Consumerism

There has been much written about how our economy is driven my consumerism. Mainstream media would have us believe that If people didn’t buy stuff, the economic engine would fall to peices and we would all die. While this is a bit of an exaggeration, many people tend to buy into this. It is a little bit ingrained in our collective psyche. We buy stuff because we are bombarded with advertising that tells us;

1. If you want status, but this fancy thing

2. If you want to enjoy pure old fashioned family values, buy this stuff

3. If you want to be happy buy this stuff

4. If you want to be a real man and get chicks, buy this

5. If you want to be beautiful and look young forever, buy this snake oil..

.. an so on.

Advertising works, and for good reason. These “Ad Men” have spent decades and a gazillion dollars researching how to appeal to our most primal emotions. They have learned that we buy because of how we feel, not due to rational need, and well thought out budgetary planning. 

Minimalism

Understanding that this is how the world operates, many people have retreated from this battlefield and resorted to a life of stoicism or austerity. This is a natural reaction to our “shop till you drop” society. A good old fashioned fist-fight on black Friday should be enough to turn anyone off of consumerism, but I digress..

These “minimalist” types are all about frugality. On the surface, they are trying to save money, but in a much grander sense they are re-programming their minds. They are focusing on some very basic ideas that get reinforced though their sparse lifestyles.

1. Values - They are figuring out what makes them actually happy. We have been led to believe that “stuff” will make us happy. This is certainly been proven to be false, and it is quite well-documented. Studies have shown that our perceived value for stuff changes over time. If we simplify this down to the feeling of happiness, then it goes like this: Buying something new makes us feel happy, but that feeling diminishes over time and eventually that thing will stop making us feel happy and, potentially, could make us start to feel miserable as that thing wears out.

2. Cost of living - Inflation has run rampant over the last few decades and we haven’t noticed. Basics, such as food, clothing and shelter have increased in price by an order of magnitude in comparison to wages over the last 50 years. I have written about this before, if you want to learn more, check out this website. In my humble opinion, it has become harder and harder to make ends meet these days as society keeps raising the cost of living for us regular folks. By living in a tiny house, or living off-grid, or growing your own food, people are finding ways to get off of the economic treadmill and learn to see alternatives to the usual offerings brought forth buy the “man”.

3. Self reliance - A large part of this stoic movement is learning to be self-sufficient. If you build your own house, grow your own food and generate your own electricity, you become less dependent on the “man” and able to make your own decisions. You have the ability to survive, even if there is a crisis in society as a whole.

4. Experiences - The flip side of the “stuff=happiness” paradigm is that the same studies that told us that stuff loses perceived value over time demonstrated that experiences actually increase in perceived value over time. Memories of experiences get modified and improved over the years as we re-tell the stories to our friends and family and look at the pictures. We tend to remember the good parts and forget the bad parts of experiences. We tend to augment the memories positively as time marches on. People are learning that if they spend their money on interesting experiences, the return on investment is MUCH higher than if they buy things.

5. Time Management - having a frugal lifestyle and re-aligning your values tends to bring ones attention to the fact that our most valuable asset is TIME. If we learn to value time appropriately, we will spend it wisely. We will figure out if we should spend our hours working on something greater than our selves or watching TV. Should we binge a series on Netflix or should we work on our side-hustle? These questions tend to become more apparent when you have less distractions. A simple, sparse life draws attention to the more intricate musings we might have, and begs us to reconsider our priorities.

Balance

My new book is a deep dive into how we might find balance between consumerism and minimalism, but on a much larger scale. How can we find a balance, or a symbiosis between Capitalism and Collectivism. These two ideas seem to be at odds with one another, but they are two aspects of our humanity that need to be reconciled and brought forth when they are needed. 

As far as stoicism and consumerism go, I believe there is a middle ground here, as well. I am far too attached to the comforts of modern living to give the all up. I like my 4K TV…But.. I bought it on sale, and I researched a ton before I found the one I wanted. It was not an impulse buy. 

I also believe that we need to show restraint when it comes to buying stuff. We need to try to be mindful when it comes to purchasing anything. Buy what you need to live the lifestyle that you are happy with, and avoid buying things that you don’t need, or just to keep up with the Jones’.  Remember, people don’t admire YOU for having nice stuff, they admire the STUFF. You will not gain respect for what you have accumulated. Sad, but true. 

So to me, finding balance is the key - buy stuff that you really will get joy from, and avoid stuff that is unnecessary. As Marie Condo says, if it doesn’t bring you joy, throw it out. You will enjoy the benefits of not spending money you don’t have to impress people you don’t like. You will have money for the things that DO have meaning to you. You can value the things you do own, as less choice make for easier choices. 

I believe that finding the balance that works for you is the key to being the master of your money. You will have the deep rooted satisfaction of knowing that you are in control. You decide when and where every dollar you spend goes, and ensure that it always invested for your greater benefit. Mindful spending is where you can find peace and escape. If that means you live in a van and live the vagabond lifestyle, awesome. If that means you live in suburbia and are rocking the minivan, then go for it. As long as your financial choices were deliberate and meaningful, you are living the dream. What I am suggesting is, that you avoid doing the “default” behaviours that you unconsciously picked up from your parents or living a life that you have been told is the “way it’s done” without deciding for yourself what makes you happy.

I believe that there is power in using austerity and spending in their proper contexts. Each have value when used appropriately in the course of your life. The key is to be mindful, and deliberate. Don’t let the advertisers or your peer group tell you how you should spend or earn your money. Be the master of your financial life. 

If you want to learn more about how to master your finances or how to grow your wealth, check out my books and courses. They will give you an exact blueprint for financial freedom.