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Episode 3078:
Most of us aiming for financial independence don’t live in luxury, but what truly counts as a luxury? Darrow Kirkpatrick challenges the idea that luxuries are inherently bad, arguing instead that they should be evaluated based on their function, personal value, and overall cost. By asking whether an expense is optional, meaningful, and affordable, we can make smarter financial choices, prioritizing what genuinely enriches our lives without falling into the trap of unnecessary spending.
Read along with the original article(s) here: https://www.caniretireyet.com/luxury-or-essential/
Quotes to ponder:
"A luxury is 'something inessential, but conducive to pleasure and comfort.'"
"The problem is when you develop habits to the point that expensive luxuries become necessities, or you want them in all areas of your life."
"When you spend money, you choose consumption today over the lifetime of interest income you’d achieve from investing it instead."
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Optimal Finance Daily - Financial Independence and Money Advice