The definition of a “luxury item” is something you don’t necessarily need to live, but is nevertheless an item held in high regard and desired by society. This is where the divide comes in.
It’s kind of funny when you think about it – “luxury” varies from person to person and from stage to stage in our lives.
In the end, luxury is subjective and usually equates to what is out of your reach. Naturally, the media feeds into this by bombarding us with images of what it considers luxury – mansions, fancy cars, diamond necklaces, and out-of-reach vacations.
To an average child, something like the newest video game system would be considered a luxury item. The concept of a steak dinner or some wacky Trader Joe’s pumpkin and sage stuffed ravioli would seem luxurious to a college student working a minimum wage job.
But, as we age and gain control of our own finances, the concept of what is luxurious changes.
We gain the ability (with planning, in some cases) to…
- buy that hot new phone (the new iPhone 13 was announced recently!).
- finance that flashy classic Ford Mustang we’ve been eyeing.
- shop at Whole Foods instead of Trader Joe’s to get our bougie ravioli fix.
In doing so, our view of what defines luxury escalates because the bar gets raised higher and higher.
But you have to ask yourself what the end game is.
A (much much) bigger house with two pools (one for swimming, and one full of gold coins, obviously)? A Lexus? A home chef to whip up delicious meals for you every day? A diamond-encrusted iPhone?
These are all upgrades from our childish visions. And one day, when we attain this level of luxury, what then?
In my career as a financial advisor, I’ve learned that everyone’s idea of what it means to have ‘made it’ is so unique. That’s what makes each person I work with so interesting!
I want to know what you strive to attain because it’s my job to help get you there.
Why not book a chat to talk about your idea of luxury by calling 513-563-PLAN (7526) or booking online. I’ll help you get a leg up on that pool full of gold coins – it won’t fill itself!