By Adam Jusko, ProudMoney.com, adam@proudmoney.com. [NOTE: This post originally appeared on June 20, 2017.]
I love live music. If there’s a performer I want to see, I will generally pay the cost regardless of price (while railing away at those ridiculous TicketMaster fees!). I never regret it.
What do you spend money on that always feels worth it? I cold e-mailed a variety of people that seemed like they might have interesting answers to that question — and some were kind enough to reply!
Below are those answers. You’ll see two recurring themes: money spent on “experiences” and money spent as an “investment” in your own future success is often money well-spent. Here’s what they said:
David Pogue, Tech Columnist for The New York Times and many other things: “My mom, who considers herself a child of the Depression, does NOT like to spend money. Her picture appears in the dictionary for the word “frugal.” I mean, she folds up aluminum foil after each use and puts it back in the drawer for re-use later.
But she raised me with this motto: “When money can buy you happiness, spend it.”
She meant it, too. When there’s some apartment I really want to buy that costs more than I’d intended to spend…when there’s a fast new laptop that would be my main machine… when it MATTERS… when I can directly see that it will bring me long-lasting happiness… I spend the money. I’ve never been sorry!”
Grant Cardone, Entrepreneur, Author, and founder of 10XGrowthCon: “Money spent on investing in yourself is always worth it. Perhaps the best $3,000 I ever spent was on sales training videos to help me become a better salesman when I was 25-years old.”
Johnny Jet, founder of travel site JohnnyJet.com: “I always spend money on organic food and visiting the doctor since you can’t put a price on health.”
Dariece Swift, travel writer/blogger at Goats On The Road: “Travel! Learning about different cultures around the world, making new friends and having adventures is something that I’ll always spend money on.”
John Waggoner, Contributing Writer, Kiplinger: “Charity. For relatively small amounts of money, I can help remediate some of the worst things in the world: War, starvation, torture, pollution, and animal exploitation. And I get a tax deduction for it.
I’m also very fond of Kiva, which lets me make microloans to people all around the world. I can reuse my dollars as borrowers pay them back. What’s not to like?”
Ben Reynolds, Founder, Sure Dividend: “As a dividend growth investor, the obvious answer here is “spending” money investing into high quality dividend stocks trading at fair or better prices. But in all honesty, what feels even more valuable than this (important) investment is investing in myself. I believe money spent on non-fiction books has the highest return on investment of just about anything (if you read the books, of course). It’s incredibly valuable to read the best thoughts of people much, much smarter than myself. The right book at the right time can truly be life changing.”
Scott Eddy, marketing consultant and travel blogger at MrScottEddy.com: “If the spend involves something where I will meet interesting new people, it’s well worth it for me. My whole life is about building a pipeline, but my pipeline is not built for potential clients, it’s for interesting people, and if you are meeting the right people, those relationships could turn into ROI for your personal brand.”
Tianna Gratta, social media content manager and blogger at The Passport Chronicles: “When I spend money on travel it always feel worth it to me. I feel like I am part of something greater than myself. I am experiencing things that some people will never see in their lifetime. It is inspiring and humbling.”
Victor Ricciardi, co-editor of the book Financial Behavior: Players, Services, Products, and Markets: “I am always willing to spend money on investing in myself by increasing my knowledge and abilities to update my career skills. In recent years, I have taken several online courses in personal finance and financial therapy. Education is the key to success for all people and making this investment in yourself is very important throughout your professional career.”
Kathryn Hanna, CPA and founder of Making Your Money Matter: “I never regret spending money on travel. I try to find the best deals (and of course use my credit card rewards!) on flights, accommodations, and tickets in advance and I create a plan for how much I’ll spend per meal. But, I don’t stress at all about how much I’m spending during the trip or afterward. It’s totally worth it for me!
Dr. Nick Morgan, communications theorist, coach and author: “Books.”
Mel Bondar, finance blogger at BrokeGirlRich: “Travel. There have been several times where a trip has strained my budget and paying it off stressed me out a little, but in the end, I wouldn’t trade those memories or experiences for anything. Sort of related, going to FinCon is a trip, but also a personal finance conference, and that totally felt worth all the expenses related to it, too.”