Do You Have The Right To Buy Luxury Items?

[97guns]

Yeah, kinda defeats the purpose when you air dry your clothes

or not using one at all? shudder

[disneysteve]

Yeah, kinda defeats the purpose when you air dry your clothes

My wife air dries most of her stuff. She says it doesn't do well in the dryer. The dryer is for my clothes, sheets, towels, whites, etc.

[Weird Tolkienish Figure]

Luxury items = items that make your life worse with no benefit.

When you chase status and materialism, you get heartache and stress.

[disneysteve]

Luxury items = items that make your life worse with no benefit.

I don't think this is true at all.

To me, luxury items are nicer, fancier versions of more mundane items. They cost more but that's generally (not always) because they're better made, better materials, less mass produced, more comfortable, added features, etc.

There's a big difference between an upper end Mercedes and an entry level Chevy. There's a big difference between an L.L. Bean backpack and a WalMart backpack. There's a big difference between a vacation at the Four Seasons and a vacation at the EconoLodge. There's a big difference between a fine leather sofa and a cheap Ikea sofa.

To say that none of those things make life better and have no benefit is kind of silly.

Not everyone who buys luxury items does so because they are materialistic and trying to show off their status. I think lots of people buy luxury items because they appreciate the difference and can afford the better quality.

[Weird Tolkienish Figure]

I don't think this is true at all.

To me, luxury items are nicer, fancier versions of more mundane items. They cost more but that's generally (not always) because they're better made, better materials, less mass produced, more comfortable, added features, etc.

There's a big difference between an upper end Mercedes and an entry level Chevy. There's a big difference between an L.L. Bean backpack and a WalMart backpack. There's a big difference between a vacation at the Four Seasons and a vacation at the EconoLodge. There's a big difference between a fine leather sofa and a cheap Ikea sofa.

To say that none of those things make life better and have no benefit is kind of silly.

Not everyone who buys luxury items does so because they are materialistic and trying to show off their status. I think lots of people buy luxury items because they appreciate the difference and can afford the better quality.

To me luxury and quality and seperate variables. Purchasing quality items, even if they cost more, is an extremely reasonable and economically-sound proposition.

[disneysteve]

To me luxury and quality and seperate variables.

I think they overlap a great deal. Can you think of anything that is commonly thought of as a luxury item that isn't also of better quality than less costly versions of that item?

Purchasing quality items, even if they cost more, is an extremely reasonable and economically-sound proposition.

Maybe. It depends on the situation. It depends if you can afford it. It depends if you actually appreciate the better quality item and if your needs actually warrant the better quality item.

[Singuy]

I think they overlap a great deal. Can you think of anything that is commonly thought of as a luxury item that isn't also of better quality than less costly versions of that item?

I can think of a few.

Bose speakers vs many speakers at 1/2 the price
Dr. Dre Beats headphone vs other headphones
Iphone vs Oneplus
Iphone Watch vs Moto 360/LG/Huawei
Anything at Neimen Marcus vs anything at Ross
Or anything that subjects to massive law of diminishing in return (which is pretty much every luxury item..you pay 10x for 1.2x the product).

[YLTL_Dan]

Remember, luxury is necessary for capitalism!

Luxury empoly'd a million of the poor,
And odious pride a million more;
Envy itself and vanity
Were ministers of industry;
Their darling folly, fickleness
In diet, furniture and dress,
That strange ridiculous vice, was made
The very wheel that turned the trade - - Bernard Mandeville

[tonyb3]

There's a big difference between "luxury" and getting the best you can for your money.

I get frugal bigtime by sharpening & re-using fishing hooks, shopping at ross, always asking for the "local" discount whenever I can. But I also own a Paul Reed Smith guitar which is one of the more expensive instruments on the market. No guilt because it makes my heart soar when I play it, I can produce pro sounds for live or recording gigs, and I don't drool over the guitars I see in the guitar center.

Buying a Mercedes (if you can afford it) or a better vehicle is not a foolish choice in my eyes.

[disneysteve]

Buying a Mercedes (if you can afford it) or a better vehicle is not a foolish choice in my eyes.

I agree. I don't think buying a luxury item is foolish as long as you can afford it.

People often forget that because they think in terms of their own income.

Let's say you earn $100,000/year. That's a nice comfortable income. You want to buy a car and decide to spend $20,000. That's 20% of your annual income. To you, spending $50,000 or $70,000 seems "foolish".

But what if instead of earning $100,000/year, you earned $1,000,000/year. Now that $70,000 car is only 7% of your annual income. When you look at it that way, maybe it's the $20,000 car that is the more foolish purchase.

[wvhillbilly]

I agree and disagree with parts of this. Paying extra upfront for an L.L. Bean Backpack that lasts forever vs a Walmart Pack that lasts 1 semester will ultimately save you money. DisneySteve's Calphalon cookware will outlast my WalMart stuff that's already worn out after 12 months. A fine leather sofa might be the last sofa you ever buy, vs an Ikea that lasts between a month and a couple years. I consider these wise decisions, not "Luxury Items"

Staying in a nicer Hotel on vacation, driving a Mercedes, eating out, going to the movies, Starbucks, I consider these Luxuries.

Just my opinion.

[LivingAlmostLarge]

But not everything more $$ = better quality. at least nowadays.

[FLA]

Staying in a nicer Hotel on vacation, eating out, going to the movies, Starbucks, I consider these Luxuries.

Just my opinion.

I would research to death to get a nicer hotel room for a bit more than the cost of a lesser hotel, but if the price is right, I'm fine with that luxury. The other things I would consider once in a while treats, I'm not going to totally give up going to a movie or eating out if it fits in the budget. If done all the time, then yeah, they are luxuries to me and I wouldn't choose to spend my money that way.

[LivingAlmostLarge]

Maybe they are luxuries, but it depends on what defines luxury. I could easily say buying fruits and veggies are luxuries. It is. You only need rice and beans to survive or canned veggies or frozen. But fresh is nice. It depends on what you can afford.

[~bs]

I own a mercedes, and am financially prudent otherwise. I bought it during the financial crisis years used at a huge discount while everyone was panicing and dumping assets they couldn't afford. Everyone spends or saves their money differently. some people bring sandwiches to work for lunch, then blows their entire paycheck in 1 day on hookers and blow. whatever floats your boat. who cares what other people think? they're not living your life and living with the results of your decisions.

Also understand that just because a car is luxury and more expensive doesn't mean that there isn't value associated with it. In my state, a few years back. GMC Envoy collided head on with a Porsche Cayenne. The result? 2 dead in the GMC, the Cayenne driver walked away with a broken wrist. Anecdotal, I know... but was it worth the extra money to buy the better vehicle? In this case, I'd say yes. The extra $30k (maybe?) for the porsche, well worth it. If I had to guess what type of car she's driving now, it'll be a porsche.