From the time their generation first emerged as an economic force, millennials got saddled with a bad reputation as spendthrifts who don’t appreciate the value of a dollar. Although that rep was largely unearned, they’ve been known to splurge on the occasional luxury purchase, same as any other age group. But lavish spending isn’t always a waste of money.
Keep reading to meet the millennials who made extravagant purchases that they’ve never lived to regret. Some of those purchases appreciated in value and became investments. Others were worth the money because they improved their health or quality of life. In other cases, big spending simply brought the joy of finally being able to own something they always wanted but could never afford.
In all cases, however, it was money well spent.
High-End Luggage Made Frequent Travel More Tolerable
Sometimes, what seems like a splurge can wind up saving money in the long run if it means buying something of quality that never has to be replaced — a lesson Veronica Thompson of Everyday Power learned at the airport.
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“As the COO of our company, I am traveling a lot,” she said. “Early in my career, I realized that I was spending way too much money on luggage as it gets broken and chipped easily. That was when I decided to really invest in a piece of luxury luggage.
“I bought a black Horizon 55 Louis Vuitton suitcase. Though it is a lot more expensive than other brands, it is very sturdy and durable. Since it has several interior compartments, my clothes and things are more organized. Since the leather is of high quality, it doesn’t turn dusty or crack even if I use it a lot. Since I travel a lot, I have first-hand experience of the really high-quality performance it provides. With that, I am really happy with this purchase.”
An Expensive Bass Boat Brought Priceless Peace of Mind
Luggage, even high-end luggage, is a practical purchase. Recreational boats are not — but that doesn’t mean they can’t be worth every dime, even if there are a whole lot of dimes involved at checkout.
“My bass boat was a purchase I splurged on — and I don’t regret it one bit,” said Joshua Nelson, owner of Allstate Bail Bonds in Amarillo, Texas. “With a price tag of $30,000, I must admit there was some hesitation leading up to the purchase. However, the amount of joy it brings me has been worth every single penny. It’s so much more than just a boat to me — it provides a reason for me to go relax in nature, clear my mind and relieve stress.”
The Cost of an RV Bought Invaluable Life Experiences
Recreational vehicles are expensive, but no price tag can be put on the value of quality time with family and the irreplaceable memories of life on the road.
“I don’t carry a single iota of regret about purchasing my RV last year,” said Rachel Nelson, a media and marketing freelancer and founder of Creative4Hire. “It has afforded me the opportunity to take long, healing road trips and to see parts of the country that I had only dreamed about before. I am completely enamored with the opportunity to go explore at my leisure.”
A Valuable Watch Became an Investment
Jewelry is typically a depreciating asset — but the right watch can put time to good use.
“Buying a timepiece was my first ever luxury purchase, after which buyer’s remorse didn’t kick in,” said Peter Varadi, co-founder and CEO of MarketGap. “Usually, I steer clear of high-end brands. But this one time, Audemars Piguet’s self-winding Swiss timepiece caught my eye. I’m glad I bought it because it doubled in value since my purchase. The reason was the limited supply from the manufacturer’s end. So, acquiring an exclusive watch isn’t the same as Omega’s easily replaceable timepieces. The luxury appeal makes my Audemars Piguet an investment.”
The High Cost of a Sauna Bought Health and Wellbeing
Nordic people have long known about the healing power of dry heat — in Finland, there are 2 million saunas in a country of 5.3 million people. R.J. Weiss, certified financial planner and founder of The Ways To Wealth, lives stateside — but the benefits of thermal healing are not lost on him.
“For over five years, I’d wanted to buy a sauna,” he said. “Each year, it seemed like the cost was slightly too much. In late 2021, I finally pulled the trigger; and, needless to say, I don’t regret it one bit.
“It’s been something my wife or I use every day. While we used to have to go to a gym to use the sauna, being able to do it at home saves us a lot more time and flexibility. While the cost seemed so daunting at the time, I wish we had committed sooner.”
It’s Easy To Forget That iPhones Are Luxury Items
In today’s world, a smartphone is a need and not a want for most people — but the price spectrum starts well below what Apple charges.
“One luxury item that I don’t regret buying is my iPhone,” said Jamie Penney, CEO of The Backyard Pros. “I know most people say it’s not a luxury. It’s a necessity in today’s world. But have you seen the price tag on the latest one? That’s more than two months’ worth of my groceries. It almost touches the rent of my apartment.
“But an iPhone is totally worth the cost. It’s made my life so much easier. It’s a much more user-friendly smartphone than any other. Its functionality is amazing, and I can do so much with it, especially with Apple Pay being so widespread and available everywhere.”
Sometimes You Have To Drain Your Wallet To Own a Purse
In some cases, lavish spending can buy convenience, improved efficiency or enhanced quality of life. Other times, a splurge is just a splurge — but that doesn’t mean an expensive want isn’t worth the money.
“Buying a $9,000 Hermès Birkin bag was an unnecessary purchase I made because I didn’t really need it,” said Kristi Smith, editor-in-chief of Honest Brand Reviews. “Despite this, it was totally worth the price. I’ve always been a fan of Hermès’ coveted Birkin bag. So buying one was like a dream come true.”
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