If you’re making enough to break out of the poverty loop, you can probably find a lot of ways to save money. None will save you quite as much, however, as being happy with a lifestyle that doesn’t cost a fortune.
Photo by Jeffrey Beall.
As personal finance site Four Pillar Freedom explains, there’s nothing necessarily wrong with wanting a lifestyle that costs a lot. However, you’ll have a harder time reaching it than someone who’s content with a small home and inexpensive lifestyle:
Consider Person A who wants a large house, several luxury sports cars, a full wardrobe of clothing for each season, new jewellery every month, and whatever other consumer items may be out there. Then consider Person B who simply wants fulfilling relationships and freedom to do work they feel strongly about without the desire to purchase excessive consumer luxury items.
Neither Person A nor Person B is inherently wrong for having their unique wants, but the difference is that Person B needs to spend a lot less money to fulfil his wants. As a result, Person B has a much higher likelihood of reaching financial independence sooner than Person A since their expenses are much lower.
Of course, if all you’ve ever wanted in life is a big home and fancy sports cars, you can go for it. Just understand that you’re tackling personal finance on hard mode. Alternatively, if you simply want less stuff, you can make it easier on yourself to reach financial independence.