6 Reasons Minimalists Are More Likely to Be Millionaires

If you are like most of us, there is a good chance that you grew up with the misconception that when someone has a lot of nice stuff, this means they are rich. Not to burst your bubble or anything, but this isn’t always the case. Sure, there are those rockstars and famous actors who managed to keep their fame and fortune…and private jet. However, the majority of people who manage to achieve millionaire status (and keep the cash) do so by also rocking a minimalist lifestyle. So how do these little lifestyle changes allow for additional money flow and what can you do to begin incorporating them into your life for a little more moola? Well, lemme tell ya…

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Minimalists design lives bigger than stuff

I don’t know about you, but for the majority of my life, I kind of let life tell me what to value. The movies I watched gave me clues as to what success looked like (this usually involved a high profile job and a huge house). As I got older and social media started being all the rage, I was tempted to buy any new trend that the cute influencers were promoting.

Basically, for most of my life I allowed myself to fall victim to the times and was content to let everyone else tell me how I should dress and how I should live my life. When I decided to start practicing minimalism, I inadvertently started becoming more high maintenance with my life and how I spent my time and money. This is a common practice among most minimalists. Like Nicole who became a millionaire by age 30!

Millionaire goals

Oftentimes, minimalists decide to simplify their lives after a major life change that shakes them out of the consumerism bubble they had been living in. This is why the majority of minimalists are choosing to focus their lives on things that are bigger than their possessions. Potential minimalist goals might be:

Retire early
Be a millionaire by 40
Pay off the house
Travel more
Quit day job

Any way you spin it, most of these goals require a more intentional approach to money and how it is managed. If you have a goal of retiring early, you might be a lot less tempted to go on Black Friday shopping sprees. Having a goal that is bigger than stuff allows you to remember that you want retirement more than you want a new TV. Read: 12 Small Steps to Break Your Shopping Addiction

Why does it seem so many minimalists are millionaires? Can you only be rich to be minimalist or does being minimalist make you rich?

Minimalists skip current trends

One of the byproducts of simplifying your home and life is that you slowly detach from the need for additional things. As people go through the process of decluttering, they often inadvertently detach from the need for things altogether.

This isn’t to say people who practice minimalism never buy stuff ever again. Minimalists still own and purchase things. The difference between minimalist and non-minimalists is that a minimalist will often be more intentional with their purchases. They practice what I call high-maintenance shopping.

As someone who struggles with shopping addiction, I promise you, being a high maintenance shopper looks and feels much different than it used to. In years past when I would go shopping, I was at the mercy of SALE signs, clearance racks and anything that was new and trendy. Spending my money this way often left me with little money in the bank and unworn clothes in my closet.

High maintenance shopping looks like:

Intentionally choosing an item you want
Doing research to ensure the item is quality and long lasting
Prepare finances to make the purchase
Get the item on sale when possible

Reading this list years ago would have caused me to roll my eyes. I wanted to buy what I wanted when I wanted it, without any thought going into it. This is called emotional shopping and like sugar, can often cause a high followed by a crash. Practicing high maintenance shopping is a way for me to remind myself that I only deserve the best. Rather than seeing it as an annoyance, I see it as a careful vetting process to ensure that only the best contenders make it into my home.

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Minimalists master lazy investing

Billionaire investors like Warren Buffett not only live minimalist lives, but actually pride themselves in making things like investing as brainless as possible. In fact he has described his method of investing as “Lethargy bordering on sloth.”

This is the same method that Nicole, creator of The Millionaire Investor, used to build her million dollar empire by the age of 30! Like myself, Nicole once struggled with overspending until she learned to start seeing her money as little soldiers. Rather than getting money out the door as fast as she could, she started looking for ways to make her money work for her.

If you are anything like me, the idea of learning to invest is incredibly overwhelming, and knowing the right moves to make can feel impossible. That’s why I highly recommend courses like The Millionaire Investor that give you simple steps for building wealth (no confusing money talk). If you are more of a DIY kind of person, or are on a tight budget, here are my favorite money books that helped me learn to invest.

Minimalists automate their money

Thankfully we live in a world where automating our money has gotten easier and easier. With online apps like EveryDollar and Mint you can easily plug in your budget and have the apps do the math for you!

This doesn’t mean minimalists no longer look a their money. On the contrary millionaire minimalists have full knowledge of where their money is going. Instead of stressing over money, or constantly opening their banking apps, financially savvy minimalists can reach a point where they merely check in on their accounts to ensure everything is going according to plan.

How minimalists automate their money:

Set up auto bill pay
Have automatic credit card payments set up
Automate debt payoff (if they have any)
Contribute to investment accounts on auto pilot
Learn to create multiple passive income streams
Automate monthly savings deposits — This is something you can earn up to 5% on for as little as $100 per month.

Minimalists create multiple streams of income

Like I stated earlier, minimalists love finding ways to create multiple income streams, especially through passive income sources. This is often done through the investing techniques that are shared in The Millionaire Investor and can fall under things like:

Home flipping
Investment accounts
High yield savings accounts
Affiliate marketing

This is far different from the typical 9-5 jobs that the majority of the world believe are the only way to earn a living. Remember, we live in a time where we have access to more independent money making streams than ever. It shouldn’t only be minimalist or millionaires that get to take advantage of these income streams. Read: 14 Ways to Earn Passive Income

Minimalists pay for knowledge

One of the biggest things at our disposal in the digital age is the unlimited access we have to the knowledge of others. Instead of hunting down someone in our “regular” life that has knowledge about how to become a millionaire, we can now pay for courses and coaching from people who have made it happen!

When I first started the blog I paid $100 for a blogging course within a few months I had earned my money back times ten. I have also paid for affiliate marketing, budget courses, money mindset, and digital marketing. Learning to find value in the knowledge other people have that can improve our lives is one of the biggest keys to becoming a successful minimalist millionaire.

From minimalist to millionaire

If you are feeling that pull to make major millionaire money moves, I highly suggest starting with The Millionaire Investor, especially if you are a woman.

Jessica, a woman who took The Millionaire Investor course had this to say, “In the month and a half, it took me to complete the course, I learned more about personal finance and long-term investing than I did during my three years of business school.”

Remember, if you want to hit millionaire status, the first step is to start thinking the way a millionaire (and minimalist) think. Get rid of what doesn’t serve you and be willing to open up to the things that will. Learn more about The Millionaire Investor.

6 Reasons Minimalists Are More Likely to Be Millionaires