While I’ve written many blogs in the past about first-world slavery (Are You a Slave to Consumerism?, Start Working for Yourself without Quitting Your Job!), I find myself inclined to write another blog on yet the very same topic yet framed in a different manner. The reason I’m inclined to do so is that first-world slavery is a tough disease to battle because it’s fed by some very resilient bacteria known as misinformation and denial.
Now before you take offense and storm off, take a moment to bear with me and read this through. Believe me, if this blog gets through to you, I guarantee it will transform your life in ways you couldn’t have imagined. I may have just added another decade or two to your happy retirement!
Take a moment and write this down: “I want a bigger house because…” Now, take a couple of minutes and write down all of the reasons that you want to buy a bigger house (or possibly even renovate your current one). Once you’re done that, take a couple more minutes and write them onto two separate sheets – want and need. I’ve done this exercise a number of times during my financial freedom workshops and in most cases, if you are being honest with yourself, the items will all end up on the want sheet (bigger yard, more rooms, balcony, higher end finish), in very few scenarios items may end up on the need sheet (new baby arriving, moving for work, etc.). Be careful and be honest with yourself – the only individual who will pay the long-term consequence for any stretching of the truth in this scenario is you.