Do you want to live a luxurious, posh life? Of course, nearly everyone answers yes to that question. But what about the follow up in that are you willing to do what it takes to live a comfortable life? It's that latter part of the inquiry that truly separates the dreamers from the doers. If you're a doer, here is a list of actions you can take to get started on the right foot.
Cut Expenses to the Bone
You won't have to live like a monk forever. The expense-cutting is an exercise that serves two functions. First, it teaches you a vital lesson about what you truly need to get through life. Second, it assists you with savings goals that feed directly into investing and generating passive, long-term income. See if you can save between 10 and 20 percent of your income by chopping items off your expense list. Then, put your savings to work in a self-directed, conservatively managed brokerage account.
Consolidate Your School Loans
One of the most effective ways of reducing monthly cash outflow is to consolidate multiple student loans. Go online and do some simple research to locate a lender who will let you combine your existing education obligations into a simple, single monthly payment. Taking out a student loan consolidation can get you a lower interest rate, better terms, and put more money in your pocket with lower payments. Living a comfortable life begins with making wise decisions about money. Restructuring debt is a great start.
Drive a Used Car
Instead of buying new cars, switch to previously owned models that are two or more years old. You gain a lot by opting for this approach. Not only will your payments be lower, you'll still have the advantage of a long warranty and reliable transportation. New cars are a trap in many ways, particularly because they depreciate so much between their first and second years of operation. It's easy to get stuck in an upside-down vehicle loan when you purchase new cars. Choose newer rather than new and save a significant amount of money in the process. It's interesting how many wealthy people never buy new cars and opt for high-quality used ones instead.
Share Living Space
Single people can make out well by sharing living space for their first few years in the working world. Sharing the rent on a two-bedroom apartment gives people the financial freedom to save a significant amount of their income. Remember, nothing is forever. Sharing an apartment with someone is a temporary situation that has a distinct financial purpose.
Get a Second Job
Having a luxurious life is not about working 60 hours per week, but you have to start somewhere. Most older adults with significant wealth spend at least several of their early years putting in long hours and working hard. If you don't expect immediate results, are willing to make the effort, and have the discipline to save and live by a budget, you'll achieve just about anything you desire. That includes living a posh lifestyle, taking vacations when and where you want, and pursuing personal interests that fulfill your innermost goals.
