Can you live in luxury on a budget? Yes. Living a luxurious life has more to do with your choices than it does dollars spent. If you’ve been wondering how some entrepreneurs are able to live in luxury, now you know. Here’s how they make it work:
1. They don’t spend money frivolously
Not spending frivolously while building a business is the foundation for financial success. Entrepreneurs who keep only enough cash on hand to survive are more likely to generate the funds necessary to add luxury to their lives.
When an entrepreneur wants a non-necessary big-ticket item like a smart home security system, they won’t put it on their credit card. They’ll save a portion of their income until they can pay for it with cash. This way, they aren’t spending money they don’t have, and they’re not spending funds allocated for other purposes. With this habit, they can buy just about anything without going into debt to get it.
2. They downsize their living arrangements to save money
Entrepreneurs on a mission to be successful have multiple methods for saving money, including downsizing their living quarters. Some rent a room from a stranger, while others sell their house and move into an apartment.
A handful of entrepreneurs move into a luxury apartment for several reasons. The most important reason is that they understand the importance of being in an environment that reflects success. Renting the cheapest apartment on the block isn’t going to do that.
Even though some luxury apartments can rent for the price of a mortgage, there are several advantages to making the switch.
There are no property taxes, you’re not responsible for repairs or maintenance, and you don’t have to worry about the value of your property fluctuating. You’ll get amenities you didn’t have in your home. For example, the Brookstown apartments in Winston-Salem, NC provide tenants with energy efficient appliances, oversized windows, walk-in closets, and breathtaking views of the city.
In an apartment, you won’t have to do yard work or clean as often, giving you more time to work on your business. Less space equals less mess, period.
3. They incrementally add luxury to their life
Entrepreneurs don’t create a luxurious life overnight; they slowly add luxury to their daily lives. One of the first things most entrepreneurs do is buy a comfortable bed. There’s no reason to sleep on an air mattress on the floor when you’re an entrepreneur. You need a good night’s sleep, and a comfortable bed will support you on all fronts. There’s no reason to sleep on an air mattress on the floor when you’re an entrepreneur. You need a good night’s sleep, and a comfortable bed will support you on all fronts.
After acquiring a bed for a good night’s sleep, they’ll buy the simple things they’ve been depriving themselves of. For instance, they’ll upgrade their laptops and get a desktop computer. They’ll get a second monitor, buy some ergonomic office furniture, and set themselves up for success.
Another way entrepreneurs add luxury to their lives is by purchasing specific appliances for their health routines. For example, some purchase equipment to work out in the garage or a spare room. It’s cheaper than a gym membership in the long run, and eliminates all travel time. Health-conscious entrepreneurs with a morning breakfast routine might invest in a high-quality blender, juicer, and coffee maker.
Every entrepreneur has a personal definition of what it means to live in luxury. If you want to upgrade your life, consider what will add value to your day. Forget about expensive watches and fancy clothes if those things aren’t important to you. If soaking in the tub for an hour and drying off with an expensive spa-grade towel makes you feel luxurious, then buy yourself several bamboo carbon spa towels. Buy a soaking tub if you don’t have a big enough bathtub. Focus on adding elements of luxury that matter to you.
4. They don’t save up for private jets and Ferraris
Even if owning a Ferrari is an entrepreneur’s dream, they don’t create a Ferrari fund until their income reasonably supports the purchase. Otherwise, they’d buy the first mechanic’s special on Craigslist and end up never being able to drive it.
5. Prioritize your desires and don’t be a scrooge
Adding luxury to your life requires prioritizing your dreams. If you want to own a Ferrari, but your income doesn’t yet support it, keep it in mind but don’t throw money toward it until you can truly afford it.
On the flip side, don’t be a scrooge with your money. Let it flow where it’s needed. Allow yourself to buy the things that make you feel luxurious in your home. When you’re surrounded by pleasurable sights and comforts, you’ll do your best work. When you’re financially successful, then you can buy that Ferrari.