2895: [Part 1] 9 Ways to Free Yourself from the Trap of Consumerism by Karen Trefzger of Maximum Gratitude Minimal Stuff

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[00:01:06] [SPEAKER_00]: This is Optimal Finance Daily. Nine ways to free yourself from the trap of consumerism.

[00:01:13] [SPEAKER_00]: Part 1 by Karen Trefsker of MaximumGratitudeMinimalStuff.com

[00:01:19] [SPEAKER_00]: And I'm your host and personal finance enthusiast, Diana Merriam.

[00:01:24] [SPEAKER_00]: I have a bit of a longer post today, so I'll read the first part today and finish the rest for you tomorrow.

[00:01:32] [SPEAKER_00]: So with that, let's dive right into Part 1 and start optimizing your life.

[00:01:41] [SPEAKER_00]: Nine ways to free yourself from the trap of consumerism.

[00:01:45] [SPEAKER_00]: Part 1 by Karen Trefsker of MaximumGratitudeMinimalStuff.com

[00:01:52] [SPEAKER_00]: We're all consumers.

[00:01:55] [SPEAKER_00]: We eat, we need clothing and shelter, we use tools and supplies to accomplish our work.

[00:02:01] [SPEAKER_00]: In fact, the typical definition of life includes the abilities to eat, metabolize, and excrete.

[00:02:09] [SPEAKER_00]: In other words, life requires consumption.

[00:02:12] [SPEAKER_00]: But consumerism is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts, according to Wikipedia.

[00:02:26] [SPEAKER_00]: It's that last phrase that should grab our attention.

[00:02:30] [SPEAKER_00]: Forever Dissatisfied

[00:02:33] [SPEAKER_00]: Our society teaches us that we should consume more and more as time goes by.

[00:02:39] [SPEAKER_00]: We aren't supposed to establish a sustainable level of consumption, but are expected to meet increasing desires.

[00:02:46] [SPEAKER_00]: By almost every measure, we consume more per person now than we did 60 years ago.

[00:02:53] [SPEAKER_00]: Yet most of us still have long lists of things we want or believe we need.

[00:02:59] [SPEAKER_00]: Our supposedly robust economy requires us to be forever unsatisfied with what we have.

[00:03:06] [SPEAKER_00]: We have to consume in order to survive, but we don't have to consume an ever-increasing amount, even if everyone expects us to.

[00:03:17] [SPEAKER_00]: We don't have to compromise health, finances, time, or the ultimate purpose of our lives to serve consumerism.

[00:03:26] [SPEAKER_00]: The Symptoms of Consumerism

[00:03:28] [SPEAKER_00]: How do you know if you're caught in the trap of consumerism?

[00:03:33] [SPEAKER_00]: Number one, you buy more than you planned.

[00:03:37] [SPEAKER_00]: You leave your house with a shopping list, but consistently return with items you didn't intend to purchase.

[00:03:44] [SPEAKER_00]: Number two, you run out of storage space.

[00:03:48] [SPEAKER_00]: Okay, maybe you live in a really tiny home, or you're buying items for an upcoming special event,

[00:03:54] [SPEAKER_00]: or you just have a tendency to be disorganized.

[00:03:57] [SPEAKER_00]: But if you routinely bring home items that don't have a designated spot to belong,

[00:04:04] [SPEAKER_00]: you're probably consuming too much.

[00:04:07] [SPEAKER_00]: Number three, you buy things you already have.

[00:04:11] [SPEAKER_00]: If you regularly buy things that you discover you already have at home,

[00:04:15] [SPEAKER_00]: your purchases may be impulsive, and it's safe to say you're suffering from consumerism.

[00:04:22] [SPEAKER_00]: Number four, you routinely seek approval for your purchases.

[00:04:27] [SPEAKER_00]: There's a difference between seeking information or feedback in order to make an informed purchase,

[00:04:33] [SPEAKER_00]: and looking for approval after the fact.

[00:04:36] [SPEAKER_00]: If you need to find ways to justify your purchases,

[00:04:39] [SPEAKER_00]: or brag about what a great deal you got,

[00:04:42] [SPEAKER_00]: you're probably buying things you don't need.

