I work in IT and earn a good amount of money as per Indian middle class, and for my age it's great. But still if I see around me, everything feels so expensive, the kind of clothes I like seem to be pretty expensive to be afforded for daily wear, the kind of societies I want to live in are beyond monthly budget, the kind of hobbies I'm interested in costs so much. It's not that I can't afford it, but it doesn't suit the model of budgeting where savings and investing are also part of the budget rather than just needs and wants.
so this makes me wonder, who are these people who are able to afford this all and what are they doing for living? how can I be one of them? What's the thing that I haven't yet unlocked about the money game.
Who lives in these expensive societies
byu/khushi__n inpersonalfinance
Posted by khushi__n
5 Comments
A lot of people don’t save and invest. They live paycheck to paycheck for these hobbies and items..
American here who’s worked in low-mid income country before.
In low-mid income countries, daily necessities like housing and food is comparatively affordable for the salary there. But goods that are imported won’t be cheaper than high income countries, it can often be more expensive than them too due to tariffs or other unfavorable trade deals. So low income country buying these imported goods would be insanely expensive compared to salary. But living expenses can often be proportionally cheap compared to salary.
Pay yourself first. Your basic costs of living (housing, food, transportation, utilities), savings and investing. What’s left is your fun money for nice clothes and hobbies. You probably can’t get whatever you want, whenever you want. You may have to save up or wait until your income goes up. That’s life.
The main trick is not increasing your basic costs (like your housing or transportation) just because your income goes up.
I recently came to understand how big generational wealth actually is and how it changes your perception.
You shouldn’t expect to be able to live the same way as someone born into having most of life’s problems solved at birth. No matter how good your earning potential is compared to someone who comes into life never having to worry about finding a place to live or ever knowing hunger or uncertainty.
Focus on what you can change, and ways you can improve your own and maybe your childrens’ experience, not on how others live.
If you’re rich you don’t have to choose or prioritize, if you’re middle class you can choose clothes, society, or hobbies. If you’re poor you get none. So prioritize and enjoy your good life.