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Why It's Okay To Have Nice Things

The other day someone asked me why STASH only works with people in their 20s and 30s and not with people in their 40s...

The short answer is.....We don't like delivering bad news. People who wait until they are in their 40s to start planning for the lifestyle they want to live have the odds seriously stacked against them. It may sound a little harsh but it's true. They say "time is money"...we like to say "time makes money". Same difference. The earlier you start, the more time you give your money to grow and the less you have to put overall towards each goal, leaving more for you to enjoy NOW. And isn't that the point? Who wants to wait until retirement to start enjoying life?!? The thought makes us cringe.

If you're in your 20s or 30s and you're reading this post - AWESOME! Baring some ridiculously unforeseeable event, we can say with relative certainty, that YOU WILL HAVE IT ALL! 

There's a popular notion out there that you have to sacrifice today to enjoy tomorrow. We are here to tell you, it simply isn't true.

Here's the secret

Spend more on what you care about and less on what you don't!

One of the ways to achieve everything you want today, tomorrow and down the road is to consciously think about what you value and what you don't. Then, stop spending as much on the things you don't care about. There's a certain amount of thinking required here, but it's not complicated and doesn't involve depriving yourself of anything you actually care about. 

Whether it's the best restaurants, designer golf clubs or semi-annual spa retreats, life is more enjoyable when you are treating yourself to the things you value most. Our philosophy of "lifestyle by design" puts the control back in your hands. We've become a culture of unconscious spending because everything is accessible to us at all times. We don't really have to pick and choose but as soon as we do, our sense of satisfaction and gratification immediately elevates. Just try it. Before making a purchase, ask yourself "do I really care if I have this or not?"

The biggest influence on our spending

Wait for it...it's the people you surround yourself with. No surprise there. But as soon as you become conscious about what you want to spend on, you take back the control into your own hands. If your iPhone 5 is still working, do you really need the iPhone 6 because your friends have one? Unless you CARE about having the newest of technology at all times, do you really need to upgrade a phone that was perfectly acceptable before you knew the new one existed? This simple shift in thinking will all of a sudden create a surplus of cash for you to spend on things that actually matter to you!

Find your frugal

Did you know there's a big difference between the words Frugal and Cheap. Do you even care? Here's why you should...

Frugal spenders are conscious spenders. They know what they value and they are willing to spend on it. Love Louboutins, buy them. Don't really care about dining at white glove Michelin star restaurants and are totally fine with that really awesome find in the east village that serves AMAZING ceviche (*cough cough* Desnuda)...frugal spenders know what they value and are willing to pay for it. On the flip side, they don't pay for what they don't value.

Cheap spenders on the other hand, nickel and dime any and all purchases. This is a sure fire way to never get rich...we promise. Even though cheap spenders may save a buck here and there, it rarely amounts to anything because they have no larger plan in place. They treat all purchases the same rather than increasing satisfaction by prioritizing what they truly enjoy.

The Game

I play this game with my sisters & friends every time we go clothes shopping. We never look at price tags when we pick things out. We wait to try it on, see how it fits and come up with a price in our head of what it's worth to us. THEN with that number in mind, we look at the price tag, if the price is more, we don't buy it! No buts! Why pay $120 for a shirt that is only worth $50 to us? In the same vein, it's always fun to do this at places like H&M when you try on a pair of skinny jeans that easily look they they'd cost north of $80 but the price tag says $29.99...SCORE!

Try playing this game and let us know how it goes. Share your experiences in the comments below!!

Priya @ MC

Stash Wealth, 142 N 6th St, Brooklyn, NY, 11249, United States

Priya Malani left Wall Street to reestablish a new norm for what it meant to work with a Financial Advisor. As a Registered Investment Advisor based in New York, Stash Wealth educates and empowers Millennials and Gen Y'ers to take control of their financial future. Stash Wealth hosts monthly talks on personal finance topics called Financial Cliffnotes: LIVE. Also, it puts out a biweekly Financial Cliffnotes Newsletter. On the planning side, Moderna Capital has found the best way to execute successful financial plans is to deliver them in bite size pieces rather than the industry norm (one hefty document) that only leaves the client further confused and overwhelmed. By delivering modular planning on topics relevant to the needs of this generation, Stash Wealth helps individuals and couples secure their financial future and end the guilt that comes with not knowing where they stand.