Your finances and lifestyle are intertwined!
Numerous debates erupt when it comes to lifestyle. Many people have their own understanding of what lifestyle means. Just one thing is certain: finance and lifestyle must coexist in some form or another.
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So, in order to afford a certain lifestyle, you must be in good financial standing. If your way of life involves shopping the latest up-to-date fashion, it’s evident that you’ll need or should have a certain amount of cash on hand. If you don’t have enough money or resources to support this lifestyle, you’ll have to cut back on your spending.
If you have a vision of what your ideal lifestyle should be, it’s time to make sure your finances fit that vision. There is no amount of daydreaming that can make it happen. Since income can vanish and debt can mount, there must be some level of practicality.
Do not assume that a certain lifestyle is possible for you simply because the magazines say so. The first step is to assess your financial situation and determine if they are sufficient to sustain the lifestyle mentioned in the magazine or by your friends.
The most common mistake that most people make is to think they have more money than they really do. As a result, they spend more on their ideal lifestyle simply because it is a status symbol.
The logic goes like this: if they notice that I’m wearing something by so-and-so or driving such-and-such a vehicle, they won’t notice that my financial resources are depleted. When deciding on a lifestyle, the most important factor to remember is your financial situation.