Finding Balance: Navigating the Pitfalls of Excessive Consumerism
In a world inundated with advertisements urging us to buy more, it's easy to fall into the trap of excessive consumerism. From flashy sales to tempting discounts, the allure of shopping can seem irresistible. However, as I've learned through personal experience, relying on shopping to solve problems only leads to more issues down the road.
"Spend extravagantly on the things you love, and cut costs mercilessly on the things you don’t." - Ramit Sethi
***Minimalism accelerates the path to abundance by cutting away the distractions.***
Nice things aren't an issue, but not balancing it with financial security and financial freedom would be an issue.
For years, I used shopping as a coping mechanism to deal with untreated ADHD. Without proper understanding or support, I sought solace in material possessions, mistakenly believing they could fill the void within. But as the bills piled up and my savings dwindled, it became clear that this was not a sustainable solution.
The turning point came with the realization that shopping wasn't addressing the root cause of my struggles. Instead, it was exacerbating them. With the help of medication and therapy, I learned healthier coping mechanisms and gradually weaned myself off the cycle of excessive consumption.
It's essential to recognize that there's nothing inherently wrong with stuff. Material possessions can bring joy and comfort, but they should never come at the expense of our financial stability or mental well-being. Finding a balance between treating ourselves and saving for the future is key.
We deserve to treat ourselves only to the extent that it doesn't cost or cause more debt (or any debt except a home mortgage) as that's going to cause a lack of financial freedom later.
Setting clear savings goals and investment targets provides a roadmap for financial success. Whether it's saving for a dream vacation, a down payment on a house, or retirement, having a plan in place allows us to prioritize our spending and make informed choices.
Moreover, it's crucial to distinguish between wants and needs. While indulging in occasional treats is perfectly fine, it's important to differentiate between fleeting desires and long-term priorities. Understanding our values and priorities helps us allocate our resources more effectively.
In today's fast-paced consumer culture, it's easy to lose sight of what truly matters. But by embracing mindful consumption and prioritizing financial health, we can break free from the cycle of overconsumption and lead more fulfilling lives. It's not about depriving ourselves of pleasure, but rather about finding a sustainable balance that nourishes both our present and future selves (and respects that safeguarding ourselves financially is being responsible and self-reliant if that is what we want/need).
Overconsumption sells us fake self-esteem and fake confidence often by trying to gain admiration from others for the things that we own, but genuine admiration is for your personality traits and who you are.
It's about not outsourcing our self-worth to the perceptions of others and to the clothes we wear and to the things that we own, but to our own inner confidence and then all of those other things are just fun bonuses that don't make or break us.
Self-love is from WITHIN, we can then spend mindfully on what adds value to our personal unique goals/values.
Abundance to me now is a measure of security, not an abundance of stuff... The flow of money itself is abundance and spent correctly on what you value.
Minimalism is identifying what you value so that you can spend extra on only those things and removing the distractions.
Money spent needlessly (even if we can always make more, we can save as we make more so we get there faster) is money not saved or invested (or spent in areas we personally care about)... Essentially.
I do think that we deserve the best that we can feasibly AFFORD if we have earned it, but at the same time, there's no greater feeling than some measure of financial stability where you feel like you can navigate various life issues (flat tire for instance) without struggle because of a focus on saving WHILE earning more.
Essentialism reduces decision-fatigue because decisions can be draining. When we eliminate some decisions, we rely on discipline rather than emotion (we feel our feelings without letting them drive our decisions). Excessive consumerism will undermine your financial independence if you allow it to.
Is fulfillment purchased or is it how we feel within and living a life we are passionate about? I am passionate about the concept of working, my fitness routines, and learning more about health - some of these things have a cost, but I no longer over-buy handbags for the sake of it as those don't really offer me ROI and they're not an asset like overall investments, ETFs, education, and health.
Just because you could afford something better, it doesn't mean you have to p*ss away your money on it...
Being more aware of the cost/value of my work/time/hours with ADHD has made me cheaper and that's OK with me.
I value diet, fitness, and the gym, the rest: I cheap out.
True progress and success in life can be based on the things that other people can't necessarily see. To me: health, learning, self-education, financial security, all of the other stuff that's not on the surface and others cannot see tangibly or measure for you based on their values/goals.
Things that add value to your life are OK to spend money on, minimalism is not about getting rid of every joy source. It's about focusing on the ones that give you the most ROI and make you happy. Investing in your priorities that are carefully chosen.
IMHO:
Rich is spending to the extent of your income increases so not necessarily saving more.
Wealthy is building income from your investments paying you quarterly...
I mean, shopping may provide temporary relief, but it's not a panacea for deeper issues (it's masking the deeper roots of the true problems leading to the shopping addiction).
By addressing the underlying causes of our challenges and adopting healthier coping mechanisms, we can cultivate a more resilient mindset and build a brighter financial future.
My intentional spending categories:
• Gym / gym amenities / fitness equipment for home for ADHD.
• Business laptop.
• Higher quality food.
• Health supplements.
• Gym bags / sports clothing that last.
• Photo and video editing software if not sponsored via brand deals.
• My home space / kitchen appliances that make my life easier and save money / time daily (my blender and coffee machine).
• Convenient transportation / convenient living location when possible to remove hurdles between me and commonly used services and save time / mental energy as ADHD is real and I am not walking 15-20 minutes to a pharmacy every week, it needs to be closer than that as they do not deliver the way that groceries do (and I need to ask the pharmacy team questions sometimes about my medication).
I also prioritize life decisions around preserving my trusted health team, my health is my basis in life.
This is just an example, but everyone is supposed to be unique.
Remember, it's not about having more stuff—it's about having the right stuff for the right reasons.
For me, more money means more time freedom, more location freedom, and the freedom to say no to bad deals without taking a loss because your dividends are paying you well enough without that extra labour so this means time freedom.
An abundance mindset can indeed embrace both earning more and saving more simultaneously, reflecting a holistic approach to financial prosperity. This mindset is not merely about increasing income, but also about wisely managing what one earns to ensure future stability and growth. When you save money, you're not just stashing it away; you're setting it aside for investment opportunities that can multiply your wealth.
Each "time" or "money" expenditure is an opportunity cost because you're exchanging something else that you could be doing instead for it - so choose wisely.
This approach is strategic rather than restrictive, aiming to maximize financial outcomes by balancing earning potential with smart spending and saving habits. Essentially, having an abundance mindset includes setting clear financial priorities and making informed choices that align with one's goals, rather than indulging every impulse. By focusing both on making more money and on saving a portion of it, you enhance your ability to reach financial goals more quickly and securely, embodying a truly abundant lifestyle.
Life is indeed short, and while it's important to enjoy it, that enjoyment should reflect your personal tastes rather than others’ definitions of fun. There's a common saying about not being able to take money with you when you die, which some use to justify spending it all now. However, that overlooks important considerations like supporting charities or building generational wealth.
Simply overspending because you can’t "take it with you" doesn’t account for those who want to make a lasting impact or the possibility of reaching retirement unprepared.
It's hard to save money if you're inflating your lifestyle every time you get a pay increase. There is no "difference" to save between the money used to make and the money you make now.
For me, I choose to adopt a proactive approach with my finances, ensuring a balance between saving for security and seeking opportunities to increase my wealth via stocks. For as long as I'm alive, my quality of life is increased dramatically by building my personal security and peace of mind.