You work hard to earn the monies you need to support you and your family with the basic necessities of life but what do you do with the monies (G-D willing) after that? How do we decide what to spend on depends on truly what type of investment we are looking for. Are we the type of person who believes it’s important to save all their monies for a rainy day but what happens if we only see brightness during our lifetime? Or are we the type of person that lives for today and then has nothing for tomorrow? I believe in balance and here are the factors (below) I have tried to implement.
(1) Does the product/service that you purchase exceed the cost you pay for it? After that that Porsche is gone to car heaven will you have enough memories of it, that it will keep you satisfied when you drive that Yugo (it’s a really cheap car)?
(2) Is this a product/service that you can consider an investment? You’ve bought an extra house in a location that you desire which also has the potential to be rented out and return monies to you.
(3) Does this product/service enable you be involved in something bigger then what you’re involved in now? Owning a part of a business that allows you a chance to grow with that business.
(4) Is this product/service more work then fun? I heard owning a boat is great until you actually own it because of all the work it takes to maintain this property.
(5) Will this product/service enhance your social goals? It is great to be involved in a business but will it take away so much time that you won’t have quality time with any friends or family?
(6) Does this product/service enhance my life in someway? Does it build on my intellectual, physical, and/or spiritual well being.?
(7) Will this product/service bring pride to me? Will I be proud that I tried this even after years have passed?