13 Aug Can home decor make you a millionare?
Posted at 10:35h in Budget decor 0 Comments
Some calculations on your home decor spending, and if you saved and invested that money instead
The Swiss spend the most on home decor items, spending $1,158.71 per capita each year. Let’s take this as the main figure for our first calculation.
Now suppose instead of splurging this much money on home decor items, you save it. And also assume that you’re 30 years old now.
So how much money you’d have by the time you’re 60?
Now, this just pure old-school savings – no investment stuff here.
But if you were to invest your $1,158.71 each year and get a 10% return on investment:
This investment will be worth $210,690!
“Wait, but I’m not an average spender. I don’t just spend $1,000 per year. That might be my monthly spending on decor and design projects”
I get it.
Most of you spend way more than this yearly average of $1,158.71.
If you don’t think so, consider that just a couple of leather sofas from Pottery Barn are going to cost you $7,500+.
So what if you invested this $7,500 each year and got a 10% return on investment?
You’d have $1,364,576 in 30 years!
In other words, you’d be a freaking milionare!
But why am I telling you all this?
Because I don’t want you to make dumb decisions with your money like buying a $3,500 designer sofa or $2,000 vase that you can get for a couple of hundred bucks if you do thrift shopping, buy from a generic brand, or DIY!
I want you to save your or your spouse’s hard-earned money so you can have a saftey net between you and life if any emergency happens.
Simply put, I want you to have enough money to live a financially-free life!
- Don’t spend money on dumb stuff.