I Grew Up Poor — 4 Luxuries That Are Actually Worth the Splurge
If you grew up with little money in your pocket and are now doing much better financially, you may be thinking about how to treat yourself. Your life can drastically change when you increase your income because you have more options and can finally treat yourself to all the things you only fantasized about when you were younger.
What luxuries are worth the money if you grow up poor and end up middle class or rich?
Art
"There's something special about owning a piece of art. It's not just about the money; it's about finding work that speaks to you," said Shawn Carpenter, the chairman and CEO of Stock Alarm. "If you're lucky and the artist becomes a big deal, that painting or sculpture could be worth much more. But, remember, art markets can be as moody as a cat. So, buy something you'll love looking at, regardless of its value."
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A piece of art can change an entire room and improve the visual appeal of any space in your room. As your bank account grows, the options for art will grow. Art can also be an investment in some cases, depending on where you purchase it.
Fancy Handbags
"We're talking about the big names here, like Chanel or Hermès," Carpenter said. "These bags can be more than just a fashion statement; they can be a decent investment."
If you want to make a statement that you're in an excellent financial position, you can do so by purchasing a handbag that grabs attention.
"Pick a classic style that doesn't go out of fashion, and you might have a bag worth more in a few years. Not every designer bag is a gold mine, so choose wisely," Carpenter added.
Since these handbags are so expensive, they're often limited, so you could find yourself with a decent investment here. Chanel recently raised the prices of handbags by $3,000 to over $8,000 to test purse lovers of this luxury brand, so this luxury is only available to those who have significantly improved their finances.
Watches
"There's something timeless about a good look, pun intended," Carpenter said. "Brands like Rolex or Patek Philippe? They're not just showing off; they're craftsmanship. Some of these watches hold their value well and can even be something cool to pass down to your kids."
It's also worth mentioning that purchasing a Rolex isn't as simple as walking into a store with the funds. You'll likely be placed on a waiting list and may have to wait to get your hands on this luxury item. This means anyone with these luxury watches has a connection or has waited for it. Either way, these luxury items are rare to find, and it's a splurge that won't go unnoticed.
If you're into watches or want to upgrade your appearance, you can spend the funds on a new piece. A luxury watch can easily go for over $10,000, so you'll likely make an impact when you enter a room. You'll want to spend some time conducting your own research to get the right piece for your situation and budget. After growing up poor, purchasing a watch that's more expensive than your childhood vehicle may be a unique process.
Dining Out
"Growing up poor and never going out to eat when I was younger, one luxury I find worth spending on is eating out," said Gene Caballero, co-founder of GreenPal. "After years of managing with limited resources, the ability to enjoy a meal at a restaurant feels like a significant treat."
Anyone who has grown up poor knows what it's like to always eat at home while hearing about how your friends got to try out a new restaurant in town. We mentioned this luxury last because dining out can vary in cost depending on where you choose to go.
"It's not just about the food but the experience and the change of environment. Eating out offers a sense of comfort and enjoyment, providing a break from the routine of cooking at home," Caballero added.
Having someone else cook for you is a luxury since you can relax while someone else does all of the work. If you never experienced this when you grew up poor, the novelty sticks with you as you age.
"It's a small luxury that brings a lot of pleasure and serves as a reminder of how far I've come. These little indulgences can make a big difference in quality of life, especially after experiencing tougher times," Caballero said.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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