Episode 123: When is it worth spending extra money along your journey to Financial Independence? Investing in high-quality products that you’ll use, and supporting your beloved furry friends are a few topics we’ll be covering in this episode of the Where Our Money Went series.
Spending on Quality Products
Kevin’s money went toward purchasing new luggage. The last time he had new luggage was a graduation gift from high school, which has finally bit the dust.
Kevin looked at reviews on WireCutter to find the recommendations for a great carry-on. WireCutter is owned by the New York Times and is a great place to find unbiased product reviews and recommendations. Think of it as the new-age version of Consumer Reports.
Kevin’s luggage arrived the other day, and he loves it already. He got the TravelPro Platinum Elite Carry-on Bag. It was a $250 purchase, but Kevin is always traveling for work and conferences and it comes with a warranty.
If you’re purchasing something that you’ll be using frequently, it’s worth “buying for life” and spending the extra money. Using a resource like WireCutter can help you make an informed decision so you get a high return on your investment.
Spending on Pets
Sean’s money went toward a vet bill: $323 for his dog, who tends to be a costly guy. If you’ve read Sean’s Book, The Early Retirement Roadmap, you’re likely already aware of how Cooper makes an impact on Sean’s FI journey.
Pets can be a significant investment of both time and money. For most people, this investment is well worth the expense, but it is something to budget for when pursuing FI.
What other areas are worth spending on? Let us know in the comments.