I took another stab at this question. About 10 years ago, I went through life as a mid-20s dude working in information technology and earning good money. I know how I was like back then. If someone told me to save more money, I would have told them to shove it. Here’s how I’d respond to that question…like, honestly.
So many [people] are quick to tell you to make more than minimal payments. They want to help you get out of debt faster, so you can avoid the dismal feelings associated with that heavy burden. But this may not be the best advice for you to follow if you really want to end up with more than merely paying your debt off. The reason for this is because paying off your debt, while it sounds really nice and comfy, doesn’t provide you with anything else.
I had long wanted to attend one of these steak dinners, and if you are in or near retirement, or sort the mail of people who are, you might be curious about them as well. Such dinners have been a cause for concern.
A bigger house, faster car, and expensive designer clothes are unlikely to make you happier. And any happiness that you derive from expenses on new things quickly subsides. There is nothing wrong with buying these things once you are meeting your financial goals, but it is important to recognize that they are unlikely to make you truly happier.
One woman I interviewed for the book used to work in wealth management for high net worth individuals, whose assets exceeded $25 million, so she witnessed all sorts of crazy ways the wealthy protected their money. One way was buying art, very expensive art. Except it wasn’t buying art as a way just to diversify an investment portfolio. Oh no. These wealthy people were buying art and moving it to different countries or even warehouses known as free ports.
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