The Minimalists 426 | Breaking Free from Broke
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Jan 15, 2024 Author George Kamal joins The Minimalists to discuss letting go of past financial mistakes, the relationship between frugality and minimalism, and whether The Minimalists are millionaires. The hosts also delve into the challenge of letting go of belongings, the evolution of tipping, and the connection between wealth and minimalism.
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Debt Snowball
- List your debts smallest to largest and focus on paying off the smallest one first.
- This creates momentum and gives you hope, even if it's not mathematically optimal.
Broke vs. Broken Habits
- Being broke is often due to broken habits, not insufficient income.
- Focus on living below your means instead of chasing higher incomes, which often leads to lifestyle creep.
Frugality vs. Minimalism
- Frugality and minimalism are distinct concepts; one isn't about cheapness, the other about intentionality.
- Frugality becomes a burden when it leads to clutter or prevents enjoying life.