WHY I STOPPED SAVING MONEY... (as a millionaire)

I sort of ran out of stuff to buy but my furnace just dies so problem solved.

Well it all depends what makes you happy mate some people don't find happiness in material pleasure, some people are happy just for being alive and this very same people aren't missing anything because they aren't chasing anything clever enough to have enough money for their life experiences as happens to happen

CONVERT CASH TO GOLD AND store it in the safe

That blacksmith example was hilarious but super truth. 💯😂

I think the blacksmith wasn’t just making money but was deeply involved in the process of his craft. He didn’t need to “go” anywhere, the entire universe was in what he was doing.

I started saving aggressively in 2019 as a 23 year old and it started to hurt to spend money because the balance on my phone goes down a notch. Since then, at 27, I was scammed out of 20k by a close friend, lost my girlfriend because of my attitude, surgery etc. I saved 50k in exchange for my health, and 50k ain't worth anything. It won't buy a house, won't sustain a lifestyle or be enough to start a family. Rather than be the guy who knows how to make memories and experiences, I've been busy busy and busy, and that is what I'll be known for. A guy who was always busy and never quite figured it out.

I just want a luxury car and taco bell yo.

I used to work in a business serving high end clients. Nobody who had real money was into luxury goods. They seemed to spend on private travel, residences, security, and some narrowly focused hobbies, but yeah this is mostly true. Some of them had wives who competed on status display fronts but usually second wives trying to carve out assets before the third comes along!

I think that it's important to differenciate between the place of abundance and wastfulness. I agree that scarcity mindset is bad but it may be easy to start wasting money on things that don't make you happy long term. Novelty is stimulating so we enjoy new thing few days/a week and then they do nothing for us. So it's better if they actually improve our live long term instead of give us short time happiness (if you want a short time hit of hapiness than you can maybe read some book/play video game/watch TV).

I think it is important to ask yourself how long you're gonna enjoy the thing you want to buy. For example you buy a height adjustable desk (it has some nice health benefits, you should read about that). You will get healthier long term thanks to compounding effect. You can also buy blue light blocking glasses and have pretty interesting results as well. These are just examples.


Another question is buying a car. You don't need a mercedes which is maybe quite fast, comfortable and looks good. You can buy some cheaper car which will also be quite comfortable, have pretty nice amount of horsepower and look pretty nice. You don't need a super fast car. That's just a marketing propaganda and status game (if you still want it, you should at least calculate the cost of owning such car, like gasoline and other stuff, so that you know the exact cost of having such car, which at the end can be quite suprising for you).

I think that it is also very important to have some savings. Even if you will never use it (better safe than sorry). Ending up broke is never a good thing, and some unexpected expenses can be pretty high.

Another aspect is the job you have. Maybe it is better to have a job you enjoy but which pay you less than a current one? Material stuff can make you a bit happier but only when you now how your reward system works (and how dopaminedetox works). But it is definitely not worth to struggle in your job. I personally make ok amount of money and have a lot of free time thanks to my current job. And no material stuff is worth changing it.

I dont want anything i just want my money up

Total bs

I save and invest for FIRE. So that I won't have to save anymore. Is that a good approach?

Well, for me it's all about spending money in valuable things, and mostly valuable and memorable experiences. I consider myself a non materialistic person and I avoid consumerism, mainly because I am happy with what we have.
I am aware of what makes me happy and what my desires are and I gotta say that not a lot of the luxurious life catches my interest. i.e. I feel way happier riding my bicycle than driving a fancy Porsche or Ferrari. I do love my hobbies and investing time and money into these brings piece and happiness to myself.
But this is just me, I understand different people have different interests and desires.

i need to save money to travel or to buy a home.

As a banker I can say you just need enough money to live off stock dividends or rental property income. That's as low as 800K to 2M depending on your lifestyle. 99% of us can sit on a beach with a beer and be extremely satisfied.

You are awesome 😎

Yeah if I didn’t believe in God, I’d just splurge and spend it all on my own pleasures. I earn money so I can give to Him! That’s the best joy of all. Spreading the gospel and sharing the good news

Before I retired early, I calculated by adding my known ancestors death age and averaged it to make the reference for my life expectancy. I tracted a several years from it, too to be on a safer side. If I get closer to that age healthily alive, I will review and readjust. Then, I planned backward what I saw best to do within a year, six months, three months, and a month. Because, there are so many places and things I want to do before I die. I have that simple human desire I want to fulfill. Meeting like mindee people on the way is a big bonus, while finding the amazing nature to appreciate is my most favourite and meaningful gift from my given life.

