Key Takeaways

• If you’ve accumulated wealth, you’ve likely employed the “save first, spend second” strategy.
• At some point, you’ll find you’ve accumulated enough to really start spending more than you have in the past.
• How you spend your money is a very personal decision and isn’t something to feel guilty about.

When you’re first starting out in life, after finishing your schooling and getting your first job as an adult, the most important thing you can do to help your finances is to save first and spend second. This is the one common denominator we see with people who have successfully accumulated wealth over time – they took this to heart early on.

As the years go on, though, and you’ve built up your wealth, you’ll reach a point where things shift. You’ll find that you can start spending some of that hard-earned money and no longer need to focus so much on the savings side of things. You can afford some luxuries that you probably would never have considered in the past.

Perhaps the next time you go car shopping, you’ll choose a luxury brand or a model with all the bells and whistles. Then again, you may decide that’s not something you want to spend your money on, even if you can now afford to do so. Maybe travel is where you want to spend your money, upgrading to nicer hotels, flying first class, and hiring personal tour guides. Of course, this may not be for you if you’re perfectly content with the way you’ve vacationed in the past.

Regardless of how you decide to spend your money, the decision is entirely up to you. Everyone looks at money differently and everyone prioritizes how they spend it differently. We can’t purchase everything we want, but we can choose to spend a bit more on things that make our lives a little more comfortable, a little happier, a little more fun. Whatever that happens to be – that thing that brings you joy – spend it there, because, after all, that’s what you worked all those years for.

Just remember that it’s a personal choice and there’s no need to feel guilt or embarrassment about how you spend your money. It’s there to be enjoyed, and it’s still there, accumulating, but now you can use more of it to do the things you want to do. Until next time, enjoy.

Gary

Gary Klaben is in our Glenview, IL office and serves our clients who are now located all over the country. He has over 30 years of experience and is the author of Changing the Conversation, Wealth of Everything and co-author of The Business Battlefield.  Whether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.

Learn more about TransformingWealth™ , our proprietary approach designed to get your arms around the big picture, so you can make informed financial decisions. Ask Gary about Coyle’s TransformingWealth Preview Meeting and schedule a complimentary consultation and start living the Good Life Managed Well™.

www.coylefinancial.com
800-480-7913 | coyle@coylefinancial.com 

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