this post was submitted on 20 Jan 2024
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Yup, exactly! It's figuring out that balance that's the important part. I've known people on both ends of the spectrum...some who spend excessively to the point where they go into massive debt, and some others who take the opposite approach and never do a single thing nice for themselves. Interestingly, two people I was closest to in my life exhibited these polar opposite behaviors, so I'm able to witness these effects firsthand.
It's a process trying to find the right balance. I'm at a bit of a life crossroads and trying to figure out some of that myself. I think for me, personally, I actually need to start spending a bit more on life experiences as opposed to saving every penny.
I agree. I didn't mean to suggest you should not do upgrades. I was suggesting you should do upgrades for you. In fact I would say that you should specifically do it as a reward for meeting certain goals that you set for yourself. Be your own source of positive reinforcement and rewards, not just your salary, but how you spend your salary.
I just mean like, don't install a swimming pool now for $50k because you think you'll get it back when you're able to sell your house for more money. Such improvements might boost property value, but you won't get a positive financial return. If you want to buy a pool, do it because you want to go swimming and because you met your goals and deserve a nice reward.
Also, upgrades are expensive. If you've got debt, focus kn the debt. Look for smaller, higher value upgrades. For example, if you have a home office, don't remodel the entire office, buy yourself a new desk and chair. Another idea would be to hire a pro to come in and install modular closet storage; an upgrade to make your life easier, more organized and efficient and that you'll use and appreciate every day.
Oh don't worry, I'm not offended or anything! I don't expect people to know my entire financial situation and my financial knowledge from a single post! It's just that I know a lot of moneybros go ham on the "save and invest every penny" model without looking at the bigger picture. Was just a comment on that is all.
Yeah, I would be putting money into it knowing that it wouldn't really be a ROI to sell, just for my own personal pleasure. The tricky part is figuring out what decisions to make!