How do you justify expensive hobbies and travel instead of accumulating wealth? Recently someone polled the internet, and these were the top-voted responses.
10. Make Your Own Decision
“Saving vs. spending is a balancing act that you must decide where the fulcrum is that you’re happy with accepting. For some, free or cheap hobbies are plenty to give them all the enjoyment they want. For others, the things we enjoy are not nearly free, but we find them worth it,” replied one.
9. The Grass is Always Greener on the Other Side
“The people who spend all of their money to have life experiences are jealous of your situation, and you are jealous of theirs. But, in the end, you are both making the right choice,” another suggested.
8. It Could Lead to Accumulating More Wealth
“I’m an amateur musician, and I bought and sold a couple of hundred guitars for thirty years. Many of them are valuable. As of 2020, I had 45 instruments nearing six figures in aggregate value.”
“I sold off a large chunk of the collection, paring back to only the instruments I cherished and played. I used the funds to establish generous five-figure investment accounts for my three kids,” a third volunteered.
7. Create Memories To Cherish
“The money you can always earn back, but time for those experiences? You don’t have much. Hence, treasure them when you can but be smart with your money,” replied one.
6. Things Change Over Time
“The world changes you a lot. Your passions, drives, interests, priorities; everything can change. You can become a different, more mature person. Not to mention if you’re negatively affected by the world. Depressions, anxieties, traumas. They take away your personality and who you are,” shared another.
5. The Experience of Travel is Awesome
“My mental model has always been: you need to meet your savings goal of 25% of gross income. Beyond that, I let myself cut loose and enjoy my income. Generally, that’s trips. But, amid Covid, it’s been things like a home gym last year and finally pulling the trigger on LASIK this year,” another admitted.
4. Anything You Want, but, Not Everything
“You can have anything you want, but not everything you want. Once you understand and embrace this concept, it becomes effortless to do the things you enjoy the most and accumulate wealth simultaneously,” one stated.
3. Find a Balance Between Having Fun and Saving
“What’s the point of life if you’re not living? Find that balance between saving and spending. While we all want to get to the point of financial independence, nothing in life is guaranteed. So, make sure you enjoy the journey along the way and are happy,” another responded.
2. Tomorrow is NEVER Promised
“My father died when he was 29. My grandfather died the day before his first pension check came in the mail. Based on my genetics, I don’t know how long I will live, so I try to balance retiring early and enjoying life while getting there,” another confessed.
1. Financial Independence, Retire Early (FIRE)
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