Are Frugalism and Minimalism the Answer to Financial Independence?
The most practical route to becoming a millionaire.
I am writing this article on a Sunday afternoon.
Before attending morning worship service, I cooked rice before we left home, intending that we would not eat outside and that my wife would fry something from our refrigerator at lunchtime.
It is a way to minimize and limit our eating outside and be wise in spending and consumption.
Our usual Sunday routine would be spending time in the mall, and I am happy that we as a family are allowing some “pause time” and exchanging our spending time with “presence” time.
I also give credit to my online YouTube mentors such as Mr. Money Moustache, Gabe Bult, and Connie Riet, to name a few, who touch on the subject of Frugalism and Minimalism.
I used to confuse the two subjects. They have different focuses, but they can do wonders if you allow them to work together.
When somebody is switching to become frugal, the replacement must be value-driven in nature.
For instance, instead of bringing my car and paying a parking fee. I will commute and hop in with my friend at 5 pm.
It is not only cheap for me, but carpooling with an officemate would allow me to have sensible conversations with him versus bringing a car and driving alone.
All these lessons about focusing on spending, simplifying life by decluttering, maximizing experiences, and making it a habit have indeed made a massive difference in our lives.
It forces me to consider what activities to replace being with them rather than spending tokens or card loads for outside entertainment and video games.
The lessons were hard to observe at first because I forced myself to embrace them not as a lifestyle but as a checklist.
It takes a lot of intentionality to introduce new ways to the family. Replacement activities must be experiential with people within your family.
Observing these two took me into a deep conversation with my wife and kids.
Once you break in, I realize that experiences are natural desires that can be easily satisfied, rather than immersing yourself in material things that would lead to endless discontent and a longing for more stuff until you die.
To get on board with the journey, one should change their mind perspective by letting go of the triggers that drive them to materialism.
Make a self-audit about things you do and those who are around you.
- Advertising and marketing campaigns you often see in social media (shut it off)
- The company you have right now that indoctrinates you about worldly success and
- Personalities that spread fake teachings about life fulfillment.
I recall a local billionaire interviewed online and said it is hard for Filipinos to thrive in poverty because instead of thinking of ways to grow their money, they buy dogs and put them in strollers to nanny.
I laughed upon watching that short interview. It is very accurate.
The same principle was shared by a Chinese friend yesterday.
She said many people are broke but can still allot money for drinking Starbucks coffee almost every afternoon.
Becoming financially free is not just about being frugal and minimal. It is about developing a habit of maximizing the resources around us.
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