When do you start enjoying your wealth?

Question

Joe Villeneuve · Answer

Now.  Why not?  If you do it correctly, there's no reason why you can't start enjoying it now...and continue to enjoy it long into the future...as well as your children, grandchildren,....

Omar Khan · Answer

@Joe Villeneuve Read my mind! The time to enjoy anything - wealth, family (kinda the same thing as wealth), friends, relationships, hobbies - is right now. As long as you keep things in balance. Nobody can take money with them to the grave.

Jay Hinrichs · Answer

excellent point.. My wife and I went to Costa Rica in 09  2 weeks all inclusive at the 2nd best resort in the country.. less than 3200 total  .. today probably 2 to 3X..

I am a firm believer in stopping to smell the roses on the way.. I watched my Dad work his you know what off.. he finally bought a time share in Maui and in those days you had to use your specific weeks.. it was the only way he would take a vacation..

The game has really changed now though for us real estate folks.. with the way credit cards are and such.. I have not paid for an international first class ticket in more than 15 years and or a hotel.. I take two great trips a year all on points.  off to Thailand and Singpoare tomorrow in fact..  Thanks to Alaska airlines and Hilton hotels.. LOL>

Mike Dymski · Answer

Figuring out what is most important to you in life and aligning your spending with it is not a sacrifice.  Most people do the opposite, spend money on crap, and then don't have anything left for what really matters (things like relationships and experiences).  Maybe one day, I will get my family fully on board with this...

“Love the life you have while you create the life of your dreams. Don't think you have to choose one over the other.”

― Hal Elrod

Joe Splitrock · Answer

@Travis Stafford I like to spend money when the economy is bad. You get a discount on everything. Less people traveling and vacationing, better negotiating power on cars and contractors lined up to do your remodel. When the economy is good, there is lots of work to be done and prices skyrocket. Work hard during good times and live like a king during bad times.

Aside from that, I always find time for family and friends. It costs nothing and it is the most important thing.

Account Closed · Answer

I feel you totally have to understand that with making money ultimately you will never be able to satisfy the desire to make more. And people that are wealthy usually feel more happiness in giving it away and helping others, anyway.

So why not focus on being smart with your money and putting more emphasis on doing what really makes you happy, possible family and helping others.

No one is promised tomorrow!

Andrew Johnson · Answer

@Travis Stafford It probably depends how you define "self-indulgence"!  For some it's going to be a new iPhone X and for others it's going to be a Maserati.  But when you get to the "how do you pay for it" you can take a couple of different approaches.  Either a certain "net worth" that will make you comfortable to splurge or a certain amount of "excess cash-flow".  I know my significant other is much more comfortable looking at real estate as almost an annuity of sorts.  Don't rush to pay down the mortgage but also don't try to refi just to get a giant lump out to buy that Maserati.  But also be able to enjoy the annual cash-flow tax-free cash-flow while keeping a boring chunk of it in reserves.  And also realizing that there will be years where cash-flow is awesome and some where it's lean (apartment complex roofs aren't cheap).

But, hey, I'm sure there are people that find "self-indulgence" to be buying a trophy property that cash-flows less than something else.  They love the hunt, the negotiation, the close, etc.  And for other people the "self-indulgence" is having the cash-flow to retire at 50 instead of 65 and keep their same income level.

Brian Garrett · Answer

Agree with both answers above!

When do you start enjoying your wealth?

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