One of the biggest blunders to getting rich is living a very expensive lifestyle. Everybody wants the biggest house, the fastest car, the latest gadgets, the biggest pool, the flashiest boat. But all these are liabilities, these things make it very hard to achieve financial freedom.
I was able to get out of the rat race years ago. I was never a big spender. I live within my means and I saved. This allowed me to have a sizable amount to buy my first property. It wasn’t long after I bought another property, this time to earn passive income from it. Today, I am still buying properties and the previous ones I bought are able to finance my trips all over the world.
Can I afford the fancier things in life? Sure. But my happiness is elsewhere. It is never how much you earn, it is how you spend it. If you want to accelerate your wealth, pursue a simpler life while you build your business. Let the fancy things come later.
Living off the grid
Just last month we moved to our farmhouse. The property is perched on a hill. The view is fantastic, the air is fresh and I have a lot of outdoor space to create and yes, farm. I bought a generator and I am planning to install solar power soon. We are essentially power independent!
The cost of electricity in Australia is unbelievable, in fact it is one of the most expensive in the world. My move to the farm is part of my personal pursuit for freedom. I achieved financial freedom already, perhaps it is time to go for freedom from high energy costs!
Living off the grid builds discipline when it comes to using power. It forces you to monitor your energy consumption, how much you need, how long you need to charge your batteries and more. This makes you a more responsible consumer. The trade-off is true sense of freedom and yes, lots of savings!
We do not own a lot – at all. My wife and I pursue a simple lifestyle. We are not tied to material things. Our shared advocacy, which is to alleviate poverty, influenced our lifestyle. You do not need to own many things to enjoy life.
The more you own, the more you want to own more. That is a bondage I see with many people and this is hindering their breakthrough to financial freedom. Contentment is very important at a time when shopping is very easy. You can practically buy anything online!
Own less and your appetite for new things will also go down. No more unnecessary debts, and you have more money left to save and invest later on!
Growing your own food
There is something magical about growing your own food or taking care of livestock. It re-introduces you to “making” food instead of buying them. You feel more connected to the natural world when you work the land just to have something to eat.
Growing your own food also gives you a different perspective about the things you consume – how hard it is to plant and tend vegetables, or how much work it requires to have chicken eggs in your table. This makes you more self-aware about wastage and the real cost of food, or the real cost of everything.
Simple living is a way of life. It is not just a growing but temporary fad. It is here to stay. While it makes life better in so many levels, its biggest contribution to a financially-aware individual is controlling one’s spending. If you are pursuing financial freedom, simple living can complement your journey – it can accelerate the achievement of your money goals.