A few days ago, a reader sent me a wonderful article from The Seattle Times: Young tech millionaires keeping 1-bedroom lifestyle. It focuses on some of Silicon Valley’s most successful young entrepreneurs, and how they’re rejecting traditional status symbols like mansions and luxury cars. Why? They find more value in funding startup ventures and social causes than engaging in conspicuous consumption.
For example: Aaron Patzer, the founder of Mint.com, who sold his company in 2009 for $170 million. He lives in a 600-square-foot, one-bedroom apartment, and recently replaced his 1996 Ford Contour (with 150,000 miles) with a $29K Subaru Outback.
Another one: Joe Greenstein, cofounder of Flixster, which was purchased by Time Warner for $80 million. He’s happy living a “modest life” in his studio apartment.
The two founders of Facebook, Mark Zuckerberg and Dustin Moskovitz, are also featured. According to his Facebook profile, Zuckerberg’s interests include “minimalism” and “eliminating desire.” Moskovitz has a similar philosophy:
“Things can’t bring you happiness,” Moskovitz said. “I have pictured myself owning expensive things and easily came to the conclusion that I would not have a materially more meaningful life because of them.”
What a refreshing alternative to the typical lifestyles of the rich and famous! I love the message these guys are sending: that wealth can be put to better use than big houses and fancy cars. And that just because you’re wealthy, doesn’t mean you must have those things.
When I first started this blog, I occasionally received emails and comments to the effect of, “I’m sorry, you must live that way because you’re really poor” or “I lived like that when I had no money, too”—as if someone with suitable finances would never choose to live without rooms full of furniture and giant screen TVs.
Similarly, when my husband and I first started living minimally, acquaintances didn’t know what to make of our lifestyle. While peers in our income bracket were buying McMansions, we bought a small, fixer-upper bungalow. While they were leasing luxury cars, we drove our old, high-mileage cars into the ground. While they were shopping for home theater systems, we chose to give up our cable.
Why didn’t we indulge in such things if we could afford them? We simply had different priorities. It’s not that we didn’t spend money—it’s just that we spent it on experiences (like travel) rather than stuff, or saved it for things that really mattered to us.
Which led to an interesting dichotomy: while some people were concerned about our financial well-being (“you’re welcome to the couch in our basement”), others suspected we’d had some sort of financial windfall. We’d hear, “Oh, it must be nice to be able to jet off to Europe!” or “I wish I could afford to quit my job and write all day.” Well, yes, you can do those things when you don’t have a $400K mortgage, a $50K car payment, and tens of thousands in credit card debt. ;-)
I’m certainly not saying that our choices are better than anyone else’s—they’re simply different. They’re what’s right for us, and what makes us happy.
And that’s why I love this article. These young millionaires are completely uprooting the notion of keeping up with the Joneses. They’re subverting the message that Madison Avenue has been sending us for decades: that success equates to status symbols and conspicuous consumption. They’re setting an example that you can want less, no matter what your net worth, and use your money in ways that are important to you (rather than as society expects).
So what does that mean to those of us many rungs below on the economic ladder? Use your resources in the ways you find fulfilling, no matter what anyone else thinks. Don’t hesitate to keep driving your old junker, and spend your paycheck on art classes instead. Feel free to put money into your kid’s college fund, rather than upgrade your living room furniture. Live your dream of travel, instead of taking on a big mortgage. Donate to your favorite charity, instead of splurging on the designer handbag all your friends have.
Bottom line: whether you have $10 or $10 million, there’s much more to life than things.
[Note: the one issue I have with this article is the quoted assertion that “being concerned with appearance, shopping for clothes and decorating your house are feminine values.” I think that’s an unfortunate stereotype we can do without.]
{If you’d like to learn more about minimalist living, please consider reading my book, The Joy of Less, A Minimalist Living Guide, or subscribing to my RSS feed.}
So much truth in this article, Francine.
At the moment we chose to focus the money we save by our minimalism on going back to university and changing careers.
I loooooooooove this article, very inspiring. Thanks for sharing it.
I once dated a guy and mentioned to a friend that he was a minimalist. The response was: he’s poor.
Nearly 20 years later, I just returned from vacation with family and friends and at some point the discussion turned to everyone’s desire to live with less and unload excesses.
I truly enjoyed this article. I do get dismayed that most minimalist articles assume that people want to travel. My husband and I are homebodies. We love hearth and home. So our minimalism is about cutting back on things that take us away from home and we focus our efforts and finances toward making our home and property comfortable for us. But we don’t clutter our home with a lot of things we don’t need. We focus on quality instead of quantity.
Yes same here. I’m not one of those people who enjoy travelling round the globe.
