Wealth Is Having Fewer Annoyances, Not More Things
A move from Los Angeles to Charleston on the same pay felt like getting rich.
The Minimalists · 555 | Born to WalkJoshua Fields Millburn, an author who writes about living with less, asked minimalist and podcaster T.K. Coleman for something pithy: what would he still keep simple if he woke up ultra wealthy tomorrow.
Coleman had a short answer ready. "Wealth is having fewer distractions, not more possessions," he said.
Coleman argues that "the power of money is that it removes or alleviates irritants." Many of the things people try to fix by buying things, he believes, are really attempts to escape the small frictions that nag at daily life.
He learned it, he said, from moving. When he and his wife moved from Los Angeles to Charleston without earning more, he said they immediately became rich.
Rent fell to about one-third of what they had paid in Los Angeles, parking was everywhere, and they had enough space to make home feel good to come back to. Travel flipped, too. In Los Angeles, he said, the best part of a trip was getting to stay someplace nice. In Charleston, the hardest part was staying in a hotel that could not compare with where they lived.
That, for Coleman, is what much of the million dollar fantasy is really about. Citing author Seth Godin, he said, "Instead of working so hard to plan your next vacation, try creating a life that you don't feel the need to escape from." People imagine wealth buying freedom, he argues, when they are often imagining freedom from fear that the car will die, from working all the time, or from being ashamed that they cannot afford a cup of coffee with a friend.
His point is not that money does nothing. It is that people do not need as much of it when they are no longer frustrated with what they are coming home to.
Questions people ask
Is rent in Charleston really that much cheaper than in Los Angeles?
Yes, that gap is plausible. Los Angeles has long ranked among the most expensive rental markets in the country, while Charleston, though increasingly popular, has typically cost much less for comparable space. A drop of one-half to two-thirds is often reported by movers who trade a small apartment for a larger place with parking.
Does research back up the idea that fewer irritants matter more than more stuff?
The evidence is mixed. Still, researchers including Daniel Kahneman have found that day to day mood depends heavily on time use and chronic strains like commuting and financial insecurity, while the lift from new purchases tends to fade quickly.
How could I apply this without moving across the country?
This is general advice, not Coleman's prescription. One approach is to list the daily frictions that make you want to escape, such as parking, clutter, a long commute, or an unreliable car. People who try this often start with one smaller friction, like a shorter commute or a calmer home layout.