It’s an upper, high above ‘level’ of want. To have a lifestyle of luxury, one should afford it at a whim, not getting in debt for it. So, I’d say when you have something luxurious, you must be rich.
Being rich is relative. Some say it’s based on your net worth, and I agree. If you have a net worth in the millions, then you’re rich. It’s not necessarily based on your profession, since it has to depend on factors such as your expenses or liabilities. Like doctors and lawyers, although they earn much, they might also have some student loans to payoff. So they could be the delayed rich. But of course, if you earn high and you can still manage to save so much more, it will help bump you up in the rich category. I can safely assume that CEO’s are in that category and shame for them if they’re drowning in debt, because you shouldn’t be CEO’s in the first place, if you yourself can’t manage your finances.
You can also have a few luxuries even if it’s not your lifestyle as a whole. One can save for something she really like, or aspire, such as a nice big house in a gated community, luxury car, a grand vacation, cool gadget, accessories or furniture. But beware, if you taste some luxuries, you might get used to it, and of course aspire more of it. One might work more to attain it, and while it’s good, you have to still balance. The danger is in living beyond your means, and putting up a façade that hey, we got this, we’re rich, but we’re really living paycheck to paycheck.
It’s okay to want something nice, as long as you’re being real to yourself and don’t use those things to project something you’re really not. For me, my go signal to taste some high end wants, is that I have a good savings fund for emergencies, I have enough funds for retirement which I’m still contributing, I have ‘some’ funds for my kids to go to college, and even health expenses funds. I’m still cautious though to thread those waters by researching and comparing prices a lot but always come back to thinking ‘Do I really want/need these?’.
Being rich is relative. Some say it’s based on your net worth, and I agree. If you have a net worth in the millions, then you’re rich. It’s not necessarily based on your profession, since it has to depend on factors such as your expenses or liabilities. Like doctors and lawyers, although they earn much, they might also have some student loans to payoff. So they could be the delayed rich. But of course, if you earn high and you can still manage to save so much more, it will help bump you up in the rich category. I can safely assume that CEO’s are in that category and shame for them if they’re drowning in debt, because you shouldn’t be CEO’s in the first place, if you yourself can’t manage your finances.
You can also have a few luxuries even if it’s not your lifestyle as a whole. One can save for something she really like, or aspire, such as a nice big house in a gated community, luxury car, a grand vacation, cool gadget, accessories or furniture. But beware, if you taste some luxuries, you might get used to it, and of course aspire more of it. One might work more to attain it, and while it’s good, you have to still balance. The danger is in living beyond your means, and putting up a façade that hey, we got this, we’re rich, but we’re really living paycheck to paycheck.
It’s okay to want something nice, as long as you’re being real to yourself and don’t use those things to project something you’re really not. For me, my go signal to taste some high end wants, is that I have a good savings fund for emergencies, I have enough funds for retirement which I’m still contributing, I have ‘some’ funds for my kids to go to college, and even health expenses funds. I’m still cautious though to thread those waters by researching and comparing prices a lot but always come back to thinking ‘Do I really want/need these?’.
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