[00:04:45] [SPEAKER_00]: Number five, you regularly go over your budget.

[00:04:49] [SPEAKER_00]: Of course, things happen that you can't foresee,

[00:04:52] [SPEAKER_00]: or prices are higher than you expected.

[00:04:54] [SPEAKER_00]: But if you've set a realistic budget, and often go over it,

[00:04:59] [SPEAKER_00]: you're probably consuming excessively.

[00:05:02] [SPEAKER_00]: Number six, you buy things on credit.

[00:05:05] [SPEAKER_00]: Some people can be wise about how they manage credit to earn points and benefits.

[00:05:10] [SPEAKER_00]: But if you're like most of us, you use credit cards to buy things you can't actually afford.

[00:05:16] [SPEAKER_00]: Number seven, you regret purchases.

[00:05:20] [SPEAKER_00]: One of the more obvious signs that you have a problem with consumerism

[00:05:24] [SPEAKER_00]: is that you regularly feel buyer's remorse.

[00:05:28] [SPEAKER_00]: Number eight, you rely heavily on return policies.

[00:05:32] [SPEAKER_00]: You might buy items to see if they meet your needs,

[00:05:35] [SPEAKER_00]: returning them if they don't.

[00:05:36] [SPEAKER_00]: But if you buy items with the idea,

[00:05:39] [SPEAKER_00]: oh well, I can always return it,

[00:05:41] [SPEAKER_00]: you may be buying stuff you don't really need or can't afford.

[00:05:45] [SPEAKER_00]: If you're dependent on a liberal return policy,

[00:05:49] [SPEAKER_00]: you're probably overconsuming.

[00:05:52] [SPEAKER_00]: And number nine, you hide purchases.

[00:05:55] [SPEAKER_00]: Not much to say here.

[00:05:56] [SPEAKER_00]: If you're ashamed of your purchases or use them in secret,

[00:06:00] [SPEAKER_00]: you're caught in the trap of consumerism.

[00:06:03] [SPEAKER_00]: Do you have any of these symptoms?

[00:06:05] [SPEAKER_00]: If not, good for you.

[00:06:07] [SPEAKER_00]: But you may know someone who does.

[00:06:10] [SPEAKER_00]: And if you're suffering from consumerism,

[00:06:12] [SPEAKER_00]: listen on for strategies you can use to help yourself recover.

[00:06:16] [SPEAKER_00]: Nine strategies to curb consumption.

[00:06:20] [SPEAKER_00]: Number one, slow down.

[00:06:24] [SPEAKER_00]: When we buy more than we need,

[00:06:26] [SPEAKER_00]: we're probably making impulsive decisions.

[00:06:28] [SPEAKER_00]: We're buying with our emotions instead of our minds.

[00:06:32] [SPEAKER_00]: But by making a list of what we need or want,

[00:06:35] [SPEAKER_00]: we give ourselves time to consider each purchase.

[00:06:38] [SPEAKER_00]: If you feel an urgency to buy something,

[00:06:41] [SPEAKER_00]: figure out why.

[00:06:42] [SPEAKER_00]: Is the urgency a result of an event you can't control?

[00:06:46] [SPEAKER_00]: You may legitimately need the item,

[00:06:49] [SPEAKER_00]: but maybe you can borrow it, rent it,

[00:06:51] [SPEAKER_00]: or look for a secondhand option.

[00:06:53] [SPEAKER_00]: Is the urgency a result of poor planning?

[00:06:56] [SPEAKER_00]: Such as no toilet paper in the house

[00:06:58] [SPEAKER_00]: because you forgot to put it on your list when you shopped last week.

[00:07:02] [SPEAKER_00]: You may need to buy it now,

[00:07:04] [SPEAKER_00]: but how can you prevent this situation in the future?

[00:07:07] [SPEAKER_00]: Is the urgency a result of clever marketing,

[00:07:10] [SPEAKER_00]: a sale,

[00:07:11] [SPEAKER_00]: an eye-catching display,

[00:07:13] [SPEAKER_00]: or some other situation that provokes an emotional response?

