2763: The Lies We Tell Ourselves About Ownership AND How Minimalism Has Made Me Rich by Karen Trefzger of Maximum Gratitude Minimal Stuff

[00:00:00] Looking to part ways with complicated, expensive and uncertain shipping? Then give your business the edge it needs with USPS Ground Advantage Shipping from the United States Postal Service. Keep everything simple with clear, upfront pricing and no unexpected surcharges.

[00:00:18] Keep things affordable with some of the lowest prices out there. And keep it all reliable with on-time ground shipments. It's time to turn shipping to your advantage. Learn how at USPS.com slash advantage. USPS Ground Advantage. Simple, affordable, reliable.

[00:00:39] Ryan Reynolds here from Mint Mobile. With the price of just about everything going up during inflation, we thought we'd bring our prices down. So to help us, we brought in a reverse auctioneer, which is apparently a thing. Mint Mobile unlimited premium wireless. You better get 30,

[00:00:53] 30, you better get 30, you better get 20, 20, 20, you better get 20, 20, you better get 15, 15, 15, 15, just 15 bucks a month. So give it a try at mintmobile.com slash switch. $45 upfront for three months plus taxes and fees. Promote for new customers for limited time.

[00:01:06] Unlimited more than 40 gigabytes per month. Full terms at mintmobile.com. This is Optimal Finance Daily, episode 2763. The lies we tell ourselves about ownership and how minimalism has made me rich. Both by Karen Trefsker of maximumgratitudeminimalstuff.com. And I'm your host and personal finance enthusiast, Diana Merriam.

[00:01:30] Now today I'm featuring a brand new site to the OLD network, Maximum Gratitude Minimal Stuff. I'll tell you more about Karen after the reading, but for now, let's get right to it as we optimize your life. The lies we tell ourselves about ownership.

[00:01:50] By Karen Trefsker of maximumgratitudeminimalstuff.com. There's a belief about ownership, which goes something like this. If you own blank, you'll be blank. It elevates ownership as the answer to all of our hopes and dreams. Some examples. If you own a pair of skinny jeans, you'll look skinnier.

[00:02:14] If you own the right skincare products, you'll look younger. If you own a designer handbag, you'll be stylish and happy. If you own the right equipment, you'll be more proficient. If you own the latest technology, you'll be smarter, cooler, and safer.

[00:02:31] The truth. The only truth about ownership is that if you own something, it's yours to pay for and take care of. It doesn't solve your problems or change you into something you're not. Ownership begins with payment. You sign a contract or a loan document,

[00:02:48] swipe a credit card, or hand over your hard-earned cash. After a very short, I got it, it's mine, hi, you get used to having whatever it is and it's no longer quite so

[00:03:00] exciting. Yet you continue to pay. If not with a monthly check or automatic charge to your bank account, you pay with time and energy as you think about, protect, and maintain your possession. You may even invest more money ensuring, repairing, and upgrading it.

[00:03:19] Three biggest myths. Let's start with the biggest of all, the myth of home ownership. My husband and I bought our last house in 2007, and here are some of the lies we told ourselves. If we own our home, it'll be cheaper than renting.

[00:03:35] If we own our home, we won't have issues with neighbors. If we own our home, we'll be making a smart investment. If we own our home, we'll be responsible adults. If we own our home, we'll feel more settled and comfortable.

[00:03:50] If we own our home, we can decorate it our own way. If we own our home, we'll be successful. We bought our home with good intentions and believed the myths about tax benefits and building equity. We imagined we'd be happier as we upgraded and personalized our house to

[00:04:08] make it reflect our interests and lifestyle. We learned that none of that was true and have discovered that we can be happy anywhere. The next big myth is about owning a new car. I used to think that having a car payment was an inevitable part of life.

[00:04:23] These are the stories I told myself. A used car isn't reliable. I need a new car with all the latest bells and whistles. The payment is worth it to have a pristine vehicle. The payment is worth it for the new car warranty.

