Renting vs Buying: A Financial Minimalist's Perspective

Buying vs. renting from a financial minimalist's perspective.
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When it comes to the topic of buying vs renting, people often come at it purely from the financial perspective of which is better financially; however, I wanted to approach this topic from the view of a financial minimalist.
Financial minimalism is “making intentional choices with your money that align with your values.” When I personally choose to make a decisions, big or small, I focus on making intentional decisions that bring value in my life. In this video, I explain my perspective on buying vs renting.
1. A Good Financial Decisions Isn't Always a Good Decision
Often we connect good financial decisions to good decisions; however, just because something is a good financial decisions, it doesn't mean that it is a good decisions. Some of the best decisions that I have made in my life were decisions that were tied to developing myself as a person, rather than developing myself financially. Buying a home might be considered a good financial decision if you run the numbers; however, that does not mean that it is the best decision for you.
2. There's More Than Just One Way to Live in This World
Home ownership is a symbol of the American dream, it is also a part of this script that society gives us to live our lives by. As a financial minimalist, I seek to live my life intentionally and do things that allow me to live the life that I want to life. When it comes to buying vs. renting, it is important to define what type of life that you want to live because we all don't want the same thing in life.
3. It's More Than Just a Financial Decision
The problem with this topic of buying vs renting is that we focus so much on the financial side of the question. We seek to look at the numbers and decide if it makes sense financially; however, it is just as big of a lifestyle decision as it is a financial decision. Buying and renting are both lifestyles that affect the way we live our lives. I think that it is important to consider the lifestyle side of the decision just as much as the financial side of the decision.
4. Value Means Different Things at Different Phases of Life
A big part of financial minimalism is using money as a tool to provide value in your life. The thing about value, however, is that value means different things at different phases of life. When I was in my early 20s, value meant spending time to travel and collect experiences; however, value means something completely different in my life now. It's important to define what brings you value in your life and seek whatever that may be.
5. Debt is Debt
Often when it comes to home buying, there are the words "good debt" and "bad debt." which suggests that some forms of debt are better than other. Some forms of debt may be considered investments; however, I think it's important to remember that debt is debt. When you have debt, you owe something to someone, so it important to remember that no matter what type of debt you take out, it still means you owe something to someone.
6. Money Shouldn't Dictate All of Your Decisions
As a financial minimalist, I focus on managing my money so that money is no longer at the center of my world. I simply respect money so that it respects me back. Money is important, but it isn't everything. When you focus on your finances and become more financially free, then you can use money as a tool to live how you want to live and not let it control all of your decisions.
7. Home Ownership Isn't The Only Type of Investment
There are many different types of investments in the world and home ownership is one of them; however, it isn't the only type of investment. As a financial minimalist, I intentionally choose investments that align with my values.
8. There Are Pros and Cons to Both
Many people think that renting is just throwing money away, but there are pros and cons to both buying and renting. As a financial minimalist, it is important to choose the option that has the most pros in your life to bring value.
9. There's More to Life Than Making a Profit
We live in such a profit driven society, where profit is always the answer. There is nothing wrong with making a profit; however, no matter what you do in life, I think that it is important that profit is not the only driving force to do something.
10. The Biggest Investment You Can Make is in Yourself
When it comes to finances, people often try to figure out what the best investment is to make the biggest return; however, the biggest investment you can make is in yourself. I decided to approach this topic more so from a philosophical viewpoint because I believe that money is important, but it is not everything.
None of this is meant to be construed as financial advice, it's for entertainment purposes only. Links above include affiliate commission or referrals.