Spending money doesn’t necessarily make a person broke, although it is most often the case for ordinary people. But for the rich and successful, spending come bucks doesn’t break their bank but instead makes more money out of it.
Now, why aren’t both classes losing money when they are basically just doing the same thing? This is because they differ in the things they buy.
By the end of this article, you will have a shortlist of the things you spend money on and get richer in return. You will be able to open up your horizon to an entirely new dimension of spending, benefiting you in all aspects of your life. Let’s get started!
1. Useful Education
First, you learn, then you remove the ‘l’ — perhaps, you have heard of this famous line.
The education that schools and universities offer are pretty doesn’t facilitate and help a student navigate wealth or happiness. We’re at an extremely capitalist-oriented education, so we are only taught how to be productive to secure a job that will barely make us some real bucks.
All of us are chained to this education norm, having no escape from the continuous cycle. Practical education is the antidote to the educational inflation that this world currently has. If you would look around and observe everyone you need, many people are educated, but only a few minorities actually have value to offer.
2. Time-saving Purchases
Anything that saves you time is an investment worth the purchase. For instance, if you’re renting far away from work just to save a few pennies, you’re not spending your money well. It would be more advantageous for you to spend a little bit more on the rent that is close to your workplace.
Calculating the time that it takes you to get to work and go home on a 30-minute mark per way, you’re wasting more or less 5 hours a week, 20 hours a month, and 240 hours in a year. Assuming that you work eight hours a day, 240 hours is about 30 extra workdays in a year! This could’ve been used to do everything as you please.
If you can move half an hour close to work and save that much time, you could justify spending on a more expensive rent. Consume the time you can spare on things that make you inspired, happy, and rich instead.
3. Your Environment
We are not different from plants in the growth department, which have no way of blossoming in a toxic and polluted environment. Thus, you should invest and buy things you literally experience around you.
Invest in your sheets, pillows, bed, comfortable shoes, a warm home, etc. Buy things that you could eat, drink, sip, and anything you can consume. All of these things will shape your tomorrow. To put things simply, you have to upgrade the things that can help you have a comfortable. You need to upgrade your environment because your environment upgrades you.
4. Country Club Memberships
Country clubs aren’t’ all about luxury if you would think of it in the real sense. They actually serve as a pathway to success since people who are in these expensive establishments are all wealthy and successful people. There’s no room for mediocre. Thus, the hours you spend in such a place can help you network and build connections, climbing up a bit higher on the ladder.
5. Online Courses
Education is shifting to digital and traditional schooling is getting replaced by short online courses. These courses offer a real-time review and a guarantee in case the teacher or online coach is not able to deliver on their promise.
No matter where you are in the world, you can continue learning. You can always get someone to walk you through the actionable side of things that lead to success.
One of the best things you can learn is, well, learning how to learn. Once you master doing this, you can make the whole world your entire playground. You will be able to master any skills you want without breaking a sweat.
6. Debt Repayment
Would you believe me if I told you that having debt is close to being a slave? Debt is like a shackle that makes the poor poorer and rich people richer.
According to studies, about 99% of people can’t comprehend the difference between good debt and bad debt, and this is why only 1% of the world’s population stands on the top of the chain.
The more time you cling to debt, the more interest you’re bound to pay. So, if you have debts, repaying takes you a little closer to becoming wealthy. If you want to be rich, buy yourself out of the debt slavery contract.
7. Business Events
Compared to club membership, business events offer a more diverse space since entrepreneurs come around and come together in search of knowledge, motivation, and business contacts. Through business events, you would have an opportunity to interact with various people and access the most influential people in your industry.
8. Better Accountants
Accountants are the magicians in the financial world, and their native language is numbers. Accounting services are among the direct services that can literally earn their keep.
If you want to seize all the nuance that you want to communicate, you’re better off hiring an accountant than relying on yourself, who has no broad knowledge in that area of expertise. An outstanding accountant is expensive— perhaps, double or triple the cost of a mediocre, or even higher. But they could also save you 10 to 1000 times more money.
9. Great Birthday Gifts
The best birthday gift you can give to someone isn’t luxurious brands and expensive trips. It’s the one that makes a difference, something that came from great effort to cater to the person receiving the gift.
Underestimating the importance of gifts is a wrong call. Humans have limited time to celebrate birthdays, so make sure that the gifts you give are to be remembered for the rest of their lives. This will make your heart richer and fuller.
10. Books
Books are what allows people to live more than just their own life. It is probably one of the underrated asymmetric investments a person can make in their life.
One book that costs just around $15 can change the course of one’s life for the better. Yet, people would rather purchase a Netflix subscription than buy one. If you’re really not into books and reading, you could go for audiobooks.
11. Coaching Sessions
When you pay someone to help you figure things out, that’s a coaching session. The primary purpose of someone coaching you isn’t to direct you in all the steps you make but just to guide you to maximize your performance by helping your peak potential.
Coaching sessions involve building a self-belief system, leadership development, self-awareness improvement, and self-discipline boosting. Basically, these coaches are meant to optimize your behavior and just that. Getting yourself a coach would cost you about $100-$300 per one-hour session.
12. Travel
Many people think that traveling is a waste of money, but it isn’t. In fact, it is one of the best things you can spend money on that still makes you richer. It builds a different kind of wealth that someone cannot get despite having fat bank accounts.
Travelling creates memories while allowing a person to get to know themselves more. As you get older, you will realize that your memory bank is a lot more important than your actual savings bank account.
