You Decide What “luxury” Means to You
Thrift can take you far, but you shouldn’t feel guilty for allowing yourself the luxury that truly improves your life. However, you must define what “luxury” means to you. Nobody else can do it.
Ramit Sethi, author of one of my favorite books on money management, I’ll Teach You To Be Rich, explains:
Let’s be clear on one thing: luxury doesn’t necessarily mean a $ 50,000 doghouse or a flashy fur coat. YOU choose what luxury means to you.
I might think this is crazy, your college friend might think it’s crazy, but if you get superior value out of it, it’s a luxury.
Rather than neglect all the luxury (as before), I decided to find out about the reasons why people strive for more, even when others may find it funny or frivolous.
Luxury can be functional. (Sethi gives the example of flying in first class – of course it costs more, but if you can get a full 6 hours of sleep and go to a meeting, that might be helpful.) Luxury can be economical too – a pair of shoes that cost more will probably last take you much longer and save you money in the long run.
In short: when money can buy happiness, use it . This may sound frivolous to some, but if it really benefits you, then it’s worth it.
Just don’t let other people determine this value for you. You will either end up with a bunch of crap you don’t need, or you will miss out on things that really make your life better.
How I Spent Over $ 50,000 on Luxury Services Last Year | I will teach you to be rich