7 Things I don't spend money on anymore... (as a millionaire) | financial minimalism

hey welcome back tech light here now for those of you who are new to the channel if it wasn't apparent already i am a multi-millionaire and therefore as a multi-millionaire i thought i would talk about some of the money lessons i've learned and some of the things that i have learned to stop buying because once you're able to actually afford some of these items like fancy cars expensive houses designer clothes luxury toys and gadgets then you realize maybe you don't actually want some of these things you stop dreaming and then you go back into that reality and you realize some of this is just garbage so i've made a list of seven common areas where i see a lot of other people really wasting their money on and hopefully this video will help you save your money in the future let's get into it quick pause this episode is brought to you by techlead.ting.com cutting your phone bill in half has never been easier with tingmobile's brand new plans you can get talk and tax for 10 a month data plan starting at 15 bucks a month and unlimited plans at just 45 bucks a month no contract paper use phone plans and just for trying them out they'll give you a free 25 just for trying them out so check them out over at techlead.ting.com alright so the first area at least for me is anything that i would not pack in the suitcase and this applies to me as a digital nomad who spends time traveling around areas but this could become a real reality for you as well especially as we enter an age of remote work where if you're able to unleash yourself then you may find that protecting your mobility to travel to live and work in any number of places that have wi-fi access can really enrich your life so why is this well one thing is when you're mobile you're really leveraging all of your assets in terms of time health youth energy which a lot of people aren't able to leverage for example if you wanted really good sushi really good sashimi some places you just can't get it you'd have to get the raw ingredients the fish shipped fresh from some overseas country imported into your local country past all the duties the customs packed into these cooling trucks shipped to your local restaurant and that entire process could be very expensive you could be paying a hundred dollars for a sushi meal at your local restaurant that may normally cost just ten dollars in japan for instance and that's not to mention that simple act of moving yourself from one location to another location can almost be like entering disneyland for an adult where you have a whole new world to explore literally a whole new world so therefore in order for me to protect my mobility everything i buy i keep in mind that it needs to fit inside a suitcase and if it's not going to go in that suitcase i really need to think hard about how it's going to fit into my life so for example typical junk trinkets decorations that serve no real purpose i'm not going to buy and the same goes for additional clothing big and heavy jackets extra shoes that serve single purposes like hiking boots or dress shoes usually those are too bulky for me to carry around and the local souvenirs even i won't buy them because when you think about it if you go to hawaii for instance you're not going to bring a souvenir that you took from alaska to hawaii because you're trying to experience this new location i tend to live in that present and i find that the best souvenirs are the photographs that i take in the destination that i can always go back and take a look at and remind myself of the experiences that i had the things and places and people i had seen without needing to take any additional physical space and really once you embrace a mobile lifestyle you can really get so deep into this but for instance you start caring less about status about clothing because you cannot have your entire wardrobe at your disposal i find that i personally do not value furniture home decorations kitchen appliances because those are too bulky and even home theater systems with big screen tvs surround sounds stereo speakers i find i'm reluctant to invest in these things because i know i won't be able to use them much if i'm traveling out and so i just save my money on that and learn to enjoy my media experiences on say a laptop or phone instead moving on to number two the second thing i don't really buy anymore is jewelry because i find the bang for the buck that you get for jewelry quite literally isn't worth it jewelry is really kind of a ripoff especially once you get into the precious gemstones like diamonds whose limited availability has been fabricated but a pair of diamond earrings necklace or bracelet can easily run you thousands of dollars and you're buying this for somebody who you're not really sure is even going to like this or appreciate it that much you're not sure if it's really their style and the funny thing is if you're to go to the store next door your local walgreens you will find that same pair of earrings that you just bought for only 20 bucks there and sure maybe it's made out of glass and it looks a little bit different but it's 90 percent the same and really in general as a rule of life i prefer to not give people fish but to teach them how to fish because people much more appreciate things that they earn on their own as opposed to when you just give them something i like to give my time share the experiences as well and i think it's kind of an unfortunately that money is so portable and it's so easy to give to other people and therefore we seem to rely on it as a crutch hey we just can't be there for somebody we don't want to help we don't want to put in our time and effort oh we'll just send some money over