Welcome to the new subscribers and welcome back to the returning crew to In Pursuit of Financial Freedom. In this newsletter I discuss all the things Financial Freedom aligning with the four themes: Savings, Multiple Revenue Streams, Debt Management and Retirement. I talk a lot about real estate and some alternative investment vehicles and opportunities. If you aren’t following along the journey, might I suggest clicking below.
The self-storage industry is booming and growing! It is definitely one industry I would love to invest in some day. This article is not about investing in self-storage though (sorry if you were looking forward to learning more about it).
This article is about SH*T. Yes, you heard me.
You know that stuff you keep in boxes because you aren’t ready to throw it out and “you may need one day.” Yeah that sh*t. We are currently in the middle of renovating our unfinished basement into a studio apartment as part of my House Hack strategy and this has been top of mind. Let me tell you, our basement is full of SH*T.
Christmas decorations, tools; boxes full of painting supplies, extra cookware and who knows what else; extra furniture: two tables, a bar cabinet, chairs, shelves, mattresses and bed frames. Not to mention the boxes full of wires, backpacks, guitar equipment, clothes, video games, video game consoles and shoes… More stuff than we need. Not only that but the previous owner left a lot of his old stuff down there too. Even he didn’t have the guts to throw it all out, probably thinking we might be able to use it (sorry NO THANK YOU, I have enough of my own garbage).
If most people are anything like us then this explains exactly why the self-storage industry is booming… We all have too much sh*t.
So what does sh*t have to do with Financial Freedom?
Sh*t costs money. This adds up over time. That money could be invested or used for something that will generate revenue vs. cost you money and take up space in the basement (or worse cost you a whole storage unit) over time.
It isn’t all about the stuff that we keep in the basement. It is the sh*t that creeps its way into our homes, on our shelves, in our kitchen pantries and closets. The stuff we want because it looks nice and is cute but we don’t actually need. I bought a little crock just to bake brie in. It was so cute.. I’ve actually used it twice but for the most part it sits untouched in my kitchen cabinet. We all have sh*t like this. It isn’t our fault completely though, our consumerist society promotes this culture and negatively influences us. All this stuff is pushed down our throats every time we log on Facebook or walk into the grocery store.
It takes a lot of self control to say NO, to stick to the budget and walk away. I’ve been successful at doing this. Nixing my shopping habit has saved me about $200 a month. I definitely falter at times though. Last month I came across this really cute dress online that would be perfect for Thanksgiving, soI bought it. No one is perfect.
I realize a lot of this stuff we need and then there is that stuff we want. But what do we really want? If I could save up my money and instead use it to purchase a vacation day I would so much rather have that. If I could save up my money and invest it in exchange for financial freedom for a lifetime... oh my gosh yes would I do that! (Let’s be real though, as I’ve shared previously Financial Freedom isn’t about quitting a job).
What would you do if you could save a few hundred every month?
My final thoughts:
Get rid of the junk and stop buying new junk. Invest the money in yourself instead. Think twice before you buy that new thing you don’t really need. Once you hit your savings goals regularly, minimize spending and invest, you will achieve Financial Freedom a lot quicker.
Get rid of the junk in the basement, renovate it and rent it out. Save Money, Invest Money and Achieve Financial Freedom.
For more Before and After pictures of our basement renovation follow me on Instagram @amandagisonni
A word on minimalism
Getting rid of stuff feels amazing. Don’t be afraid to just throw it out, recycle it, give it away, sell it on Marketplace. I am selling as much as possible out of my basement. It feels so good to get rid of it. There is a documentary on Netflix called Minimalism all about the idea of less stuff leads to a more fulfilling life. It was a bit slow for me but the concept is one worth learning. You don’t have to overly commit to it but take pieces of it and insert them into your life where you can.