029 | The Aspiring Minimalist vs the Reluctant Frugalist

029 | In today's podcast we go through a discussion of the mindset differences between a 'reluctant frugalist' like Jonathan and an aspiring minimalist like Brad. In Today’s Podcast we cover: The reluctant frugalist (Jonathan) vs. the mindset of the aspiring minimalist (Brad)

How both these mindsets are valid and strong approaches to the concept of Financial Independence How do you talk to your spouse or significant other about financial independence? Voicemail from Royce about how he can get his wife on board with FI? You need to have a conversation with your significant other about what you want out of life and where you want to go as a team

The pursuit of FI can bring you closer together as it can make you wealthier and happier Jonathan’s story about FI and his wife plus a story of the ‘addictive nature’ of buying stuff How Jonathan changed his entire life with the pursuit of FI FI as the ultimate life hack

You need to see the other person’s motivation and incentives when trying to persuade them Being near or at FI transforms your relationships with your family and friends

How Brad aspires to be a minimalist and live in a hotel Excerpt from Physician on Fire’s article: Minimalism vs. Frugality Frugality and the scarcity mindset How people outside the FI community have to deal with a cash flow scarcity mentality

The differences between a minimalist and a frugal person How free your brain becomes when you remove the clutter from your rooms and your life How Brad’s daughters are different by nature regarding minimalism and clutter

Would you throw out all the items in your house that you haven’t used for some set period of time? 90 days?  1 year? The sharing economy has changed the value of ownership Jonathan’s board game obsession and the value he gets from buying things What a week in Jonathan’s FI future life looks like A minimalist buys one item that fulfills multiple purposes, but is quite expensive and high quality Brand names: Is there any value?

Can you actually find a break-even point on certain purchases? The wardrobe differences between minimalists and frugal people How your brain operates better when you don’t make as many decisions and avoid ‘decision fatigue’ A minimalist doesn’t want a lawn/yard whereas a frugal person enjoys doing it themselves