Investing in luxury goods is a rite of passage for those who’ve completed the initial stages of building their own wealth and success. Of course, this project of reimagining the self and the capital gains that are waiting to be made in the market never ends, but it can reach a point of critical mass. This is when you know that you’ve made it; that your investments have, after years of hard work, become self-sustaining or hit an all-time high water mark that finally reaches beyond your projections and aspirations.
With these three great tips, taking your well-earned gains and investing in new luxury items and commodities to perpetuate your quality of life and continued financial success can be made easy.
1. Invest in quality.
Perhaps the most important thing to look for when investing in new luxury products is the markers of quality. High quality products aren’t just a mark of luxury, but they also last longer, often saving money in the long run. This is a great way to approach buying the things you use the most in life. A new phone or computer for instance will often last years at a time (computers may even extend out to a decade before needing a replacement unit). This means that when you shop here, you should prioritize staying power over flashy or gimmicky inclusions. The same is true for leather goods, clothing, and furniture.
Each of these items will last a long time, relative to other short-lived products. The best way to make the most of your new pair of jeans, leather bag, or couch and armchair combination is to purchase a high quality product that is comfortable, fashionable, and durable. This way you will enjoy the item for as long as you use it, and it will remain in good working order throughout its life cycle.
2. Continue to prioritize savings.
High net worth individuals don’t remain wealthy by spending all of their hard-earned cash. In order to make the most of the good life, it’s important to maintain your savings habits. In fact, the more you earn, the more you should be saving. The fact is that life moves fast, and emergencies, changes of direction, and many other unforeseen events can significantly alter the way you live your life at a moment’s notice. Rather than finding yourself caught off guard, maintain your emergency savings and other savings account reserves in order to protect your financial and lifestyle stability.
3. Continue building your investment profile.
Inflation cuts off a mean 2% each year from your cash flow’s spending power – at least. This means that by simply moving all your investments into a savings account you’re actually losing money. Finding great investments that provide significant growth over the long term is crucial to protecting your principal and maintaining high mobility within your investments.
Firms like Alamos Gold Inc. (NYSE: AGI) provide an excellent base from which investment assets can continue to produce royalties for your overall cash flow needs. Alamos is a Canadian multinational gold miner with assets spread across North America and the Republic of Tukey. Searching for “Alamos Gold, Turkey” will net highly exciting news about the expansion projects that Alamos is undertaking in the Republic of Turkey, and particularly the Kirazli project that promises to deliver some of the lowest extraction costs per ounce of gold on the market.
Currently, Alamos is in arbitration over an investment treaty claim with the Turkish government that will net the operation of these mines in Kirazli and elsewhere under Alamos’ strict internal regulatory requirements, or a payout of $1 billion in settlement over the renewal issues and inequitable treatment from the Turkish government.
Finding great investment opportunities and spaces to invest in yourself is all about perspective. Make sure you keep your ultimate goals in mind at all times.