Have you ever stopped to think how some people can travel around the world on a whim, whilst you use the excuse about what you would do with all your ‘stuff?’
Have you ever calculated the total of the fees you have paid on your storage shed over the years, versus what the actual contents are now worth?
Have you ever declined an opportunity of adventure because you couldn’t think what to do with your possessions?
The wealthiest people I know rent their homes, lease cars, and borrow boats. They skip expensive watches and avoid collecting art. They don’t weigh themselves down with ‘stuff.’ When I sold my Brisbane, Australia, house in 2005, I got rid of most of my physical possessions. Now everything I own could fit into two suitcases, and I’ve never felt richer or freer.
Most people acquire material possessions because that’s what they think rich people do. They fill their homes with stuff, tie themselves to one location, and spend large amounts of time flaunting their possessions in a desperate attempt to feel special. Social media has even exacerbated the problem, with people giving the outward impression they have the dream lifestyle. This inferiority complex can even become contagious, causing family and friends to ‘compete’ in this never-ending spiral. However, there is a much smarter approach to life that few people talk about.
Own less and live more: wealth sits in freedom
Choose experience over ownership
Rich people grasp a truth that most miss: ownership means obligation. Assets are usually liabilities. Most cost money to maintain, time to look after, and focus to protect. What you own ends up owning you.
A beach house sounds amazing until you’re fielding calls about broken appliances. A boat becomes a burden when you’re paying for mooring fees and winter storage. Each possession takes up mental and physical space.
Smart wealth means paying to remove friction. Rich people hire cleaners, order groceries, and book premium travel. They won’t waste an hour to save $20.
Travel light through life
Less stuff creates more options. I’ve travelled extensively (96 countries and counting) and have lived in several of them. I’ve visited new countries on a complete whim, sometimes only within the hour. All this would be impossible with lots of possessions. Stay light, stay nimble. Be happy to stay but ready to go.
You can switch cities without hiring moving trucks. You can upgrade your life without selling assets. You can follow opportunities without ties holding you back. Minimalism sounds extreme until you see it’s your ticket to maximum flexibility. And the weight moved from around your neck feels so exhilarating – to be free!
Rent what appreciates
“We got a whole lot of money but we still pay rent,” sang Lady Gaga in her 2011 song Yoü and I. It’s a solid strategy. Not everyone can buy premium real estate in the best locations, but anyone can rent a seafront apartment for a month.
You don’t need to own something to get its benefits. The wealthy often rent the best of everything instead of owning mediocre versions. They prioritize experiences over objects and memories over maintenance.
Focus on cash flow
Building wealth starts with generating money, not collecting things. When I started my first business, I focused entirely on winning clients and growing the business, rather than buying fancy office furniture or work vehicles.
Increase your income and protect your time. Skip buying status symbols that drain your bank account. Your net worth matters less than your monthly cash flow and your freedom to choose what’s next. Smart entrepreneurs reinvest in growth rather than splashing cash to keep up appearances.
Live a rich life without owning everything
Your freedom matters more than your possessions, so question what you own and why you own it. Dispose of things that cost you time. Stop buying assets that limit your choices. Keep cash liquid and time flexible. Sell something that’s holding you back. Cancel a commitment that drains you. Rent an experience you’ve been waiting to own. Don’t own stuff. Own your life.
