Is buying luxury items wise?

[Imran Noori]

Dave Ramsey says "we buy things we don't need, with money we don't have, to impress people we don't like", Some people use their income to buy luxury things without noticing that they are just wasting their money, for example why should someone buy a mobile phone which has hundreds of dollars price while he/she already has a mobile phone which is still working? Nowadays we have many such examples that people are buying things with high prices just because of their brands.

I personally will never ever waste my money buying expensive things in order to impress others, money is not for impressing others, it is for helping those who are in need, if you see children that don't have clothes, food, water and shelter go and help them rather than impressing them.

You can use that money to invest in something profitable like stock market, real estate, crypto market or even start a business which is profitable for you and people, use your money wisely before you lose them all.

Is buying luxury items wise?

 

[Yusra3]

Yes, buying luxury items is wise.

There are many reasons why you should buy luxury goods:

1. To make yourself feel better, when you're down on your luck and need a boost

2. To set an example for your kids or family members

3. Because it's a form of emotional self-care, which is important for mental health and well-being

4. Because you want to live a life that reflects who you are.

When we spend money on something as frivolous as a luxury item, we're also spending it on ourselves and our lives. And when we spend money on ourselves and our lives, we tend to be happier and more content with ourselves.

 

[Johnson2468]

Whether buying luxury items is wise or not depends on the individual's financial situation, priorities, and goals. Buying luxury items can be a way to reward yourself or to enjoy the finer things in life, but it's important to consider whether that is worth the financial cost. Buying luxury items can be a wise decision if it fits within your overall financial plan and does not compromise your long-term financial goals. It's important to consider the cost and whether the money could be put to better use. It's also important to have a balance between spending on luxury items and saving for long-term financial goals. It's always recommended to consult with a financial advisor before making big financial decisions.