How Living a Minimalist Lifestyle Helped Me Purchase My First Home
You know one thing that’s very important to me?
Peace of mind.
You know what gives me peace of mind?
And that’s exactly what owning your own home provides.
While there’s nothing wrong with renting, there’s also nothing great about it.
And I get it.
Sometimes you don’t have a choice.
You either pay rent or sleep on the street.
Buying a home isn’t easy.
It requires money and good credit.
You don’t have the down payment?
Your credit sucks?
But what if you get serious and make a plan.
That’s what I did when I was 27 years old.
I had a ton of college debt.
And at the rate I was going to get paid with my Bachelors Degree, I’d probably be in debt forever.
There was no way I’d ever be able to save up for a down payment to buy a house.
So I took a different route than most people.
I made a plan to do whatever necessary to get what I wanted.
How do you get what you want?
Becoming a minimalist
While most people my age rent apartments, I rented a studio with everything included. (Light, water, and cable)
A studio is a LOT smaller than an apartment.
You have everything in one room.
Your bed, fridge, couch, coffee table, and so on.
I didn’t have a kitchen.
Just the fridge and a microwave.
But you know what?
That studio had everything I needed for half the cost.
I had a place to sleep, shower, and work on this blog.
It gave me the opportunity to save a TON of money.
I paid $800 a month in rent.
Apartments where I live (Miami, FL) go for about $1,250 for a one bedroom.
Yes, the rent is ridiculously high.
And to make matters worse, those $1,250 only cover rent!
You still have to pay light, water, and internet.
We’re talking easily $1,500 or more per month.
By moving into a studio that covered all those expenses, I was able to save $700 per month.
$1500 (apartment) – $800 (my studio price) = $700
What would you do with an extra $700 every month?
I know what I did.
I made pretend that my rent was $1,500.
My landlord got $800 every month on the 1st.
My savings account got the other $700.
People in my position would take trips or buy unnecessary things with the money.
I stayed in my studio and worked.
Many hours were spent writing articles and completing my eBook Mr. $100
It was a sacrifice.
But now, it’s done.
Most people my age aren’t homeowners.
I’m 29 years old.
Owning a home means more to me than anything.
More than driving a nice car.
More than dating the gorgeous women in Miami.
More than taking a trip to Alaska and watching Free Willy swim in the ocean.
I knew success had a price.
I was reassured each time I read Think and Grow Rich.
So I paid that price.
How many regrets do I have?
Do I wish I would’ve started when I was 18 instead of 27?
More than a little kid wishes tomorrow was Christmas.
But that’s not important.
What’s important is that I got what I wanted.
What do you want?
What’s the price?
Sacrifice until you’re able to afford it.
Besides paying less for rent, I saved in other areas.
I didn’t eat out often.
I’d buy things to make at home.
You’d be surprised how creative you can get with a George Foreman grill.
You can even fry an egg on that thing.
I didn’t buy anything that wasn’t necessary.
I wouldn’t go out with friends and blow 100s of dollars over the weekend.
The girl I was seeing at the time thought I had money problems.
That I was broke.
I was on a mission.
I had to save every penny possible.
The goal was to own a home before turning 30.
And I succeeded.
Why I wanted to become a homeowner
There are countless benefits to being a homeowner.
Everything from tax breaks to having the liberty to do whatever you want inside.
You want to paint the walls green?
You want to throw a party and invite all 50 family members?
You want to buy 3 Doberman’s and let them run crazy in the yard?
No one can kick you out of your home or tell you what to do.
You make the rules.
Becoming a homeowner is something everyone needs to strive for.
From a business perspective, it’s a brilliant investment.
You can easily profit.
Let’s say your mortgage is $1,000 and you rent it out for $2,000.
That’s a FREE $1000 in your hands every month.
Save those $1,000 and do it all over again with a second home.
The money is in real estate, my friend.
Everything in life is about sacrifice.
To get from where you are to where you want to be, you must do what’s necessary.
As long as you’re willing to pay the price, you’ll get what you want.
Not everyone can save $700 a month.
It’s tempting to spend it.
Believe me, I know.
But with the right mindset and discipline, you won’t.
You’ll hear people make justifications to spend money.
“Oh, what if I die tomorrow? I have to live like it’s my last day”
It’s the famous response from those who won’t sacrifice to get bigger and better things in life.
My only question to them is:
Yeah, but what if you don’t die? What’s your future going to look like?
Most stay quiet while others make further justifications.
You think I didn’t want to travel and “live” my life when I was saving all that money?
Of course I did!
But you know what?
I’ll travel now.
Make peace with sacrificing for what you want.
Pay whatever price necessary.
It’s 100% worth it.