You can make a ton of money but you can also blow the same amount. We’ve all heard of wealthy athletes or lotto winners going bankrupt. Of course, no one can go through life never spending any money either. This is where balance comes in.
I believe you can live well without overspending. This is my motto and I’ve done it for years. I live in a place that feels like an upscale hotel. We have a gorgeous pool, hot tub, coffee bar, high-end gym and more. I moved into this place before I was making a lot of money and living on a modest salary. And I did this by watching my spending.
I think it’s easy to get into a habit of buying without thinking. People think that just because they can afford it and want it, they should buy it. I hear people say all the time, “It’s only X dollars.” But “X dollars” here and “X dollars” there add up to one big giant X that can quickly turn into debt.
Plus, if you were to take that money that you’re spending on crap you don’t need and invest it, you would greatly increase your net worth over the long run.
Living well means prioritizing your spending. I chose to move to a nicer place and spend less on vacations, clothes etc because I work a lot from home and wanted to feel safe. The other things don’t mean as much to me.
But maybe vacations or owning a nice car mean more to you then having something else like a nicer place. Only you can decide that.
Just remember, you can’t buy everything–even if you become really rich. (Even someone like Bill Gates or Mark Cuban don’t own everything.) It’s about priorities. Put what matters to you the most first and your money will grow:)