Being wealthy means having enough resources to meet your basic needs. The problem is that some people don’t realize how expensive living in luxury is.
If you want to figure out exactly how much your lifestyle costs, we’ve got some interesting facts for you.
Your Luxury Lifestyle Costs You 6 Hours A Day
Firstly, which things do you do when you get home from work? Do you eat dinner and then immediately turn on the television to watch your favourite show?
Before long, your day is gone and it’s time to start planning your next trip or spending more of your hard-earned cash at the mall!
That “luxury” afternoon you spend watching American Idol could be costing you a pretty penny because it takes approximately six hours to watch an entire episode of the popular music competition series without even factoring in travel expenses.
When Was There Last Time You Went Shopping?
According to recent data compiled by CreditCards.com, wealthy families make their monthly credit card purchases between August 1st and October 31st.
This suggests that many high-net-worth individuals are making important financial decisions right before Christmas, which can be quite hectic if you’re trying to buy gifts for friends and family.
Money Isn’t Everything
If you think you know everything there is to know about money, think again. One of the most important things you need to understand about finances is the concept of priorities.
For example, while buying yourself something nice will certainly lift your spirits, should this purchase come at the expense of meeting your rent payments or other bills?
As always, it’s wise to keep debt under control and save regularly so that you aren’t constantly stressing over whether or not you can cover the cost of living.
Did You Know That Some People Can Afford 2 Cars?
If you thought it was impossible to own two cars and still maintain a luxurious lifestyle, think again. According to Forbes Magazine, some celebrities have been known to drive around in separate cars – but how often does that happen in real life?
Of course, not everyone can afford to drive several vehicles and those who cannot consider renting them when needed. However, owning multiple vehicles is certainly possible for anyone who makes enough money.
But Not Everyone Can Afford A Home And A Second Car
Own but having access to a second car isn’t a luxury reserved solely for millionaires. In fact, according to the same study, the average family owns two vehicles. That is a a big truck for cargo use and a smaller one for daily commuting.
Don’t Let Yourself Get Too Comfortable
Whether you realize it or not, spending money becomes easier after you’ve reached a certain level of comfort. After all, once you’ve accumulated enough savings, your bank account is free money sitting around waiting for you to spend it.
However, don’t let yourself become too comfortable. Just because you feel financially secure doesn’t mean you should stop saving altogether so that you won’t end up falling into poverty in the future.
You Must Be Careful With Your Money
One thing you need to keep in mind is that even though you’re already wealthy compared to many, there’s no guarantee that your situation will stay the same forever. For example, stock prices can fluctuate significantly over time.
This could result in you making losses instead of profits from your investments. It’s important to remember that money is meant to build wealth, not simply replace lost income.
You Might Have To Work Less Or Even Stop Working All Together
Earning more money provides you with a greater capacity to do whatever you want without worrying about finances. So, perhaps you decide to quit working completely and pursue your dreams full-time.
Or maybe you decide to work part-time while also taking care of your family. The point is, you shouldn’t have to worry about financial issues when your priorities lie elsewhere.
If you look back at all the things listed above, you’ll notice that we didn’t include “money” anywhere. We focused solely on what you can do with it rather than how much of it you own.