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5 Ways To Lower Expenses in Your Working Years While Living a Luxury Lifestyle

Finding a balance between living for today and saving for tomorrow is the yin and yang of personal finance. You don’t want to leave yourself struggling in retirement, but you also shouldn’t grind through your working years completely devoid of enjoyment — or even a little luxury living.

The good news is that with some clever strategizing, it doesn’t have to be an either/or proposition. Here’s how to live the high life while you’re still working without spending so much that you’re stuck scraping by when your earning days are behind you.

Identify Your Millionaire Mindset: What Does Luxury Mean To You?

According to Mariah Hudler, a licensed mental health clinician, certified financial therapist and generational financial strategist at Koru Financial Therapy, the most significant thing you can do is work on a mindset shift toward “mindful and intentional consumption.”

“For example, define what a luxurious lifestyle means to you,” she said. “Cars, travel, homes, a certain community. Then, build out your life with those who also want to live that lifestyle, such as your partner and your networks. Having a solid vision with support and encouragement from others will help you to live your luxurious lifestyle within reasonable means.”

Subscribe To the Luxury You Can’t Afford To Buy

Everyone is familiar with the toys and experiences that define the aristocracy. Most people can’t afford to buy them — but they might be able to subscribe to them.

“Instead of large, one-time expenditures, consider subscription services or memberships that offer the same luxury with predictable costs,” said David Blain, chartered financial analyst (CFA) and CEO of BlueSky Wealth Advisors. “For instance, instead of buying a luxury yacht, joining a high-end boat club can offer the same experience without the upkeep and depreciation costs.”

SailTime, for example, offers fractional memberships that guarantee you monthly usage of a specific boat that you choose and subscribe to with only a handful of other members.

If you’re more attracted to the skies than the seas, platforms like Jettly offer memberships that buy you access to private and semi-private charter flights without having to own your own plane.

“This approach also gives you the flexibility to change luxuries as your interests or circumstances change, ensuring a continuous but financially feasible indulgence in your lifestyle preferences,” Blain said.

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