[00:07:16] [SPEAKER_00]: Use your list.

[00:07:18] [SPEAKER_00]: Write the item on it

[00:07:20] [SPEAKER_00]: and give yourself a day,

[00:07:21] [SPEAKER_00]: or three,

[00:07:22] [SPEAKER_00]: or even seven,

[00:07:24] [SPEAKER_00]: to think about or research the purchase.

[00:07:26] [SPEAKER_00]: Is this too much trouble?

[00:07:28] [SPEAKER_00]: Do you even remember the item a week later?

[00:07:31] [SPEAKER_00]: Maybe you don't need to buy it after all.

[00:07:34] [SPEAKER_00]: By slowing down,

[00:07:36] [SPEAKER_00]: you give yourself the chance to be intentional

[00:07:38] [SPEAKER_00]: rather than emotional about your purchases,

[00:07:41] [SPEAKER_00]: reducing the chance

[00:07:42] [SPEAKER_00]: that you'll buy something destined to become clutter.

[00:07:46] [SPEAKER_00]: Number two,

[00:07:47] [SPEAKER_00]: hear that on tomorrow's episode.

[00:07:53] [SPEAKER_00]: You just listened to part one of the post titled

[00:07:56] [SPEAKER_00]: Nine Ways to Free Yourself from the Trap of Consumerism

[00:08:00] [SPEAKER_00]: by Karen Trefsker

[00:08:02] [SPEAKER_00]: of MaximumGratitudeMinimalStuff.com

[00:08:06] [SPEAKER_00]: And I'll be right back with my commentary.

[00:08:09] [SPEAKER_00]: Buy low, sell high.

[00:08:11] [SPEAKER_00]: It's easy to say,

[00:08:13] [SPEAKER_00]: hard to do.

[00:08:13] [SPEAKER_00]: For example,

[00:08:15] [SPEAKER_00]: high interest rates are crushing

[00:08:17] [SPEAKER_00]: the real estate market right now.

[00:08:19] [SPEAKER_00]: Demand is dropping

[00:08:20] [SPEAKER_00]: and prices are falling,

[00:08:22] [SPEAKER_00]: even for many of the best assets.

[00:08:24] [SPEAKER_00]: It's no wonder

[00:08:25] [SPEAKER_00]: the Fundrise flagship fund

[00:08:27] [SPEAKER_00]: plans to go on a buying spree,

[00:08:30] [SPEAKER_00]: expanding its billion-dollar real estate portfolio

[00:08:32] [SPEAKER_00]: over the next few months.

[00:08:34] [SPEAKER_00]: You can add the Fundrise flagship fund

[00:08:37] [SPEAKER_00]: to your portfolio in just minutes

[00:08:39] [SPEAKER_00]: and with as little as $10

[00:08:41] [SPEAKER_00]: by visiting Fundrise.com slash OFD.

[00:08:45] [SPEAKER_00]: That's F-U-N-D-R-I-S-E dot com slash OFD.

[00:08:52] [SPEAKER_00]: Carefully consider the investment objectives,

[00:08:55] [SPEAKER_00]: risks, charges, and expenses

[00:08:57] [SPEAKER_00]: of the Fundrise flagship fund

[00:09:00] [SPEAKER_00]: before investing.

[00:09:01] [SPEAKER_00]: This and other information

[00:09:03] [SPEAKER_00]: can be found in the fund's prospectus

[00:09:05] [SPEAKER_00]: at Fundrise.com slash flagship.

[00:09:08] [SPEAKER_00]: This is a paid advertisement.

[00:09:12] [SPEAKER_00]: As Socrates said,

[00:09:14] [SPEAKER_00]: quote,

[00:09:15] [SPEAKER_00]: the secret of happiness you see

[00:09:17] [SPEAKER_00]: is not found in seeking more,

[00:09:20] [SPEAKER_00]: but in developing the capacity

[00:09:22] [SPEAKER_00]: to enjoy less.

