Spending money doesn’t necessarily have to be about extravagant tastes. Sure, there are plenty of billionaires who splurge on a private jet, a hideaway island or dress exclusively in Chanel.
But there are plenty of others who realize that a watch is just a watch, or that a simple black shirt is still made in China even if it comes wrapped up in pink tissue paper and delivered in a box with a bow.
Most of the people I know who have money are positively stingy with it, which is probably how they amassed their fortunes in the first place.
But whether you’re wealthy or not, there are certain occasions where it’s worth digging a little deeper into your pockets and paying the extra cash.
Money can’t buy you happiness. But it can buy you decent health care, a more comfortable bed, convenience, and a better education. And all these things naturally lead to a happier life and, ultimately, a return on your investment.
So, whether you’re positively frugal or used to spending money like it’s going out of style, here are five expensive things in life that are totally worth the splurge.
Spending money isn’t always about parting with your cash and not seeing the returns. This is particularly key when it comes to your education. Return on investment is especially apparent here, as a good education is something that will yield dividends throughout your life.
However, with the rising expense of tuition fees in many countries, students often graduate up to their necks in debt. In fact, according to a study, some 70% of students graduate with debt, leading to debates over whether it’s really worth the spend.
But then again, most college grads earn more over the course of their lives. And even if you can’t afford an Ivy league education, you can still choose to invest in yourself.
There are plenty of local college courses, online classes, and specialist programming certifications that are worth the money.
Since most millionaires will tell you continued learning is key, this is one case where you need to put down money to make money.
One of the ironies with travel is that usually, the more money you make, the less time you have to enjoy it. So, if you’re short on vacation time, that’s when you should particularly invest in travel.
Take those four-day trips, spend money on a decent hotel with space inside and a big jacuzzi. Studies repeatedly find that people are happier when they spend money on experiences rather than physical objects.
Travel opens the mind, allows you to recoup and get new ideas for your business or personal life. Spending money on travel is never a waste due to the number of good things you get back.
3. A Good Bed
I remember my grandmother always used to say, if there are two things in life worth spending money on, it’s a good pair of shoes and a good mattress, because if you’re not in one you’re in the other.
Think about it. Approximately one-third of your life is spent sleeping. Even if you’re a raging insomniac, chances are your mind’s spinning around as you lie on your mattress.
An uncomfortable one with springs that hang out and cause you to wake up feeling like you’ve done 10 rounds with Mike Tyson is detrimental to your health as you go through your life. So don’t scrimp on this important item.
I had a choice the other day of adding some 35 euros to my low-cost flight to use the airport lounge. That was around 50% of the initial flight price.
In fact, the base price started at some 70 euros. Then I paid 15 extra to get a decent seat and be first on the plane.
I got to the airport, sat in the lounge, plowed through an extra pile of work, got free coffee, snacks, and champagne, and then sauntered passed the minions lining up fighting about getting their suitcases on board.
In short, I paid for convenience and it was worth every cent. Time is money, so paying for things that give you more of it are worth the investment.
The same goes for takeaway food when you need to get a project finished, and someone to outsource your menial tasks to like coordinating your appointments or cleaning your apartment. How much is the extra time worth to you? Pay for it.
5. Your Health
Ironically, even though our health is the most important thing in life, it’s often where we cut the most corners. It might suck spending extra on getting your teeth fixed, your eyes lasered, or simply buying vitamins, but if you look after your health you’ll have a happier and longer life.
Why dress from head to toe in Gucci if you’re miserable as sin because you can’t afford to spend money getting that molar pulled out?
If you’re not sure if something is worth spending money on, ask yourself if it’s going to add value to your life. If the answer is yes, go ahead and get your wallet out.
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