Less Can Be More
March 21, 2014The old expression “keeping up with the Joneses” has led far too many people into living a lifestyle based on consumerism, having a nice house, nice car, nice clothing, and nice vacations, but a not-so-nice balance sheet. I have seen this happen more times than I care to remember with clients, friends and family. In fact, early in my married life, I fell into the same trap. We lived a very nice lifestyle and had a lot of “stuff” in our lives. Fortunately, I was able to put together a savings plan that came first, so we didn’t become fully immersed in that kind of lifestyle.
During my divorce, with cash flow constraints brought on by child support and alimony obligations, my ability to keep up with the Joneses ceased. With a stay at home mom as a soon-to-be-ex-wife, my income now had to support two households. That’s when I first started to believe in the concept of minimalism. I didn’t go to the level that the guy in this article took it. He gave up a lucrative job, gave away most of his possessions, and radically altered his lifestyle. And, he’s never been happier.
For me, I learned to live on substantially less money, spend less time shopping for new stuff that might add a few smiles to my life and work on the things that I truly care about – my family, friends, work, and enjoying the joy in life’s simple things. His lifestyle change was more of a choice where mine was event–induced, but I have found that even now – 7 years after my marriage ended – I am still enjoying a minimalist lifestyle. And, I have no plans to ever change it. I have no idea what the Joneses are doing and I have no desire to keep up with them.
For me, I’ve found that living in a smaller place means that it costs less to maintain, in both time and money, and I really don’t need a lot to make me happy. For anyone who chooses to adopt this kind of minimalist lifestyle, the financial rewards can be great. Learning to live on less means that your money can stretch much further. Your ability to pay down debt increases substantially. Your ability to save increases. When you have no debt and a ferocious savings plan, you put yourself in a position of tremendous financial strength. If you have an injury or illness, having a low cost lifestyle allows you to not be as stressed as someone who needs a ton of cash flow each month.
In talking with employees during individual consultations, I often hear (when talking about retirement goals) “I am going to have to work forever” because people aren’t saving enough or they have debt obligations that require constant monthly funding. Nearly every person who says that is living a lifestyle where they are spending nearly as much as they make and they have a life filled with nice “stuff.” If they were to adopt a minimalist lifestyle they could alter their view of their future, gain control over their financial life, and perhaps increase their level of internal happiness while reducing stress. This lifestyle choice may not be right for everyone, but for those who embrace it, the results can be startling. It’s worked for me!