there and then the receiver of that cash will either squander the money they'll waste it or they'll save it because they don't know how to use it but in either scenario they're not there to spend it with you and they don't get the experience that you may have wanted them to have so usually when i give gifts i like to give experiences that may also involve me giving some of my time for example attraction passes to a zoo it could be some food it could be a board game that i know somebody's going to enjoy that maybe i can help play with or if the person's a reader it could be a book that i can discuss with them later on and these days my general policy for gifts is to give what i want to give something that i think another person is going to benefit from what they need rather than what they just want or are asking for all right moving on so the third thing i don't buy anymore is real estate so to be clear i never owned real estate although i have made a few unsuccessful bids for houses in the past and looking back now i'm kind of glad that i don't own any real estate because i'm just not the type of person to do that i'm not a handyman and if you're looking for an investment i think that you can also invest in stocks for instance and stocks tend to have similar performance to real estate but i also think it comes down to recognizing the type of person that you are like for me i'm a digital person i'm a programmer i spend most of my time on the road traveling around with my laptop and that's my life and i'm just not the type of person who derives enjoyment from repairing maintaining and fixing houses repairing all the pipes and plumbing electrical outlets repainting walls to me that just sounds like kind of a hassle although if you're the type of person who enjoys that then other more power to you but i will say this when i was bidding on houses i would always be excited about those really beautiful luxurious brand new looking homes with spectacular views but also they were really poor investments or they would just be extremely expensive and it turns out that the best investments for homes are usually the fixer uppers the ones that don't look really good that don't really excite you that require a lot of work and then you have to go in there and repair all sorts of things so it turns out there's a divergence in the type of home that you actually want and then the home that's actually going to be a good investment and that can cause a lot of internal conflict for people and the other thing is i found certain apartments out there can even beat multi-million dollar homes just because apartments can have access to certain facilities and amenities right like apartment buildings usually they're going to have good views there may be a swimming pool a jacuzzi a gym or it could be situated in a really prime location that has good walkability as opposed to a home in which you really need to think about the type of neighborhood that you're in and it could be in an area without a lot of fun stores it's quite possible that your standard of living your quality of life will actually be lower than that of living in some high-rise luxury apartment although it really just depends on what you're looking for if you really want the ultimate customizability of having your own place if you want the good school districts the backyard or if you know that you're not going to be mobile you're just going to lock down in the place for the next five to 10 years then in those scenarios a house may be what you're looking for although i would caution against just buying a house because you feel is the next logical progression of where you need to be in your life and remember you can also go live with your parents occasionally right living with your parents is a very cool thing to do these days now another area i stopped fascinating myself over thinking about buying our cars so sometimes i think about maybe i should just go buy a fancy sports car i can certainly afford one i can go buy like a porsche maybe a tesla or even a lamborghini and then i can pray the lamborghini around on my youtube channel but you know what i realized is that whenever i go out i just really enjoy going out with my dog and the enjoyment i get from taking my dog out with me to the beach to the park shopping mask just beats any enjoyment i can get from driving alone in the fancy sports car that i would feel i need to protect the cleanliness of and that i would have to refuse to allow my dog to ride in because the dog would just get the car all smelly and dirty and the car would start to lose value and i have to start thinking about how can i repair the car how can i protect the maintainability of the car make sure that it has good resale value and you know i would be very reluctant and hesitant to start eating in the car because if i were to spill a drink or pizza on the car's fabric the expensive upholstery it would just be a total headache to maintain so anything that is high maintenance that's going to cause additional mental burden for me to think about to take care of to maintain the repair are things i would avoid you know what they say the things you own end up owning you now moving on the next the fifth thing that i stopped buying are haircuts or fashion in general so you can check out my haircut right now or my t-shirt and the reason for this is because i realized that if you really want to look good and this is at the level above even what i'm striving for but if you wanted to achieve that you can do that simply by putting some hair wax on your hair right styling your hair is much more effective than actually cutting it usually the cut is a pretty basic cut anyways and then you can also go to the gym and exercise you know a lot of people they'll invest