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- How to Live a Rich Life
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A young financial advice celebrity, as I call them, is making more sense to me today. Ramit Sethi has written a popular book on how to live a rich life. He also has a popular series on Netflix about the same topic.
Living a Rich Life goes against how many learned to care for our money. It was supposed to be about scrimping and saving until you made enough to begin enjoying your hard-earned dollars. But here’s the thing. It isn't easy to go from scrimping and saving to suddenly spending on indulgences that don’t make much sense to you.
According to Mr. Sethi, the idea is that you continue to save and invest, but you also learn to spend on indulgences that matter to you. It could be as simple as that great piece of chocolate, fine wine, or dinner out with friends. You aren’t borrowing money on a credit card but using cash from your savings.
During the current difficulties in our economy, it may seem impossible to live a rich life. I can remember starting out in my working life and realizing that after all my bills were paid, I had no money for anything but the basics. It wasn’t a lot of fun.
But here is the saving strategy that may make sense to you. Take that one thing you want to experience. If you don’t have the money now, save up for it. It could be a dinner at a new local restaurant. It could be an online class you want to take or a set of painting supplies to try your hand at a new hobby.
Most of us who write financial or money newsletters share how we achieve economic stability. We fail to discuss how to spend that money because most of us don’t know how.
I had no clue until very recently.
In most situations, I still default to saving, investing, or giving money away. Spending it on myself is difficult, as it has always been. The difference is that now I make it a primary focus regularly.
Living a rich life is also about being immersed in family, what is happening around you, and the gratitude of having a day to enjoy.
When it comes to living a Rich life financially, it’s about learning to enjoy a few things you want.
Start making a list and pick an activity or object that will begin to become your must-do.
One simple one for me is only buying great coffee beans. I only drink one cup of coffee daily now, so why not make it incredible? Another thing I do to live a rich life is tip generously for most service experiences. I set a value on the service and pay accordingly. If you charge 25 bucks for a guy's haircut, I’ll pay you much more because that’s what I feel it is worth. It’s a great feeling to reward someone for incredible service, and they are also pleased that I understand the value of what they do. I guess it’s not a tip but more like a proper valuation of their service.
Enjoy today and drink a great cup of coffee or chocolate. Live your Rich Life. I’m going to.
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