I find it very funny. We live like college students and we are both headed towards 40 with a kid. : ) People react as if we are really poor and should be pitied or think that we just are in transition, waiting on buying that big house, stuff, etc. It’s funny, as we recently came into a little money. We went to the mall to get hubby some sneakers and wanted NOTHING else except a pretzel. When we recently moved, we filled the moving truck, but only with one lower layer. Most of that was taking up by the mower, bikes and couch. People were shocked that we loaded the truck in 5 hours, completely done and off to the swimming pool. It was awesome. I have an Aunt who lives in a 1 bedroom condo. She has more money than any other person I have ever met. She is truly happy with just what she needs. Most people think she is just old and cannot afford things.
That article is so refreshing! I really hope this is the start of a new trend, not only for the sake of individual happiness, but also because it really is about time we stop trashing our planet.
(But I do agree that this article could have done without the sexist comment on ‘feminine values’!)
I think these millionaires live like that in a deliberate contrast to the ‘show the wealth’ lifestyle that the 80’s and 90’s promoted. I’m glad. My husband can be incredibly frugal, but we spend our cash where it makes sense to us. As the saying goes, “there are no pockets in shrouds” and the one with the most toys has a storage problem. Thanks for a thought-provoking post. (again)
It is refreshing to see millionaires living below their means and being interested in giving the money back to the world in some way. The gender stereotypes are a bit kooky but in that same paragraph was an interesting note that these people are still looking for status, but that they have a hacker mentality–so status is conveyed by deeds and the evidence of brilliance. These are all internet millionaires, and many of them selling non-tangible things (i.e. social networking). It makes sense that they wouldn’t be wrapped up in physical things, and it probably helps that they don’t depend for their success on other people being wraped up in physical things. They’re like a legitimized community of hackers. Which is actually pretty cool.
One could not help but notice little things, however, like the guy who lived on a mattress in his tiny apartment finally buying his modest $7 million house. Or the one making do with his $800,000 condo. Possibly that condo is quite small and the price is based on location. But, still.
So impressed!
I’ve been thinking about the minimalist millionaires during the day and realized how pathetic it is to even compare my (or the average person’s) minimalism to theirs.
On the one hand I am a minimalist because unnecessary stuff and clutter irritates me. However, if I wasn’t a minimalist I am not sure if I would and could change careers/travel/dine at expensive restaurants etc.
The minimalist millionaires do not have to make choices like that. Therefore if they are still chosing to live on less, they either do it because it makes them happy, or they do it to follow a new/hip trand and/or to promote themselves. …me thinks anyway. :)
Hmmm, I like the article, but also thought the “feminine values” comment reeked of sexism. I don’t know what planet this guy lives on, but from time immemorial, there have been dudes building giant castles/abodes, wearing expensive and ridiculous clothing (and makeup!), and grooming themselves in insane manners just to prove their status. But I really appreciate them highlighting what people with billions can do besides have 27 cars!
That comment was actually made by a woman.
I read the same article a couple of weeks ago. Last night I was watching a documentary on BMW, who now own the upscale Rolls Royce line (not Bentley). The upscale line starts at $350,000 and are often seven figure cars. I thought of these young entrepeneurs right away. I like the fact that they have enough ego strength to feel that they don’t have to flaunt their wealth or achievements. They have remained grounded, have not bought into the consumer society and the competitiveness of Americans, in general. I compare these people to the head of Oracle who is the complete opposite and not someone I think I would like or respect very much if I met him, to put it nicely. He is vying for the largest home in the U.S., which used to be the Vanderbuilt house in North Carolina. His home is very Asian and he brags that all of the rocks that were brought in to surround is man-made lake look as though “God put them there”. Puh-lease. He also has one of the largest yachts. People building monuments to themselves. Sigh.
Hello,
I just read Ashley Judd’s,” All that is Bitter and Sweet: A Memoir: and it was quite the book. She took you through her journey working with PSI, in Africa, India and Asia. And I can’t help but wonder what we could do if we took our efforts off of our own consumption and give to these people who need it the most. We should all have shelter,food and clothing without having to prostitute for it. Why isn’t all we have enough for everyone? I love that these people are sharing their wealth and doing good. We can all do something. I think a partial quote was,”We can be a stitch in the quilt…” Love,Caroline
I LOVE reading your blog! Call me a minimalist-wannabe. I am trying, I have a two story house with 2 barns full of stuff and slowly trying to dig thru it all, get rid of most of it. I am a multi-media artist, jewelry maker and cultural educator waiting for a teaching job in the public schools to open up. Thus I have tons of art stuff, children’s books, teaching materials, etc. My husband has ranch equipment and stuff he might need for fixing irrigation, fence, horse things, etc, I’m still working on him.
