What shouldn’t you buy if you want to be happy? Money Magazine has a list of those items too.
- A luxury car. If you splurge on a snazzy sports car, you might impress your neighbors – but only with your narcissism. New, flashy, expensive toys can give you an instant thrill, but they’ll only boost your mood for a month, maximum. Think of a kid after Christmas. They’re thrilled with all the loot they get – then a month later all those new toys are gathering dust in a closet.
- Do not buy: a yacht. Boat buyers tend to overestimate how often they’ll set sail and minimize how much the boat will cost. Even if you sail around the world, the happiness you’ll get won’t be from the boat. It’ll be from the memories you collect along the way.
- A $200 dollar bottle of wine. Unless you’re a real wine aficionado, you probably can’t tell one vintage from the next and you won’t appreciate it. You’re likely buying the bottle to impress someone. But once you start doing that, you have to spend more and more to keep up appearances.
- Anything on credit! Living high on credit gets you used to a standard of living you can’t afford. Then, the loss from cutting back your lifestyle will be more intense than the thrill you felt when you were charging left and right. Live within your means and you’ll be happier, guaranteed.