[00:04:39] If we have a newer car, we'll take more exciting family trips. Having a new car means I'm successful. It's only $400 a month. The cost of a car is much more than the monthly payment. It also carries the responsibility to insure, maintain, and repair that vehicle.

[00:04:57] It includes licensing, registration, and fuel or electricity. It's important to understand the true cost of personal transportation. And finally, there's the myth about owning all of the right stuff. Think of the stories you tell yourself about what you need to own.

[00:05:14] If I have the right phone, I'd be more in touch and more productive. If I had the right wardrobe, I'd be more confident, powerful, and successful. If I had a remodeled kitchen, I'd entertain more and have more friends.

[00:05:27] If we had the latest gaming system, we'd spend time together and have a better relationship. If I had the right stuff, I'd fit in and everyone would love me. Take away those myths, and you may worry less and become more self-reliant.

[00:05:42] You'd make purchases with intention and a purpose greater than how you think it will make you look or feel. As author Courtney Carver says, quote, You aren't your stuff and it will never make you more lovable. Give people a chance to love you for you.

[00:06:01] How minimalism has made me rich by Karen Trefsker of MaximumGratitudeMinimalStuff.com We only get to spend our money once. So every time we buy something, we're making two statements. I don't have enough, which might be true when it comes to food, gas, toilet paper, or some other things.

[00:06:22] And this thing is more valuable than anything else I could have done with my money. Again, sometimes this is true. Every time we make a purchase, we have less money for something else.

[00:06:34] Yes, we can make more money, but that takes our time and energy, and those things are finite. So our choices of how to spend are more momentous than we think. That's why my Starbucks habit is a problem.

[00:06:47] Or maybe why your clothes buying or music and app downloading habits might be problems. Maybe we can technically afford those things, that is, we aren't using credit to buy them. But is that the best way for us to use our money? A true windfall.

[00:07:03] I recently received a small bequest from my Uncle Clarence, who passed away early last year. His wife Alice, who pre-deceased him, was my father's sister. Uncle Clarence had no obligation to leave me anything in his will,

[00:07:17] but he chose to remember my siblings and I, the only living relatives of my aunt. We don't often have a few extra thousand dollars at our disposal, so this was an opportunity for me to think about my priorities. My husband and I have no debts. So I...

[00:07:34] Gave some money to each of my children. Made a gift to a favorite charity. Added some money to a retirement account. Set aside some funds for a trip we want to make this summer. And wondered what to do with the rest.

[00:07:48] We might replace our bed, I might put some more in savings, or I might make another donation. We only get to spend our money once, and how we use our funds shows our priorities. But when we simplify enough that we spend less than we earn,

[00:08:02] have no debt except maybe a mortgage that we can easily afford, and donate and save every month, then any windfall is exactly that. Extra. I realize that I'm privileged. John's salary after 40 years of teaching is higher than the U.S. median income.

[00:08:18] We have had no huge medical bills, thank you God. But we've lived below our means for over 12 years, and the results are obvious. I'm thankful for Uncle Clarence's gift, but I don't need it. What made this possible? Not a huge salary, savvy investments, or a lucky lottery win.

[00:08:37] Minimalism made this possible. Simple pleasures. Here's a minimalist truth you may not have heard. The cheaper your pleasures, the richer you'll be. Do you want to restore a classic car or visit the classic car museum?

[00:08:52] Do you want to own a second home in the mountains or simply go camping and hiking there? Do you want to fly to New York to see a Broadway show, or would I be happy with tickets to a well-produced musical at Broadway Sacramento?

[00:09:05] I only get to spend my money once. I need to know what's really valuable, and I need to realize when I already have enough. Only you know what's important to you. What I know is that finding minimal ways to enjoy life and expand my interests

[00:09:19] hasn't made me a millionaire, but it has made me rich. You just listened to the post titled, The Lies We Tell Ourselves About Ownership, and How Minimalism Has Made Me Rich, both by Karen Trefsker of MaximumGratitudeMinimalStuff.com. And I'll be right back with my commentary.