I recently got rid of 8 pickup truck loads of kitchen things, shoes, clothes, bags, woman stuff. Still so much more to go as we have been living here 25 years ( even tho I do go thru my closet 2-3 times a year to unload)…sigh……….
However, I went to the mall last week and only used the bathroom! I was so proud of myself because I am a compulsive shopper trying to reform. Now if I could only stay off Facebook! Prayers are welcome!
I had an account on Facebook but closed it because I was spending too much time on it. After I closed it I felt a sense of relief. When people tell me to befriend them on Facebook so I can look at their pictures, etc. I tell them that I don’t have an account. Getting rid of Facebook/Twitter is cyber minimalism. I know some people can’t get rid of them because of their work, but if you can, go ahead and do it. Also unsubscribe from excess bloggers, etc., (except Miss Minimalist, of course!)and you’ll have more free time to enjoy doing other things that really interest you and give meaning to your life.
As you requested I’ll be praying for you so you can stay off Facebook!
Great article, thanks for posting the link!
I know several people like the ones mentioned in the article, and I don’t think they’re much concerned with competing over who donates the most or anything, I think they’re just genuinely nerds who take pride in the work they do and the changes they can make. They’re more supportive of others’ efforts rather than competitive, and they enjoy talking about ideas rather than material things. All in all great people.
As far as the “being concerned with appearance, shopping for clothes and decorating your house are feminine values” quote goes, I tend to agree with it, noting that it is a generalization after all. But it fails to mention that many men are concerned with the latest technology and flashier cars, which cost money and still degrade the environment. If men reading the quote will think, in boyish ways, “I don’t want that – I’m not a girl!” and embrace a more minimal lifestyle, then I think the quote does more good than harm.
Aaron Patzer drives an Outback- I love that!
Thank you for sharing this article, Francine! I appreciate the example of people who are actively choosing to use their wealth — larger or small! — in meaningful, counter-cultural ways. It supports the foundation of what you write about in The Joy Of Less: that less can equal freedom, and that it’s liberating to use your money in a way that reflects what you actually value.
What a great article! It seems like there is a little backlash that is spreading about the world in response to rampant consumerism and the emptiness and waste it has brought us. People are finally waking up and realizing that a simpler way of life, with priorities on what truly makes us happy (not things) is what counts.
I’ve often joked with my husband about what we would do if we won the lottery (um, we don’t buy tickets, so this is pure fantasy!), and whether we would even tell people we know. We concluded that we’d do a few small things (probably anonymously) to help a few people and worthy causes, clear our debts and improve a few things, but otherwise not a whole lot different.
Linda, I just read Ashley Judd’s book too and loved it. I remember she said years ago during an interview she wanted to use acting as a stepping stone to do bigger things in life like helping the poor and I thought “yeah, right”. Well, she put her money where her mouth was and is walking the walk and I respect and admire her even more. On our subject, it frustrates me that people think you are poor because you don’t have all the stuff. Again, it’s swimming up the river but the peace and simplicity of my life compared to theirs is worth it, especially in a family oriented, wealthy, keep up with the Jones’s type town I live in. I know they probably feel sorry for me and my kids when they pull up to our little place (albiet cozy and cute and neat as a pin) compared to their mcmansions. They probably wish they had the courage to live like a minimalist but are afraid of what other’s might think. But it’s funny to see the confused expressions on their faces when you can suddenly fork over the cash for camps and kids’ activities and say “no, we don’t have time for fundraising, I’ll just pay.” It’s worth the look on their faces :)
Funny how I used to want more things when I was in my 20’s. Now that I’m a bit older, I want less.
I love it! I wonder if it has something to do with their work ethics, as well. They may be too busy working to focus on home life or racing around in the priciest sports car. Not that there’s anything wrong with that. There are lots of folks who would rather be working, but I hope they also consider the impacts of their work on the lives of others, as these guys seem to be doing. I hope this trend is contagious.
Wonderful article! Thanks for posting :-)
Great article, Francine! I’m going to share it on my web site.
And congrats – you were featured on “SPIEGEL online”: http://rbnbr.info/ob
Oh, wow, I had no idea — thanks for letting me know, Alex!
Contrast that to a young man who sold a business for 100s of millions in his 20s, had 2 houses on the beach, nice cars and had lost meaning in his life. He was on the show Secret Millionaire and had an eye-opening experience, but not so much so that it changed his way of life. It made him feel good to give, but not so much that he downsized at all.