in fashion and really design their clothes but then they'll refuse to actually exercise or eat a good clean healthy diet to make their body look good and so you know quite often the best outfit for anybody man or woman might just be a clean t-shirt that shows off your body what a nice body that you have and then you don't really need all of the additional fashion in order to try to hide any of that and so it's kind of an incongruency or rather people are using money as a crutch as an easy way out an escape route instead of having to actually put in the hard time and effort to exercise and eat right to make their bodies actually nicer the sixth thing i stopped buying is alcohol you know i stopped drinking years ago and my life's better for it i can think more clearly i've saved tons of money on it i don't have to waste my time or mental energy researching which drinks are good white wines red ones liquors scotches brandies whiskeys alcohols beers these days my choice of beverage i don't even have to think about it i just drink coffee all the time 24 7. so easy and beyond that drinking alcohol is just not very cool anymore if you didn't get the memo it's kind of like how cigarettes aren't cool anymore it's cool to be healthy these days to treat yourself well not to mention you'll save a bunch of money from quitting alcohol because drinks can cost so much at restaurants they often cost more than the meal itself now one thing i have stopped buying are expensive cell phone plans so make sure to check out techlead.ting.com if you also want to save on your cell phone bill ting mobile is a pay-per-use no contract cell phone plan that is quite frankly almost sure to save you money they recently launched brand new plans in fact so they have three types of plans for low data users and families things flex mobile plan costs just 10 bucks a month and you can even share the data across your family plan and then if you're looking for a little bit more data you can get five gigabytes of data for just 25 bucks a month and then it'll cost an additional five dollars per gigabyte after that or if you're thinking big and you want unlimited talk text and data it will cost you just 45 bucks a month try comparing that with your current sale plan and that's not to mention you will continue to have great access to the nation's best cellular network coverage services and award-winning customer support so it's simple to check out ting mobile service all you have to do is go to techlead.team.com they'll give you a free 25 bucks just for checking them out and then they'll ship you a sim card you pop it into your phone activate it within minutes check them out there will be a link in the description below and then finally my seventh thing i've stopped buying is really anything that is non-investment grade so anything i buy i like to think i play out in my head and think about how can i somehow get my money back from this for example laptops gadgets electronics cameras a lot of these are fast depreciating assets and if you don't use them within the next one or two years quickly then you end up making a loss on these and so when i buy gadgets like cameras i like to think about okay what's the resale value of this going to be camera lenses for example tend to hold their value well so usually i won't hesitate to buy a two thousand dollar lens if i need it but a two thousand dollar laptop laptops are going to depreciate within the next two or three years it's going to be worthless and so i really need to think twice about whether i'm going to get my money back on something like that mobile phones also depreciate in value very fast and that goes for electronics in general whereas other asset classes like say paintings or watches maybe they're also expensive but you know that they're going to retain their value and you can resell it for almost the same value that you bothered for maybe you can even make a little profit from some of those and of course there are also books online learning or classes that can actually generate a positive return for you while also being something fun and enjoyable for you to do and there are also technologies like for example getting a laptop may enable you to develop additional skills like coding that can pay off in the long run later on but that's the basic thought process especially for me as my expenses have risen in value i look for ways to make sure that these expenses aren't total losses but i'll be able to derive some gain from them as well and so i think if you're to also apply this to your life or your spending not just for pure consumption but you're looking for areas almost like business expenses things you can buy that are going to generate some investment return for you or that will at least retain their value then you will find that your money will just go much further in your life and last much longer maybe to the point where you never run out so i hope you enjoyed that but let me know what are some things that you have learned to stop buying i'd love to see in the comments below i will see you there if you liked the video please give a like and subscribe really appreciate that and i will see you in the next one thanks bye

Channel: TechLead

Views: 407,592

Keywords: things i stopped buying, how to save money, things i dont buy anymore, how to be a millionaire, how to invest in stocks, personal finance, what i stopped buying, investing, investing for beginners, investing in your 20s, how to invest, stock market investing, stock market investing for beginners, stock options, robinhood, robinhood app, best stock trading app, credit score, credit card, credit cards for beginners, passive income, how to build wealth

Id: ktosDJ3vWn8

Length: 14min 9sec (849 seconds)

Published: Thu Nov 19 2020