I have been raised in a family that believes in living below means. Consequently, I only spend on basic necessities. Sometimes I have FOMO that if I can't spend during my peak earning capability, I would never be able to do so. What is it that you do to self indulge that is worth it?
P.S: Don't smoke or drink. Not interested in drugs or porn or hookers.
- I had a similar attitude. When our family income finally hit $300k I figured I should be comfortable spending some money.
1. Property - get a nice house, not just A house.
2. Pay yourself - define your goal, save that money, everything above can be disposable. 3. Convenience. Meal service, stylist. Even if it’s online like stitch fix or sunbasket, your QOL can be vastly improved. Hire a cleaner, hire a lawn guy, spend more time having quality time with kids and not resenting their demands while you focus on stuff you can hire someone to do.
4. That nice car. Yes, a $70,000 car won’t make or break your retirement goals.
5. Annual meaningful vacations. With kids, try a cruise or a tour, as they become less needy go to interesting places, it’ll make your kids more interesting.
6. Good wine, again delivered.
Start there and see how much FOMO you feel afterwards.
- Amazon CiJN18If you don’t have kids spend on travel. It’s so much harder when you have to deal with school schedules and keeping kids entertained. And you can find ways to keep expenses low.
- If you’re FOMOing you have to be FOMOing over something I think, or are you really just saying “I’d like to spend money”?
1. Get a nice, newer car. Yes it’s a deprecating asset, whatever.
2. Take the kids to Europe/Asia if they’re old enough.
3. Go high roller in Vegas if you can leave them with grandparents. Even if you don’t gamble, you can stay in very nice hotels, watch amazing shows, eat the best food you’ll ever have, spend time in exuberant spas etc.
- American Express D.BCooperCar and seeing my family back in the Midwest. I go back every 4 months on top of a trip in between. Amex has a strong virtual wlb so I will work from Utah and ski, go to Maine in the fall, NYC next month, etc. I only use vacation for international travel.
Also donate school supplies and my time.
- Salesforce LuluLimeMaybe you are too ambivalent about things? (Not judging you). If you have a hobby that you are very very passionate about and dedicated to then it's easier to spend money and justify the expenditure. Any seemingly inexpensive hobby (like running on the streets, where you think you just need shoes and the road) can make you spend big bucks. On the other hand, the expensive hobbies: well, they are expensive!
- Axtria DesiLaundaI don't earn too high but as my TC has increased over the years, I have started spending more on:
1. Apparels (clothes, shoes)
3. Personal trainer
4. Weekend getaways and short travel
5. Got a cook for weekdays and more eating out on weekends
7. Home decor, kitchen and car accessories
8. Massages and spa
9. Gifts for family and close friends, and meeting them more often
10. Personal grooming
11. Pursuing hobbies/classes
12. Home with a view
Of course, invest and some donation to charity
Pick whatever interests you.
- Adobe tihwvInitially spending very little because I couldn't afford it, to continuing that habit when I could actually afford several things, I realized I was missing out. Not just FOMO, but plain missing out.
If I couldn't spend the money I was earning, who was I earning it for?
Indulgences don't have to be expensive. You could start small and go all the way as you increasingly become comfortable with these expenses.
Identify those things that you think deferring as "I don't need". You don't have to _need_ everything, sometimes let your heart take over - your mind will be happy in the long run!
I started off with clothes. I wouldn't look at anything beyond $20. Now I don't mind spending up to $75 - some times just for the "brand". I know this is still lower that what most do :)
Shoes! Of multiple colors :D Going from one shoe every 2 years to several a year has been exciting!
Watches. Go to eBay and get that semi- or luxury brand you have always eyed, but thought - a $20 Casio shows me the same time. Screw that thought.
Xbox. I "game" like 2 or 3 times a year in "active" years. LOL. To top it, I got an annual subscription. I haven't used the console in the 7 months since I got it. LOL again.
Car lease. Poor financial decision - I would argue not necessarily, but that's a separate debate. Getting a new car every 3 years is exciting. I also can drive around that 3 pointed star, if you know what I mean. There's more value for money in a Hyundai, but we aren't talking that, are we?