video, me personally 80% of all the money I make goes into some type of investment, stock, interest account ANYTHING that builds on itself.
The final 20% if its not enough to buy something in need than I save some and work harder to have it next month
I really wish I started at 18 saving like I do today I’d be a decamillionare no joke, but ether way my life now is free from all and so called “Dream life” people talk about is a normal Tuesday for me
Spend less on useless shyt by far is amazing, and save and invest before you spend..
When you learn to live happy on 20 or 70 percent of your money you learn to be rich in the future
Great video
Great advice. Thanks.
So many people just want to have things, i only want space. Lots of open rooms
Wow, a mattress, fancy