The conventional image of wealth often conjures visions of luxury cars, lavish vacations, and designer goods. However, a growing number of affluent individuals are challenging this stereotype by embracing a lifestyle of “under-consumption.” This approach prioritizes mindful spending and living with less, focusing on needs over wants. Rather than accumulating possessions, these individuals prioritize experiences, financial security, and philanthropic endeavors.
This trend is gaining visibility on social media platforms like TikTok, where individuals share their frugal choices, from meticulously planned grocery lists featuring budget-friendly options like frozen foods, to showcasing their decluttered homes. The movement highlights a shift in perspective, emphasizing the importance of financial freedom and intentional living over material possessions.
Multi-millionaire author and entrepreneur Shang Saavedra exemplifies this lifestyle. As reported by Fortune, she and her husband, despite their considerable wealth, live in a suburban Los Angeles home and drive a used car. They prioritize home-cooked meals using often frozen ingredients, foregoing expensive restaurants. Their children wear hand-me-down clothes and play with toys sourced from second-hand marketplaces like Facebook Marketplace. Experiences are focused on free or low-cost activities, rather than costly outings. Saavedra’s financial priorities lie in investing in her children’s education, building assets, and supporting her philanthropic goals. She acknowledges occasional indulgences, but stresses the importance of understanding the underlying reasons for purchasing luxury items, often recognizing them as attempts to address deeper psychological needs.
Similarly, Annie Cole, a six-figure earner with over a million dollars in assets, practices under-consumption. She meticulously manages her monthly expenses, keeping them under $4,000. This involves strategic choices like selling her car, batch cooking, and limiting hair appointments. She strategically purchases clothes only three times a year, utilizes air miles for travel, and prioritizes inexpensive activities like hiking and swimming for vacations. For Cole, the financial security and freedom afforded by her mindful spending are more valuable than material excess. The ability to retire early and maintain flexibility in her work life represents a significant benefit of her approach.
Even in a high-consumption city like Las Vegas, dentist Robert Chin and his partner Jessica Pharar, both earning comfortable six-figure salaries, exemplify this trend. They demonstrate practical cost-saving measures like carpooling to reduce fuel costs and packing their lunches. Restaurant meals are limited to once or twice a month, further demonstrating their commitment to mindful spending.
These examples collectively illustrate a growing counter-narrative to the traditional association of wealth with excessive consumption. For these individuals, financial security, personal fulfillment, and the freedom to pursue their values are far more valuable than accumulating material wealth.