5 Expensive Things Money Experts Will Always Buy
There’s a proverb that says, “A fool and his money are soon parted.” And spending a lot of money on certain things can definitely seem foolish. After all, do you really need a $525 cotton silk T-shirt or a robot vacuum and mop for $1,400, when much cheaper variations can serve the purpose just as well?
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Sometimes, however, it can make sense to spend more on certain items — if you can afford it.
Find out what items money experts will always buy, even when they have to dig deeper in their pockets.
High-Quality Food
Everyone is feeling the squeeze when it comes to grocery shopping, but there’s often a notable difference in price between heavily processed foods and fresh, wholesome ones.
Brian Rudderow, founder and CEO of HBR Colorado, real estate professional and investment advisor, said no matter how much it costs, high-quality food is something he will always purchase.
“The saying, ‘You are what you eat,’ holds true for me, and I believe in investing in high-quality ingredients and products for my meals,” he said. “Not only does it make a difference in taste, but it also has long-term benefits for my health and well-being.
“Eating a well-balanced and nutritious diet is essential for a healthy lifestyle and can prevent future health issues. This is why I am willing to spend more on quality food, as it ultimately pays off in the long run.”
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Travel Experiences
Rudderow said traveling is something he is passionate about — he firmly believes in creating memories and experiences over material possessions.
“While travel expenses can add up quickly, the memories and experiences gained from exploring new places and immersing myself in different cultures are priceless,” he said. “I see it as an investment in personal growth and self-discovery, which ultimately adds value to my life.”
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Quality Skincare Products
Other things Rudderow doesn’t mind spending more on are quality skincare products.
“Taking care of my skin is important to me,” he said, “so I am willing to splurge on quality skincare products. These products may come with a hefty price tag, but I believe in investing in my skin’s health and appearance. Good skincare not only makes a difference in how my skin looks, but it also boosts my confidence and self-esteem.”
Reliable Technology
The average projected cost of a consumer smartphone in 2024 is $940, according to Statista. That’s a huge chunk of change, but the majority of Americans rely on such technology and can’t imagine life without it.
“In this digital age, reliable technology is a necessity for both personal and professional purposes,” said Rudderow. “While they can be expensive, investing in high-quality devices and gadgets ensures efficiency, productivity and convenience. It also saves me from constantly having to replace or repair cheaper, low-quality technology.”
Mattresses and Sleep Aids
Corey Noyes of Balanced Capital said he believes in having a nice mattress and nice sheets. “There is more to sheets than thread count,” he said. “Learn it.”
Noyes also said a white noise machine is something he will always buy.
“You spend 1/3 of your life asleep; make it count,” he said. “Better sleep will also turn into better, more productive days. This is an investment that will pay for itself.”
Noyes said even though he’s a big supporter of splurging on sleep, he does not believe you should go into debt for it.
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How To Splurge Without Regrets
Of course, you shouldn’t splurge on any non-necessity if you can’t afford it. Here are Rudderow’s tips for splurging without regretting it.
Prioritize and Budget
“Before splurging on expensive items, it’s important to prioritize your needs and wants,” Rudderow said. “Make a list of the things that are most important to you, such as quality food or travel experiences, and allocate a budget for them. This will help you prioritize your spending and ensure that you are not overspending on unnecessary things.”
Do Your Research
“Before making a big purchase, do some research and compare prices from different brands or retailers,” said Rudderow. “You may find a similar item at a lower cost or discover deals and discounts that can help you save money.”
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Treat Expensive Purchases as an Investment
“Instead of seeing splurges as unnecessary expenses, view them as investments in yourself and your future,” Rudderow said. “For example, investing in quality skincare products now may prevent costly skin issues or treatments in the future.”
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This article originally appeared on GOBankingRates.com: 5 Expensive Things Money Experts Will Always Buy
