Millionaire Minimalists

These young millionaires are completely uprooting the notion of keeping up with the Joneses. They’re subverting the message that Madison Avenue has been sending us for decades: that success equates to status symbols and conspicuous consumption. They’re setting an example that you can want less, no matter what your net worth, and use your money in ways that are important to you (rather than as society expects).

So what does that mean to those of us many rungs below on the economic ladder? Use your resources in the ways you find fulfilling, no matter what anyone else thinks. Don’t hesitate to keep driving your old junker, and spend your paycheck on art classes instead. Feel free to put money into your kid’s college fund, rather than upgrade your living room furniture. Live your dream of travel, instead of taking on a big mortgage. Donate to your favorite charity, instead of splurging on the designer handbag all your friends have.

Minimalist Inspiration From Millionaires

It is easy to be a minimalist when you're broke. But what if you're rich? The same principles still apply. The fact is that past a certain level consumer items yield a diminishing return. I won't get into the law of marginal utility here. The fact is that a gold plated faucet is virtually no better than a regular faucet and may even be worse.

Being rich only affords you the luxuries of conspicuous consumption. You can spend money in the same way that peacocks grow tails. It is a way to show off how wasteful you are. For these particular millionaires, this is stupid. So, they opt to spend their money in ways they find more useful and beneficial as opposed to what some rapper might buy in the way of bling.

I keep my level of consumption at the same level. My life is so full now that I can't enjoy all that I have because of the limits of time. More money is not going to change this for me. For me, money goes into the bank to sit for some future need. The peace of mind having money brings beats whatever that money could buy.

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