[00:09:24] [SPEAKER_00]: End quote.

[00:09:26] [SPEAKER_00]: Enjoying less

[00:09:27] [SPEAKER_00]: is an incredible skill set

[00:09:28] [SPEAKER_00]: that our consumerist culture

[00:09:30] [SPEAKER_00]: will never talk about,

[00:09:32] [SPEAKER_00]: but it will make you rich as hell.

[00:09:35] [SPEAKER_00]: And not just rich monetarily,

[00:09:38] [SPEAKER_00]: but rich in time and energy as well.

[00:09:41] [SPEAKER_00]: When I look around me,

[00:09:43] [SPEAKER_00]: I feel like I'm surrounded by luxury.

[00:09:45] [SPEAKER_00]: I have a great house

[00:09:46] [SPEAKER_00]: with central air

[00:09:47] [SPEAKER_00]: that is larger than any apartment

[00:09:49] [SPEAKER_00]: I've ever lived in.

[00:09:50] [SPEAKER_00]: I have plenty of food in the fridge

[00:09:52] [SPEAKER_00]: and running water

[00:09:53] [SPEAKER_00]: and a car that gets me

[00:09:54] [SPEAKER_00]: from point A to point B.

[00:09:56] [SPEAKER_00]: But I suspect

[00:09:57] [SPEAKER_00]: that most people

[00:09:59] [SPEAKER_00]: would never describe

[00:10:00] [SPEAKER_00]: my lifestyle as luxurious.

[00:10:02] [SPEAKER_00]: That house I love?

[00:10:04] [SPEAKER_00]: It's only 1,100 square feet

[00:10:06] [SPEAKER_00]: with no garage

[00:10:07] [SPEAKER_00]: in a neighborhood

[00:10:08] [SPEAKER_00]: that's up and coming,

[00:10:09] [SPEAKER_00]: but still a bit rough

[00:10:10] [SPEAKER_00]: around the edges.

[00:10:11] [SPEAKER_00]: That food in the fridge?

[00:10:13] [SPEAKER_00]: It's mostly simple,

[00:10:14] [SPEAKER_00]: whole food ingredients

[00:10:15] [SPEAKER_00]: that require a lot of time

[00:10:17] [SPEAKER_00]: and energy

[00:10:18] [SPEAKER_00]: to prepare into meals.

[00:10:19] [SPEAKER_00]: That car that I love?

[00:10:21] [SPEAKER_00]: It's definitely not a Tesla.

[00:10:23] [SPEAKER_00]: I'm cruising around

[00:10:24] [SPEAKER_00]: in a 2010 Mazda 3

[00:10:26] [SPEAKER_00]: that I bought

[00:10:27] [SPEAKER_00]: for $6,000 cash.

[00:10:28] [SPEAKER_00]: I think it feels luxurious

[00:10:31] [SPEAKER_00]: to me

[00:10:31] [SPEAKER_00]: because I've learned

[00:10:32] [SPEAKER_00]: to foster

[00:10:33] [SPEAKER_00]: a deep appreciation

[00:10:34] [SPEAKER_00]: for the material abundance

[00:10:36] [SPEAKER_00]: I already have

[00:10:38] [SPEAKER_00]: rather than constantly

[00:10:39] [SPEAKER_00]: seeking out more,

[00:10:41] [SPEAKER_00]: newer,

[00:10:42] [SPEAKER_00]: bigger,

[00:10:43] [SPEAKER_00]: or upgraded possessions.

[00:10:45] [SPEAKER_00]: But we're just

[00:10:46] [SPEAKER_00]: halfway through the article.

[00:10:47] [SPEAKER_00]: So for now,

[00:10:48] [SPEAKER_00]: have a great rest of your day

[00:10:50] [SPEAKER_00]: and I'll see you tomorrow

[00:10:51] [SPEAKER_00]: where we'll finish up

[00:10:52] [SPEAKER_00]: this post

[00:10:53] [SPEAKER_00]: and where your optimal life awaits.

[00:10:55] [SPEAKER_00]: it's...

[00:10:55] [SPEAKER_00]: ...