[00:09:42] For a lot of people, it can be stressful and confusing to manage their finances. Even I used to feel this way when using different finance apps. But then I tried Monarch Money, and everything got so much easier.

[00:09:54] Maybe you're saving for a down payment, a wedding, a dream vacation, your kid's college. I found that Monarch makes it so easy to help you reach your financial goals, whatever they are. I definitely wouldn't be able to allocate my finances or plan as clearly without help from Monarch.

[00:10:10] In fact, Monarch is the top rated all-in-one personal finance app. It gives you a comprehensive view of all of your accounts, investments, transactions, and more. Create custom budgets, set goals, and collaborate with your partner. And now get an extended 30-day free trial when you go to monarchmoney.com.

[00:10:29] slash OFD. After trying out Monarch for myself, I understand why it's the top rated personal finance app. And right now get an extended 30-day free trial when you go to monarchmoney.com. Slash OFD. That's M-O-N-A-R-C-H M-O-N-E-Y.com. Slash OFD for your extended 30-day free trial.

[00:10:52] Looking to part ways with complicated, expensive, and uncertain shipping? Then give your business the edge it needs with USPS Ground Advantage Shipping from the United States Postal Service. Keep everything simple with clear upfront pricing and no unexpected surcharges.

[00:11:10] Keep things affordable with some of the lowest prices out there. And keep it all reliable with on-time ground shipments. It's time to turn shipping to your advantage. Learn how at USPS.com slash advantage. USPS Ground Advantage. Simple, affordable, reliable.

[00:11:32] And thanks a lot to Karen for both of these posts. A bit about her. Karen Trefsker was born near San Francisco in the pre-internet era. Her journey as a minimalist began as a way to help her family thrive on her husband's salary while she remained a stay-at-home mom.

[00:11:48] Over the past 20-plus years, she's learned from writers such as Elaine St. James, Vicki Robin, and Joshua Becker. Before becoming an author, she was a choir director, a bookkeeper, an English tutor, an opera singer, and she homeschooled her children until they went to college.

[00:12:05] Karen has found contentment and purpose through minimalism and writes about how to live with less clutter, busyness, and stress to make room for all the best things in life. Come by MaximumGratitudeMinimalStuff.com for more, and big thanks to Karen for letting us share her work.

[00:12:21] I agree with Karen in that consumerism sells us a bunch of lies about what it means to be happy and successful. When we're too focused on buying and owning things, we forget that the thrill is short-lived and turns into an endless cycle of always needing more.

[00:12:37] This is often referred to as the hedonic treadmill. Many of us believe that having more than one thing Many of us believe that having more stuff means you're more successful. We're told that a bigger house, a closet full of designer clothes,

[00:12:50] or the newest gadgets are symbols of success. This mindset can lead to endless spending and stress as we try to keep up with these unrealistic standards. It also makes us forget that true success comes from things like relationships, personal growth, and meaningful experiences.

[00:13:09] Consumerism also tricks us into thinking that our identity is tied to what we own. We start to believe that our worth is measured by our possessions, which can lead to a shallow sense of self.

[00:13:21] Real identity and happiness come from who we are and what we do, not what we have. A great solution to these lies is minimalism, as Karen reinforces in the articles today. Minimalism encourages us to focus on what truly matters

[00:13:36] by decluttering our lives and reducing our dependence on material goods. It's about valuing quality over quantity and finding joy in simple pleasures. By embracing minimalism, we can break free from the constant cycle of wanting more and instead appreciate what we already have.

[00:13:55] This shift can lead to greater peace of mind, financial freedom, and a deeper sense of fulfillment. But that'll do it for today. Have a great day and rest of your weekend, and I'll see you tomorrow as usual, where optimal life awaits.