Article: The Fastest Way to Increase Wealth? Want Less

[arebelspy]

Somewhat of a "duh" for some around here, this article nevertheless puts succinctly the mindset which can make Mustachianism not a sacrifice at all.

If you don't want things, you won't want to spend money on them, and your savings rate, and wealth, skyrocket.

http://www.thefourhourworkday.com/fastest-way-to-increase-wealth/

[DocCyane]

Always a good reminder. Thank you.

[pachnik]

Interesting article.  I don't feel like I am sacrificing at all which has surprised me at times.   

One small example is that now I take my lunch to work pretty much everyday unless I am eating out with co-workers or a friend - maybe 2 times a month on average.  Before, I used to eat out 1-2 times a week.  I don't think I am missing out on anything.  Believe me, I had about $225/month of little things that added up before I found this website.  I can't even remember what some of them were.

Thanks for the article. 

[EK]

Good reminder, this is such a powerful idea.

I was just recently thinking about how even the phrase "want less" has come to have a different meaning to me.  It used to mean "don't want as many useless things as you used to", but lately it's evolved in meaning "simplifying and cutting back is what you should want", as in actively creating a simpler life with fewer possessions than ever is the goal.

[Thedudeabides]

Well said EK. I feel the same way.

[arebelspy]

actively creating a simpler life with fewer possessions than ever is the goal.

Agreed (to a point).

From this article on the concept of "Enough," (which is another really good article to read, anyone that liked the OP will like that one) the author notes that:

At this year's Berkshire meeting, someone asked Buffett why he doesn't have more stuff. Buffett's answer was that "More stuff would not make me happier. It would actually decrease my happiness." Buffett hit the nail on the head with this wise lesson.

[Thedudeabides]

The last time I moved, I tried to whittle my belongings down to around 100 things. I don't think I ultimately succeeded, but certainly reducing my belongings down to the essentials made a huge difference in my happiness and decreased my stress levels. Every belonging demands some form of attention, such as storage and maintenance, and each item consumes mental energy, such as keeping a mental map of where everything is. I find that with fewer possessions, there is less to maintain and diminished cognitive load. As a result, I feel much happier.

[Milspecstache]

Great article.  I wonder how many consumerists will read it and take it to heart...

[wholeinone04]

Definitely a good idea to want less but at what point are you going too far?  I try to want less now so that I can want more later.  To piggyback off an earlier post, I know I can save money by making a lunch and eating at my desk every day but then I'm sacrificing some of my happiness.  I enjoy going out with co-workers to lunch or even by myself 2-3 times a week. 

[arebelspy]

Definitely a good idea to want less but at what point are you going too far?  I try to want less now so that I can want more later.  To piggyback off an earlier post, I know I can save money by making a lunch and eating at my desk every day but then I'm sacrificing some of my happiness.  I enjoy going out with co-workers to lunch or even by myself 2-3 times a week.

Then go out and eat.

Spend money on what truly makes you happy, and cut out the rest.

It's not "try to want less and deprive yourself" it's "be happy wanting less."

Also I read the thread title, and not only is t true that that's the fastest way to actual wealth, but it's also the fastest way to feeling wealthy - if you're happy with not a lot, you feel like you have more than enough, and are grateful, all the time.

[MandyM]

It's not "try to want less and deprive yourself" it's "be happy wanting less."

+1. Some of my friends/family think I'm "going too far" and regularly encourage me to buy new things. But I am happy with what I have and happy without the things I don't have.

[Mississippi Mudstache]

Definitely a good idea to want less but at what point are you going too far?  I try to want less now so that I can want more later. 

So in other words, you don't want less, you're simply delaying gratification. There's a big difference.

[arebelspy]

Definitely a good idea to want less but at what point are you going too far?  I try to want less now so that I can want more later. 

So in other words, you don't want less, you're simply delaying gratification. There's a big difference.

Or rather, (s)he's trying to want less, just not doing a very good job of it.  :)

[CommonCents]

Definitely a good idea to want less but at what point are you going too far?  I try to want less now so that I can want more later.  To piggyback off an earlier post, I know I can save money by making a lunch and eating at my desk every day but then I'm sacrificing some of my happiness.  I enjoy going out with co-workers to lunch or even by myself 2-3 times a week.

Then go out and eat.

Spend money on what truly makes you happy, and cut out the rest.

It's not "try to want less and deprive yourself" it's "be happy wanting less."

Also I read the thread title, and not only is t true that that's the fastest way to actual wealth, but it's also the fastest way to feeling wealthy - if you're happy with not a lot, you feel like you have more than enough, and are grateful, all the time.

But also - figure out what it is you really like about eating out.  Is it not preparing food?  A certain type of food?  Time with coworkers?  Getting out of the office?

DH *hates* bringing a lunch in to the office.  Part of it, I've discovered is actually because he feels he never leaves his office then.  So, this summer we're working on regularly meeting for lunch when we can on the Boston Common near both of our workplaces.  A coworker and I are doing the same thing we agreed, every Monday we can, to soak in some sunshine and get out of the office, making Mondays a bit brighter!

