Five Humbling Life Lessons I’ve Learned After Saving $200k by 29
I recently reached a very significant financial milestone: $200,000 in savings and no debt. Saving that much money was a difficult, but humbling experience. I spent much of that time doing laborious work or being scolded by disrespectful customers. Nonetheless, working these jobs has taught me about the value of hard work and that money does not come easy.
My mother has been the driving force behind my frugal and minimalist lifestyle. From a young age, she taught me to always live below my means, to stick to a budget, and to aggressively save. “If you don’t need it, don’t buy it," she’d say.
Being frugal and prioritizing financial freedom can be a very valuable mindset. I’ve learned many humbling life lessons about money over the years that continue to inspire me to live a debt free and financially secure life.
1) Don’t judge someone for what they do for a living
I was raised to never look down on people, especially those with “bad” or “dirty” jobs. And as I’ve gotten older, I’ve begun to admire and appreciate the valuable role they play in society.
Construction workers build the houses we live in. Plumbers keep our waters flowing, while janitors provide us with a clean, germ-free environment. Blue-collar workers are the backbone of society and should be treated with the utmost respect. Our world would be a discombobulated mess if we didn’t have them.
Having worked in retail and general labour, I’ve come to realize how judgmental some people can be. I no longer give my time, energy and attention to them. There’s absolutely nothing wrong with doing honest work. Everyone’s just trying to provide for their families and put food on the table. Every person—no matter their job—plays an important role in society.
2) Pursue experiences, not material things
Growing up, I always wanted to have the latest gadgets or coolest toys. As I’ve gotten older, I’ve realized that these materials weren’t always making me happy because they often deteriorated quickly or I simply got bored of them.
I’ve since found joy in spending my money on experiences, whether it’s solo backpacking in Japan, lake hopping in Banff, Canada, or high-altitude hiking in Peru. Experiences are essentially memories that will stick with us for a lifetime. They are the building blocks of our character and, in most cases, our happiness. The places we’ve visited, and the things we’ve seen or done become an integral part of our identity.
I now pride myself in owning as little stuff as possible. These days, I only buy the things I need. Anything else is useless clutter that will only take up space in my home. In other words, be intentional with your earnings. Spend it on the things that will bring you joy, not regret. Save for what matters.
3) You will always be disposable to a company
Every employee, from the founder to the CEO to the intern, is disposable and replaceable. Every time I’ve left a job, a new employee would take my place rather quickly. While employees may choose to remain loyal, their company may not always do the same for them. The harsh truth is that your job owes you nothing. You could get let go or demoted at any time.
I often hear stories of people being overworked, being shamed for taking sick days, or simply going on vacation. I’ve since learned to never let a company define who I am, and to instead find a balance between work and my personal life. Nobody should ever have to sacrifice their mental health or well-being for the sake of a company.
4) Don’t let debt define you
Debt is often a common aspect of life, and we’ll likely accumulate it at some point. When I had debt, I assumed everyone else was doing better than I was, only to realize that so many others also carry debt. Instead, I learned that being upfront and open about my financial situation wasn’t embarrassing, it’s empowering
Having debt doesn’t necessarily mean you’re financially irresponsible. It’s nothing to be ashamed of. What truly matters is that you’re budgeting and working towards paying it off as quickly as you can.
5) Comparison is the thief of joy
Far too often, people will see their peers spending money on something and then feel compelled to have it too, even if they might not need it or can’t afford it. They might even feel inadequate, left out, or jealous.
I’ve since learned that everyone has a unique path in life, and that comparing ourselves to others is a toxic trait. I intentionally choose to focus on myself and the things that I have. I’ll only spend my money on the things that bring me joy, not on what makes others happy.
I’ve been fortunate enough to have some very positive role models in my life that have guided me towards a life of financial freedom. I understand that there is still so much to learn and that money doesn’t come easy. Nonetheless, I’m excited for the future and feel confident that I can overcome any challenges that may come my way.
