“Let it sink…”

Our ego can cause us plenty of problems, especially financial ones. Many people buy unnecessary stuff just to impress others - who probably couldn’t care less.

Power moves

The average American spends $1,000 during Black Friday weekend - mostly on things they never intended to buy.

Even though I made up the first part of the title, the second half is accurate.

To the point.

I was sure I gravitated toward minimalism (until I got married, obviously).

Then huge marketing campaigns and "great deals" impacted my sanity.

Our house is slowly turning into a storage space for unnecessary stuff that we barely use.

Yup, the Christmas tree is on my list of unneeded items.

But it is a necessity for my lovely wife. And honestly, I’ve learned to respect that (just in case she reads this far).

This got me thinking about how we make decisions about what to buy - and the philosophy behind it.

Here’s a framework that helped me make sense of it all:

Asceticism – buying only what is truly necessary.

Consumerism – buying things you don’t need, typically driven by social pressure.

You can spot this easily: if you didn’t know you needed it until you heard about it, it's probably unnecessary.

It’s also about purchasing items to display social class status (let’s face it, 90% of the premium market is sustained by average folks just wanting to show off).

Impoverishment – saving money by skimping on essentials.

- A college student who takes out loans to buy the latest gaming console and high-end accessories? Consumerist.

- A couple who finances an extravagant wedding despite being in debt? Consumerist.

- A tech-savvy individual who buys every new smart home device on the market, even if they don't enhance their daily life? Consumerist.

- A minimalist living in a tiny house who prioritizes experiences over material possessions? Ascetic.

- A health-conscious individual who focuses on cooking healthy meals at home rather than dining out at expensive restaurants? Ascetic.

- A young professional who invests in self-education and personal development instead of buying the latest tech gadgets? Ascetic.

- A freelancer who avoids attending networking events due to the cost, missing out on valuable connections and opportunities? Impoverished.

- A person who prioritizes immediate savings over necessary investments in their future? Impoverished.

- An individual who neglects their mental health needs due to the cost of therapy? Impoverished.

- A couple taking a loan for a wedding? Mental decease.

There are two derivatives:

- Impoverishment and consumerism make a great combo.

- Asceticism doesn’t mix with any of the above.

So, what changed in our lives after realizing all this?

Actually, quite a lot.

1. We budget our expenses. Each month, we plan ahead and categorize where our money will go. It’s a humbling exercise that keeps me grounded and curbs my impulse to overspend. I hate this exercise.

2. This year, we spent a lot on preventive healthcare, which gave us:

- Peace of mind

- The realization that we’re saving a lot by addressing issues early (e.g., dental costs can be financially disastrous in the U.S.).

3. We stopped purchasing anything without prior discussion with each other. 

9 out of 10 times, we conclude that it's a "nice to have" rather than a "need to have." To take it a step further, I’ll often procrastinate the purchase for another day. Just to avoid another impulse purchase. This pisses my lovely wife off, who says, "Just finish it and move on." She has a point (you can tell I’m still not sure if she’s given up on reading this).

Bottom line:

Reasonable asceticism = smart thinking.

Impoverishment and consumerism = a poor decision.

When you stop buying what you don’t need, you start having what matters.

I like to be intentional with what we let into our lives.

Till next time!

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