[arebelspy]

Definitely a good idea to want less but at what point are you going too far?  I try to want less now so that I can want more later.  To piggyback off an earlier post, I know I can save money by making a lunch and eating at my desk every day but then I'm sacrificing some of my happiness.  I enjoy going out with co-workers to lunch or even by myself 2-3 times a week.

Then go out and eat.

Spend money on what truly makes you happy, and cut out the rest.

It's not "try to want less and deprive yourself" it's "be happy wanting less."

Also I read the thread title, and not only is t true that that's the fastest way to actual wealth, but it's also the fastest way to feeling wealthy - if you're happy with not a lot, you feel like you have more than enough, and are grateful, all the time.

But also - figure out what it is you really like about eating out.  Is it not preparing food?  A certain type of food?  Time with coworkers?  Getting out of the office?

DH *hates* bringing a lunch in to the office.  Part of it, I've discovered is actually because he feels he never leaves his office then.  So, this summer we're working on regularly meeting for lunch when we can on the Boston Common near both of our workplaces.  A coworker and I are doing the same thing we agreed, every Monday we can, to soak in some sunshine and get out of the office, making Mondays a bit brighter!

Great point CC!  If he just wants to get out of the office, you can pack a lunch and still accomplish that with your plan.

If its the food prep, there are easy ways around that (batching, for example).

Time with coworkers can be done other ways as well.

That's the first thing to do - figure out what you like about it, and figure out how to get that without spending lots of money.

But if, in the end, that's the only way, and it's important to you, then do it.

[dude]

Definitely a good idea to want less but at what point are you going too far?  I try to want less now so that I can want more later.  To piggyback off an earlier post, I know I can save money by making a lunch and eating at my desk every day but then I'm sacrificing some of my happiness.  I enjoy going out with co-workers to lunch or even by myself 2-3 times a week.

Then go out and eat.

Spend money on what truly makes you happy, and cut out the rest.

It's not "try to want less and deprive yourself" it's "be happy wanting less."

Also I read the thread title, and not only is t true that that's the fastest way to actual wealth, but it's also the fastest way to feeling wealthy - if you're happy with not a lot, you feel like you have more than enough, and are grateful, all the time.

But also - figure out what it is you really like about eating out.  Is it not preparing food?  A certain type of food?  Time with coworkers?  Getting out of the office?

DH *hates* bringing a lunch in to the office.  Part of it, I've discovered is actually because he feels he never leaves his office then.  So, this summer we're working on regularly meeting for lunch when we can on the Boston Common near both of our workplaces.  A coworker and I are doing the same thing we agreed, every Monday we can, to soak in some sunshine and get out of the office, making Mondays a bit brighter!

At least in the area where I work, nothing available for purchase comes close to the home-cooked food I bring for lunch.  Hell, even in the metro center where my wife works, her co-workers are envious of the lunches she brings (i.e., the leftovers from the meal I made the night before) to work.  Make really good shit that you'd prefer to eat over the available take-out options!

[wholeinone04]

I love food so I will admit that when I do make lunch I go all out.  Good bread, quality meat and cheese, veggies, chips, yogurt, etc.  I like to eat like a king.  Feel bad for people who bring pbj's every day, did I mention I love food? haha

[Spartana]

And it's not so much about "wanting less" or doing without, or giving up on things,  it's often about wanting more - but free or low cost things. Choosing to engage in free activities (think of Nords surfing in Hawaii everyday - free!) rather than one that costs a lot (or even a little). Choosing to find enjoyable alternatives to costly things and activities so you can be even more active and engaged with your life. And most importantly, learning to love and enjoying those things much more then you do the expensive stuff. If given a choice, I'd rather spend my day biking rather then fine dining or theatre or a concert. Those free things don't take away from my life  but enhance it and actually make me want more rather then want less. 

[tanhanivar]

Time with coworkers can be done other ways as well.

That's the first thing to do - figure out what you like about it, and figure out how to get that without spending lots of money.

But if, in the end, that's the only way, and it's important to you, then do it.

And sometimes things such as "going out to eat with coworkers" aren't all-or-nothing propositions.

My coworkers turned out to be quite cool with me going out to lunch with them and not ordering anything, or just a drink etc. The first few times they pushed a bit to make sure everything was okay, that I didn't want to borrow some money etc, but otherwise they're fine with me saying, "I brought in lunch/already ate" etc.

(It's getting a bit weird with coffee runs, however, as four of the five regulars have stopped ordering, and just tag along to talk in the queue).

[wholeinone04]

I used to have a buddy who would tag along with us when we went to lunch and he would bring a sandwich.  That was a little too extreme for me.  I like your suggestion of just tagging along but not ordering anything :)  It's nice to get out of the office but you don't wanna spend money while you're out..