Are There Any Luxuries Worth Buying?

Jay-Z once said, “...if you can’t buy it twice, you can’t afford it.” While I consider that to be sound financial advice, it does have its limitations.

You can’t really apply it towards housing (you can save a lot of money living in your parents’ basement or with roommates, but if the environment is toxic, getting-the-fuck-out would be worth more than the money). Also, just because you can afford it (because you could buy it twice) doesn’t mean you should.

This is especially true when it comes to luxury goods. You might be able to afford a Rolex Sky-Dweller in 18kt yellow gold (and buy it twice because you follow Jay-Z’s advice and you’re ballin’). But would you have to tap into your retirement savings or emergency funds in order to do so? And if someone were to rob you of that watch how hard will you cry?

However, some luxuries can improve your quality of life. Take good care of them and you may be able to pass down an heirloom worth keeping. But they are still luxuries and I think they require an addition to Jay-Z’s financial rule:

That if you can buy it twice, cover one month worth of expenses and a $5,000 emergency without dipping into your retirement fund, you could probably afford it.

Here’s a short list of luxury items I can think of and my take on each of them.

• Anything with a designer brand on it: I don’t care what it is. Most of your money is paying for the brand as opposed to the quality of the product. Now, sometimes high quality items come with a designer brand. If you’re in the market for something you can use or wear for decades, a designer brand might have it. Just, try not to do what I did. Though if I used the metric I devised above, I would have been able to afford it and save $10.00 (their New Years’ “sale” was pathetic).
• Perfumes: Cheap perfume smells like a teenager and lasts just as long. It could also ruin your clothes and give you and other people a headache. But if you want to put your money in perfume, I suggest taking the time to find your signature scent. When you do, test it for longevity and your own body chemistry, then either save up or wait for a sale.

• Make up: Personally, all you really need is skincare. But if you love makeup then you need to take the time to discover your signature look. Use other people’s services and products for this. When you do find the colours that look best on you, find a way to replicate it using the least amount of products. In my opinion, any signature look can be made using a maximum of 13 items:

Face, lip and eye primer (that should be 3 separate items)

Skin-matching foundation

2 go-to lipsticks

2 go-to eye shadow

Eye liner or mascara (one or the other)

Blush or bronzer (one or the other)

1 blender brush

1 eye shadow brush

Micellar water cleanser to wipe that shit off

Anything else is a waste of money, time and counterspace.

• Skincare: Who has the time for a designer 6+ step skincare routine? Heck, who has the time for anything past 3 steps? If you want a complete skincare routine, all you really need is a drugstore cleanser, toner, and moisturiser with sunscreen in it. Just make sure the products don’t excessively dry, oil or otherwise ruin your face. I suggest doing your research and checking to see if your desired products have the ingredients you’re looking for (ie, hyaluronic acid in your cleanser is a plus). All the other serums and special creams are a waste of time and money.

• Fine jewellery: Guys, gold just reached USD$1,846.00 per ounce and USD$59.35 per gram. Now think about how much the high end jewellery stores are charging for their solid gold pieces and how much they weigh. It’s highway robbery. But if fine jewellery is your thing, keep your eye out for sales and start making friends with independent designers and sterling silver.
• Latest tech: If it ain’t broke, why replace it? Just because Apple or Samsung comes out with a new thing doesn’t mean you need it. But if you do need a new gadget, what’s wrong with springing for an older model? You’re supposed to be using the product that best meets your needs and an empty wallet doesn’t help.
• New cars: I don’t care what people think about Teslas and new cars. If I need a car, I’m getting the kind that most people drive and I’m getting it used. That way my mechanic will most likely have the parts I need if things need fixing and I don’t have to cry about the 20% depreciation once I drive it off the lot.

• Fancy coffee: I love fancy coffee, but I also have a coffee machine at home and I use the Keurig at work. As a result I usually take my coffee black and cheap. But when I feel like having a treat, a fancy coffee at a nice, sit-down cafe is perfect. It’s a small luxury and it makes me feel special.

Though I consider the vast majority of luxury items to be a waste of time and money there is a time and place for them. It all boils down to personal preferences and personal values. As you can see, fancy coffees are my luxury treat and well made clothes. Lately, I’ve started exploring fine jewellery and perfumes as possible additions to my wardrobe but have yet to pull the trigger on each of them. If I follow my own advice, I know I can afford them.

But just because I can, should I?

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Thanks for lingering.