In today’s podcast we go through a discussion of the mindset differences between a ‘reluctant frugalist’ like Jonathan and an aspiring minimalist like Brad.
Podcast Episode Summary
- The reluctant frugalist (Jonathan) vs. the mindset of the aspiring minimalist (Brad)
- How both these mindsets are valid and strong approaches to the concept of Financial Independence
- How do you talk to your spouse or significant other about financial independence?
- Voicemail from Royce about how he can get his wife on board with FI?
- You need to have a conversation with your significant other about what you want out of life and where you want to go as a team
- The pursuit of FI can bring you closer together as it can make you wealthier and happier
- Jonathan’s story about FI and his wife plus a story of the ‘addictive nature’ of buying stuff
- How Jonathan changed his entire life with the pursuit of FI
- FI as the ultimate life hack
- You need to see the other person’s motivation and incentives when trying to persuade them
- Being near or at FI transforms your relationships with your family and friends
- How Brad aspires to be a minimalist and live in a hotel
- Excerpt from Physician on Fire’s article: Minimalism vs. Frugality
- Frugality and the scarcity mindset
- How people outside the FI community have to deal with a cash flow scarcity mentality
- The differences between a minimalist and a frugal person
- How free your brain becomes when you remove the clutter from your rooms and your life
- How Brad’s daughters are different by nature regarding minimalism and clutter
- Would you throw out all the items in your house that you haven’t used for some set period of time? 90 days? 1 year?
- The sharing economy has changed the value of ownership
- Jonathan’s board game obsession and the value he gets from buying things
- What a week in Jonathan’s FI future life looks like
- A minimalist buys one item that fulfills multiple purposes, but is quite expensive and high quality
- Brand names: Is there any value?
- Can you actually find a break-even point on certain purchases?
- The wardrobe differences between minimalists and frugal people
- How your brain operates better when you don’t make as many decisions and avoid ‘decision fatigue’
- A minimalist doesn’t want a lawn/yard whereas a frugal person enjoys doing it themselves
Links from the show:
