On its own, money can’t buy real happiness. However, it is still a crucial element in order for you to achieve higher living standards. This could lead to increased life satisfaction, eventually making you happier than before. If you love the high life and would like to maintain such a lifestyle, there are five ways to get you closer to experiencing luxury without piling on consumer debts and getting stuck in a financial rut:
- Invest your time and money in meaningful experiences – Instead of shopping, going to the cinemas, or hanging out at an overpriced coffee joint, invest your time and money in meaningful experiences. For example, you can take an investment course, visit an art exhibition, volunteer for a cause, or attend a business event to grow your career for greater fulfilment.
- Purchase high-quality products – Contrary to popular belief, buying cheaper things can sometimes cost you a lot more. With low-quality items, you will end up needing to buy more of them once they reach their usability limit, as they do not last long. Instead, purchase high-quality products that can be used for a long time. Invest your hard-earned money in products that you know will bring you greater benefits.
- Apply for premier credit cards – If you are smart and financially savvy, a credit card can actually help you save more instead of dragging you down with piles of consumer debts. Just make sure that you know what it takes to get rewarded, and never miss out on your monthly fees. It is even better if you go for a rewards-based credit card, which gives you cashback, miles or points for every ringgit you spend. In addition, you can also take advantage of the other perks like special designer sales for cardholders or cardholder discounts at luxury restaurant or café chains. You can apply for premier bank Mastercards to enjoy similar benefits.
- Build wealth with passive income – Technology has made it easier for us to create passive income in various streams. Other than investing in real estate, stocks and bonds, there are plenty of options for you to create online and offline passive incomes. Some of the things that can help you generate passive income include creating digital products, such as selling your stock photography and vectors on marketplaces like iStock, or sharing your expertise by creating an online course or ebook. You can also use applications like Airbnb to rent out your space.
- Take care of your emotional wealth by investing in other people – Aside from focusing on your financial wealth and investing them in productive and rewarding things, you should also invest in other people for the sake of your emotional wealth. People who choose to invest in others, be it saving for your children’s future, creating a scholarship fund, or donating to your favourite charity, are said to be more successful and happier with their life.
The definition of happiness may vary depending on one’s age, experience, talents, passions, values, and culture. There is no denying that spending money wisely allows you to achieve higher living standards, which in turn could lead you to be happier than before. In the end, you get to enjoy some luxury once in a while without the guilt, knowing fully well that you can afford it.