Recently I’ve been delving into Ramit Sethi’s content because it’s been recommended to me so many times, and for good reason. One of the things I’ve learned from him is the concept of designing your rich life. Instead of approaching your personal finances from a place of stress or fear, he encourages people to envision the life they want. Then they can make a financial plan that allows them to work toward those lifestyle goals.
From my understanding, Ramit doesn’t believe that you should delay gratification forever and wait until you’re retired to start living your rich life. He advises people to cut their spending mercilessly in areas they don’t care about so they can spend more on the things they value. He also encourages his readers to focus on big personal finance wins instead of small ones. After all, getting a major promotion at work will allow you to save more money than foregoing little pleasures like a weekly Starbucks run.
Financial Balance Is Important
For the past few years, I’ve been laser-focused on major financial goals like paying off my home and retirement. But engaging with Ramit’s content has reminded me of the importance of financial balance. You can’t completely sacrifice your current wants and needs in pursuit of far-off future goals like retirement.
So today I thought I’d share the top three things I want as part of my rich life. I may not be able to start doing all of these things tomorrow. But I’m definitely going to think about how I can adjust my financial plans to include more of the splurge items and treats that would make my life rich.
3 Things I’m Envisioning for My Rich Life
More Hobby Equipment Splurges
The number one thing I want out of my rich life is the ability to purchase more hobby equipment. Daily life is so much more enjoyable when you have a DIY project you’re excited to work on. The workday flies by when you’re looking forward to trying a new recipe or squeezing in some workshop time after dinner.
For Christmas, my partner and I decided to splurge on a Le Creuset Dutch oven as a joint gift. Cooking in it every night has brought me so much joy and leveled up my meals. Having the right tools really elevates your skills and enables you to create amazing things. So my ideal rich life would include more disposable income for hobby splurges. Hopefully, this will become a reality once we pay off our home in a few years!
Ability to Easily Replace Broken Items
One of my financial stressors is replacing things when they break. I think this stems from the financial instability I experienced as a child. After the 2008 recession, there were times when my family couldn’t afford to fix broken appliances around the house or replace personal items. Although I have a home maintenance fund set aside for repairs, it always stresses me out when I have to take money out of it.
For example, it took us over six months to replace our dryer when it broke. And the only reason we ended up getting a new one is because we had guests. We didn’t want to subject our family to clotheslines and crunchy towels, so we finally replaced our dryer to ensure they’d be comfortable. If they hadn’t come to visit, we still wouldn’t have a dryer!
It’s not just expensive appliance repairs that stress me out. A few nights ago my heating pad broke. I’ve had it for over six years at this point and have used it at least twice a week. Honestly, I’m surprised it lasted this long, but I’m still putting off buying a new one. I think it’s because I have a frugal “make do and mend” mentality. I challenge myself to see if I can get by without the broken item to save money, even if it makes my quality of life worse.
That’s why my ideal rich life would include zero worry or stress when something needs to be replaced. I’d love to have enough money saved to make these expenses barely register as a blip on my financial radar. Although I have a home maintenance fund for broken items and repairs, it doesn’t feel like enough. In the rich life I’m envisioning, I’d have at least $15,000 or $20,000 in this repair fund so I never have to worry.
Convert a Van To Vacation In
This last desire may come as a surprise since I’ve written about how much I dislike traveling. But the main reason why I don’t like vacations is because I have to leave my house, which is my safe space. I think that I would enjoy road-tripping much more if I had a fully converted van with a kitchen, bathroom, and climate control.
There are destinations out west that I’d love to see including the Grand Canyon and Red Rocks Park. I think I’d enjoy seeing those sights much more if I could travel there in a van decked out with all my favorite creature comforts.
What Does Your Rich Life Look Like?
Ramit believes that everyone’s rich life will look a bit different. Some people may want to attend more concerts while others might want to work less so they can be with their kids more. What does your rich life look like? And what financial steps are you taking to get there? Share your thoughts in the comments!
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.