Learn to live thoughtfully! Resist the urge to splurge on fancy items that lose their appeal over time. Instead, save money for experiences, stress relief, and future freedom. This approach to personal finance can lead to a more fulfilling life.
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- buying cheaper doesnt mean its good, but rather you would have to spend more to fix the car.(4 votes)
- can money give you freedom?(1 vote)
- Yes, money can give you freedom. If you have enough money then working for money becomes optional and not mandatory. Granted you need to really have a lot of money for that to work.
For example, if your monthly expenses is around $5,000 ($60,000 yearly) then you'd need around $600,000 total money invested in something like S&P500 where the average yearly return is 10% (you get $60,000 yearly for the $600,000 you invested) and that's for life (or until there's a recession or stock market crash where your $600,000 you invested may become $300,000)!
Not the best example but you get the point. You'd most likely need even more money to account for things like inflation, stock market crashes, taxes, etc.(1 vote)
- Be thoughtful about how you live. Whatever your income, it's very tempting, you've worked so hard for all of these years, to say, oh, now I have a income, I'm getting real money. Let me go buy a fancy car, or let me go get a really fancy apartment. Sure, treat yourself a little bit, but really think about those implications, because that fancy car, yeah, maybe those first few weeks, you're gonna get really excited about it when it's all squeaky clean and new and your friends are all wanting to get a drive with you, but after a few months, it's kind of gonna wear off, and you're gonna still be paying the loan on that fancy car. At that point, you might actually view it more as a burden than something that's actually giving you joy. You're just like, oh, why didn't I just buy a cheaper car, then I would have paid it off by now, and then I would have all this money that I could either use it for other things, have good experiences, go on vacations, I wouldn't be as stressed, or, I could be saving that money for my retirement or having a nest egg or having an option that if at some future point, retirement is one thing, and you should definitely be saving for that, but especially when you're, early in your career, you should be saving so that you have freedom to do what you want.