Decrease Possessions. Increase Wealth.

Why do we need so much stuff? We almost go to work entirely to buy new things or collect different experiences. How much money do we actually need to survive? What is the bare minimum amount that we need for expenses?

I never thought of myself as a materialistic person. However, I just finished reading “The Life-Changing Magic of Tidying Up,” and I may have given myself too much credit before.

Deep thoughts. The book is about the Japanese method of tidying one’s home. Tidying isn’t just cleaning but also organizing and discarding. In fact, discarding is an essential part of the process.

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When the author described how to discard things, that’s when I started to reflect on what I truly needed. I have two collections that I probably need to discard. One is my video game collection that I started at age 19. 

I love my video games and strategy guides, but it is probably time to sell them on the open market. My other collection is all of my memorabilia from my 23 years in the Marine Corps. 

Marie Kondo, the author, states that all of our past items have served their purpose. I have to agree. My children aren’t going to one day go through all of this stuff to discover who I am. Why keep these things for the one time they may want to rummage through them?

I highly recommend reading this book because collecting “stuff” keeps us from becoming rich, and more importantly, happy. Also, collecting things is going to become much more dangerous moving forward.

Digital stuff. The main thing preventing us from collecting more is physical storage. What if we had unlimited storage? How much stuff would we collect and hold?

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We will soon find out with the integration of the metaverse into our lives. I just finished a 10-part series on the metaverse, and things aren’t looking good for consumers. 

There are two types of people in the world—producers and consumers. Today, producers make content on YouTube, blogs, and podcasts. In the Metaverse, producers will create artwork and other digital trinkets and mint them as Non-Fungible Tokens (NFTs). 

These NFTs are unique items that exist on the blockchain where everyone can see their metadata. Basically, they cannot be replicated or reproduced. This uniqueness will come at a price. If you are a collector and consumer, you will pay this price in spades.

There is no limit to the amount of artwork, collectibles, icons, sports cards, etc., that you can purchase in the metaverse. The only limit is the amount of cash you hold.

Trust me, I am currently reading a book about NFTs, and producers are hoping you let your obsessive-compulsive collecting get out of control. 

NFTs are selling from thousands to millions of dollars. Celebrities are also getting into action as both consumers and producers. 

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This collecting will be a dangerous game of cat and mouse. You add in the elements of speculation and high-risk investing, and you have a recipe for disaster. 

How much stuff do you need? You should re-evaluate what you need to hold in your life. Minimalism isn’t for everyone, but some elements may prove to be valuable. 

I previously talked about lifestyle inflation and wealth destruction—with tidying up and minimalism belonging in the same conversation. The world wants you to spend all of your hard-earned income on products and services—especially ones you don’t need. 

My wife and I try to avoid collecting stuff, going out, and needless shopping as much as possible. We know when we retire overseas in Turkey (on passive income), we will have a small apartment—perhaps 1,000 square feet. 

Life is Not a Game

Our future lifestyle keeps us grounded in reality today. However, we can bring the metaverse with us anywhere, presenting a dangerous precedent. I cannot bring my physical game collection to Turkey, but I can bring a digital game collection. Does that mean I should build up a massive library of digital games?

Now is the perfect time to reflect on what is important in your life (hopefully family) and begin to shift away from the collection trap.

Collect assets. It wouldn’t be a complete article without talking about collecting assets. If there is something you should be collecting, it is assets. Whether you are creating (royalties), building (businesses), owning (real estate), or buying (dividends), the more assets, the better.

Of course, if you have this many money-producing assets and you don’t collect stuff, where do you spend your money? That’s the best part; you don’t have to spend your money. You become wealthy. 

Instead of spending $10,000 on a digital baseball card NFT, buy some USDC stable coins that pay you 9% interest. You’ll start earning $75/month within 30 days. You buy enough of these assets, and you will have cash flow.

Then, and only then, can you begin to collect experiences with family. You’ll have the cash flow to travel and help with future purchases. If you forgo consumerism and materialism, you’ll be surprised how fast you can become wealthy.

The Basics of Design 106

Conclusion. I am not here to bash your choice of purchases. I have enough skeletons in my closet of prior spending habits—I can’t judge anyone. 

However, It feels better to end the month +$5,000 than down -$50. It feels great to earn $900/month in dividends and another $100 in book royalties. 

Since I stopped buying physical video games, I still have FOMO for new games arriving on the shelves. I want to purchase them, and then I think about buying $60 worth of AGNC stock. I have to ground myself in reality and resist the temptation to collect things I don’t need.

“The Life-Changing Magic of Tidying Up” is helping me to put things into perspective. I should appreciate all my prior purchases because they lead to where I am today. I just don’t have to keep buying these items because of a desire to collect them. 

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