Very correct.
Out of box thinking.
Awesome

Are you from Korea

😂 PHUKKK YOU'RE FUNNY KUNTTT 😂 🙋🏽

"I DONT WANT A NATION OF THINKERS.... I WANT A NATION OF WORKERS"........ JOHN D ROCKEFELLER

brilliant

@TechLeadShow 🥺 Damn you

Genuinely one of the most insightful videos I've ever watched

Thank you!

Breaking: TechLead is from Brazil

if you have enough real estate rented out you will always find a place to stay. when shtf people will always need a roof over their head even if its not theirs

He that trusts in his riches shall fall, but the righteous will flourish like a branch.
Holy Bible

Dave Ramsey would disagree

NPCs

I been aggressively saving the past 2yrs at 45. After getting divorced and bankrupted I had to start from zero. I don’t buy anything anymore not necessarily because I’m being frugal but i just don’t want to accumulate clutter but when I buy things it’s usually high quality. I don’t wear most of the stuff in my closet. I’m not attached to material possessions and value experiences. The only material things I enjoy is cars and saving up for the corvette z06. I’m thinking of buying land in the future but with all things the allure with everything wanes. I’m perfectly comfortable living in a quiet nice 1br unit and having financial independence and not worrying about paying bills or unexpected repair bills. My life is comfortable and stress free. Don’t fall trap into consumerism I still have an iPhone 8 and I make over 250k. My simplest hobbies are working out and watching a movie.

I'M STILL HAPPY THOUGH 😁 I CAN BE HAPPY POOR OR RICH EITHER WAY; THEY CANNOT.😮 ISN'T IT PHENOMENAL THAT MANY RICH PEOPLE COMMIT SUICIDE.... AGAIN, WOULD YOU RATHER OWN BUT NEVER USE NOR ENJOY OR WOULD YOU RATHER NEVER OWN BUT BE HAPPY USING IT FREELY AS YOU WISH....

So cool, love that.

@Techleadshow
I like your videos for what they uniquely are.
But you contradicts yourselves with these videos man!!

You will own nothing, but you will BE Happy IS about Something very different...Something quite dystopian...

I'm sure whoever has that airbnb is still enjoying another house they have. And still enjoying that money they get monthly from AIRBNB.

$10 a day? What Government allows this? In the US you’d need at least $40-50 a day just for taxes and insurances if you own everything you need… we’re not addicted, we’re enslaved.

When you realize 100 percent of everything we buy is labor you realize how to cut spending to bare minimum. For instance learn to cook and make your own alcohol. Those two alone would save the average family thousands. Learning to repair your own car saves 80 percent because labor is so expensive. Living in a small home saves on property taxes and future repair cost. Learn to repair your home. Simple carpentry skills and basic plumbing and electrical is all you need. With modern manufacturing the home owner can do pretty much any repair him/herself. This is why minimalist succeed with freedom in this life. Anything past what is required for the body to stay alive is excess beyond what we really need. God didnt create us to desire worldly goods but to be content with him and his simple provision.

I discovered that having good health and the ability to do whatever i want is what makes me happy. Freedom, that’s good enough.

I literally just found your videos today. Your insights have given me a lot of peace in the last couple hours. You're very wise.

ｔｒｕｅ

Saving Mooney helped me become well off

I've kind of hit this point. I'm 29 and have aggressively saved/paid down debt. With $13k in RRSP, $4k in stocks, $4k in cash, my work pension, no debt, and inheritance on the way. While I still continue to save $50 into RRSP and $20 in pension each pay, everything after my bills is quality of life. I feel wealthy because I could afford anything I could realistically want and everyone around me it seems is always squeezing every penny. I feel somewhat privileged to be in this position but after X years of the sacrifice at this point...there's no guilt in indulging. We're all going to die.

Ecclesiastes.... All is vanity

Reminds me of the history of the US where the natives got worthless stuff for land 😂

paper currency or digital crypto is not money. its all currency.
only gold, land or labour is money.