Bernice
Another great story in a similar vein – this time about Peter Buffett (son of Warren)…
http://www.yesmagazine.org/happiness/peter-buffett-id-rather-have-a-life-than-a-pile-of-money?utm_source=wkly20110715&utm_medium=yesemail&utm_campaign=titleFKorten
Ah, thanks Henny — another inspirational article!
The fact that someone who is obscenely wealthy chooses to live a slightly less extravagant lifestyle does not make him or her worthy of accolade nor does it instantly earn my respect. If anything, it raises my suspicions.
That said, what is important is what they choose to do with the money they are saving by living more modestly.
Love this!!!! So very true and exactly why we are turning away from the traditional American dream to a life of minimalism. We have participated and done “what we should” and now we are ready to move forward. It did not bring us the happiness or satisfaction that we wanted. It is so refreshing to see that others who can clearly afford to live lives worthy of Robin Leach’s commentary are now also turning away from convention and setting a new example which will hopefully create a new reality for all of us. Thanks for posting!
Thanks for the interesting article. I live near Palo Alto and I really do think the mindset, as typified in the article, is becoming more common.
I sometimes think the new minimalism is a reaction to our parents, who we saw accruing more and more stuff (and debt, and fights about money) and never having the time to enjoy it.
I am also one of those who spend a lot of time at home, doing projects with my kids. My house and garden would in no way be termed aesthetically minimalist – but I spend practically no money on them and the give me a great deal of joy.
Question: Is minimalism more of an aesthetic or a philosophy?
Minimalism is both — an aesthetic and a philosophy.
I’m living exactly the way I want — working when I want, and traveling the rest of the time :)
Am on my second vacation! I don’t want to give this up for a life chained to stuff.
I have always wondered why people want prestigious things like cars or clothes of certain brands just to impress others or just because they are trendy but without really caring about them personally.
I bought a lot of things, too, but I was personally attached to most of them. Most people I knew bought things they absolutely were not attached to personally, even to the point where I thought they feel pressured to buy things that come with a well-known brand name.
I watched some friends and family members shop for electronics *that they would rarely use* – looking for the most expensive they could afford and making sure they knew all the features.
When I was a teen, I listend to music extensively and intensively – a lot of the time, very closely. My simple CD player was completely sufficient for that (even though I wanted new CDs every now and then, but only after I had memorized every song on the old ones).
My mother NEVER listened to music, it was always background noise for her.
Then I watched her shop for loudspeakers – they had to have the best tone quality imaginable and several different other features.
She spent a whole afternoon choosing them, set them up – and then did never use them to consciously listen to music. She has no CD that she personally cares for, she never sits down purposely to listen to music, the only time she uses the speakers is when people come to visit around Christmas etc. and she wants to supply background music.
BUT she is immensely proud of these speakers.
I never would have spent so much money on something I do not care for most of the time, that I don’t even notice when I use it.
To this day she bought exactly ONE DC herself and listend to it maybe twice.
I watch this kind of behavior a lot and am always astonished at the reasons for buying things that one does not really care about but that “have a good name”.
I spend as little money as possible on things I must have but don’t care about or things I want to have but don’t really love or notice while using (tv-set which I DO have and use).
It never occurred to me why I should have an expensive watch, that I only notice once or twice a day for a few seconds. Or an expensive cell phone for that matter.
I do however own expensive hard cover books that I bought consciously and will probably keep at least for the next 20 years.
I’ve never spent much money on clothes, furniture, or anything else. I always wanted to retire early. When the kids were little we went on road trips during the summer. I have a few nice pieces of jewelry I inherited or bought second hand. I have friends supporting their adult children which we are not doing. The kids give me gift cards which I use for the occasional book or fancier lip gloss or soap than I would normally buy. Sometimes we get gift cards for the movies.
I tried to
I tried to get my daughter to clean out her car by bringing a bag with me Everytime I rode with her. Now the passenger compartment isn’t too bad but the trunk is still full of stuff. I suggested when the weather cools off, she might do the same thing, take a bag with her Everytime she goes in the car.
My daughter got the hoarding gene which runs through our family. She has piles and boxes of things everywhere. Whenever I go to her apt. Which is not often, I start cleaning the place. I like to see empty space. Lots of white, and only things we use. I am most worried about her inability to save money even though she works full time.
We usually have enough food for 2 weeks in the house because sometimes the river near us floods or the traffic signals go out. I was thinking how lucky we are because some people don’t have clean water or a change of clothes. We even keep an extra bag of cat food in the closet.
My daughter has been selling bags full of books in an attempt to clean out her apartment. She has also been giving away big bags of clothes to Goodwill. Finally,I can see some space on the floor.When she cleans, she finds money and gift cards so that helps,too.