… please note that there’s no right or wrong answer here, it’s all a matter of being in touch with who you really are.
Obviously, if you’re an investor at heart or in other words someone who is always more than willing to defer consumption and re-invest, you’ll probably make more money in the long run as a domainer than someone who prefers consuming right away.
But, again, it’s not a right/wrong situation.
Someone making $x per year can be much happier than someone making $5x yearly. And if the $x per year person says that no, from now on he will do whatever it takes to also earn $5x, he or she will only end up more miserable in the process if the goal of earning more isn’t something he or she genuinely wants.
In my case, I knew all along I was a “cheap bastard” or someone who is not into fancy cars, expensive clothes, exotic vacations and what not. It’s not that I hate these things, I don’t crave them. What I do however crave and have always craved is financial security, knowing that I’m on the right track.
Other people I know are consumers by excellence. They purchase better cars on credit, indulge in the latest and greatest consumer goods (from newly-launched phones to home cinemas, you name it), the list could go on and on.
Are they doing the right thing?
Well, it depends.
In my opinion, as long as they don’t go overboard and become compulsive spenders, the answer is most likely yes as long as they’re doing it for the right reasons. As long as they’re doing it because it makes them happy deep down inside. I have no problems with that whatsoever.
If they do it to impress their friends or because it’s what society conditioned them to think they should be doing, then that’s a different story and way too many people make this mistake.
What I’m trying to say here is that the decision to “live your life” is a deeply personal one and it’s all relative. I feel like I’m living my live by knowing that I’m financially resilient (with peace of mind being what I *actually* crave), whereas other people would be miserable without indulging in the best society has to offer.
Again, I’ll probably do better than them in the long run as an investor… but so what?
In both of my books, I’ve referred to research conducted based on data from multiple countries: time and time again, it has been noted that as long as your basic needs are met, future income gains aren’t correlated with directly proportional increases in happiness.
Therein lies the key do figuring out how to live your life IMO.
If your current financial behavior puts your basic needs in jeopardy, something has to be done. If, however, that is not the case and if your current lifestyle is one you find fulfilling, then by all means, do your thing and be happy.
Simple enough, right?