A few years ago, I read a book - The Psychology of Money and Morgan Housel said something profound in chapter 9
- Money has many ironies. Here's an important one: “Wealth is what you don't see”
If I have successfully learnt anything in my twenty-something years of living, it will have to be the fact that making money is the easiest part of becoming wealthy.
A lot of times when people hear about amassing wealth and riches, they always think - “multiple sources of income”, “A high paying job”, “Upskill…work hard”, “Get the bag”, “Go hard or go home” etc
As much as all of these factors play important roles in helping you get wealthy, there is still the other side of the coin - staying wealthy, which in my opinion is even more difficult to achieve.
We've all been at that point where it felt like all of a sudden, your money just disappeared into thin air.
You just got paid, it's barely a week since then, and you can't account for the whereabouts of the fruits of your labor.
Now, you're sitting on your bed in the middle of the night thinking to yourself,
“Where did the money go?”
“How did it finish?”
“I didn't even buy anything’’
Now, while I don't suggest that this simple tip will be the solution to all your financial problems, I think it's an option worth exploring (and by the way, I'm not talking about budgeting)
Unlike popular opinion, the way to getting more money isn't necessarily increasing your sources of income, it is decreasing your sources of expense.
And the best way to do this is by embracing Minimalism.
I started to fall in love with the idea of minimalism back in 2022 and although it had nothing to do with finance, it marked the beginning of a beautiful life for me.
One time, I found this lady on YouTube (would've loved to give a shout-out but I can't remember her name), she was so soft-spoken and calm. If I was to describe her in two words, I'd honestly call her Fresh Air
She seemed like she had no care in the world, nothing to worry about, nothing to be excited about, it seemed like she was just floating effortlessly.
And I loved it!
I was intrigued at how a person could be so complete and content with little. I loved how undisturbed she sounded, how simple she appeared and I began craving it.
I started applying the concept of minimalism in everything I did; appearance, articulation, activities and eventually finance.
If you don't know, the concept of minimalism states that:
- Less is More
“Make more, desire less, spend less”
Now, listen or read very carefully.
Increasing your cash flow without keeping your spend flow in check will lead you into a financial treadmill.
Making your money last longer instead of wondering where it went 1 week after your pay day is a reality that can be achieved through strategic and intentional efforts.
Strategic because you will need a sustainable plan customized to the peculiarities surrounding your life and finance and intentional because you will need a lot of discipline and self-control.
To achieve this, you must get to the point where you realize that for the fact you can afford it, doesn't mean you should buy it.
Something I always remind myself of:
“Not all cravings should be indulged, most times you they should just be ignored”
If you're tired of where you are right now with your finances and you're serious about making real changes, then inculcating minimalism in your financial strategy is the best place to start:
- Identify unnecessary expenses and liabilities
- Cut them off
- Develop hobbies around things that'll help you save more, so you can practice them easily eg. join a cooking class so you can cook your own meals instead of eating out.
- Avoid unnecessary temptations and competitions. It is always easier to avoid than it is to resist.
To wrap up,
The easiest way to make and keep money better is creating a minimal lifestyle that allows you to live below your means.
If you abide by these rules, money will last longer in your hands because there will be nothing to spend on.
Did this help you?
