Let’s get this straight, there is being rich, living rich, and going broke in the process. Keep in mind that not everyone who lives rich has a million dollars (or more) in the bank. In fact, most people are faking it until they make it.
But this doesn’t mean that you need to go into debt to live like the rich and famous. In fact, you can still live the high life while living on a budget and here are some tips to fulfill your champagne wishes and caviar dreams.
Step 1: The Right Place
The first step to living rich on a budget is to be in the right place. Now, this doesn’t mean that you need to live in a 10,000 square foot mansion but it does that you will need to shrewd when picking where to live.
For some, this might mean getting a small apartment in Boca Raton, Florida, while for others it might mean moving to a beach paradise in an exotic country – especially if your money can go farther. Either way, picking the right place means having a good idea the best cities to live and work.
But don’t think that you will need to move halfway around the world to enjoy the luxury life. For some, they might already live where the grass is greener but maybe they need a bit more of that green in their bank account every month. If they are over 62, they might be able to take advantage of a reverse mortgage to find a way to have some extra cash without needing to move.
While this might not be the right option for everyone, you can learn how it works in this QA section, from there you can decide if this is a way to get some extra money to fund your luxurious life on a budget.
Step 2: Pimp Your Ride
Rich people love their cars. While some see them as an investment and others are avid gearheads, there is a third category which chooses their wheels not only for utility but also for beauty.
But you don’t want to blow your entire budget on a lease payment for a new Maserati. Well, the good news is that won’t have too; instead you can opt for a gently aged luxury car for slightly more than the cost of the average new car. Doing so not only helps you to pimp your ride but it will leave you with a little extra money in the bank.
However, you do want to be mindful of the condition of the car you are considering as the service costs for luxury vehicles can be significantly higher than other cars. As such, you don’t want to opt for a luxury car which is more than seven years old – this will mean that parts are readily available.
In addition, you should only purchase from a dealer as they are bound to know the service record of the vehicle. And lastly, check the service record. These days you can pull the VIN (Vehicle Identification Number) and get the entire history of the vehicle. If this information is not available, then you will want to rethink the purchase as odds are you will end up losing money on maintenance and repair costs.
Step 3: Dress to Impress
Don’t think that this means that you will need to pay full retail. The rich don’t and why should you? At the same time, don’t think that you will get the VIP treatment at your favorite luxury boutique – you won’t. Instead, try to look like a million dollars without spending a million.
For starters, you can learn how to sew as this will allow you to make your own clothes. If this isn’t for you, then hunt for an affordable dressmaker or tailor. But this is by no means the only way to get your clothes made for you. Other options include traveling to countries like Thailand or Malaysia or experience some of the best tailors in the world for less.
However, you might not be up for a 20-hour plane ride as such you might want to find a tailor or dressmaker who has an online option or comes to a town near you on a regular basis. While they might charge more to cover the cost of their trip, it will save you the cost of the plane ticket and hotel room – not to mention the time.
Finally, get to know which second-hand shops in your area specialize in designer logos. This way you can get everything from designer leather good to clothes for a fraction of the price. While some of these items might be out of style, having a keen eye and a sense for how to update something will go a long way towards helping you dress to impress.
