If you’ve built a net worth of a million dollars or more, you know that it takes hard work and sacrifice to get there.
And while being intentional and frugal with your money is a part of the equation, once you have money in the bank, there are some luxury purchases that make life much more enjoyable.
We talked to a few self-made millionaires that shared some of their favorite purchases. Some of these luxury items might feel like a ridiculous purchase to some, but to these millionaires, they are well worth the premium cost.
1. Health & Fitness Gear
High quality workout gear can be a game-changer, but it can also be very expensive. Thomas Giarraputo, Vice President at Executive Cleaning Services, loves his leg massaging machine.
“I would say that this exceptional recovery system single-handedly prevents me from having lead legs after a strong lifting day,” said Giarraputo. “It also greatly reduces the amount of soreness I have, which enables me to ski multiple runs in a row on powder days throughout the winter…For any athlete who takes their sport seriously, it is money well spent.”
Bryan Clayton, the CEO of GreenPal, prefers to buy higher-end workout clothing. “Investing in top-notch workout gear can make a significant difference in motivation and performance,” said Clayton.
“Let me explain why — when you wear quality workout clothes, you feel more confident, comfortable and motivated to exercise. I’ve experimented with various brands, and I can vouch for the fact that the right workout gear can be a game-changer.”
2. High-End Watches
High-end watches can cost a lot of money, with some costing $25,000 or more. But more than just a timepiece, these watches are a sign of success for many millionaires.
“For me, a luxury watch is more than just a timekeeping device,” said Clayton. “It serves as a symbol of my hard work, dedication, and achievements.
“Whenever I glance at my watch, it’s a subtle reminder of the journey I’ve been through to get where I am today. I believe it’s one of those luxury goods that can genuinely add value to your life, not just in terms of aesthetics but also as a source of inspiration and pride.”
Joshua Spencer, founder of Bastion GPT, also enjoys expensive watches. “Consider a Patek Philippe or a Rolex,” he said. “These are not just instruments to track time; rather, having an exquisite watch on my hand makes me feel powerful and more in control of my life.”
3. Luxury Travel
Traveling can be stressful, but luxury travel can make it a delight. As a fan of luxury travel, Spencer likes to fly private.
“From a very young age, I had promised myself that I would earn enough to see every corner of the world, meet people and never stop exploring,” said Spencer.
“Today, the 12-year-old me would be very proud. Having a private jet allows me to fly to my destination on my own terms — no crowded airports or tight schedules, only the exhilaration of soaring through the skies.”
Clayton, on the other hand, prefers staying in high-end hotels, paying a premium for the experience. “I travel a lot for business, and I’ve found that staying at a nice hotel can make a world of difference,” said Clayton.
“Think about it — a well-appointed room, top-notch amenities, and impeccable service can provide you with a sense of comfort and luxury that’s hard to match.
“And as if that is not enough, a stay at a nice hotel can also boost your confidence when you’re meeting with clients or business partners. Based on the results of my experiences, I can confidently say that the added cost of staying at a high-end hotel is absolutely worth it.”
4. Luxury Vehicles
Most people know that cars can be a poor investment, but once you have a million dollars in the bank, they become much less of a burden.
Spencer would never think twice before buying a luxury car.
He said, “For me, these are not just vehicles, but they are an extension of my identity. The seamless blend of art and engineering is like a reflection of my success which makes me feel accomplished.”
Aubrey Flynn, self-made millionaire and founder of Goals Media Group, enjoys his Tesla on a daily basis.
“Beyond being a statement and a joy to drive, my Tesla Model 3 is a reflection of my commitment to environmental sustainability,” said Flynn. “It’s incredible engineering, safety features and energy efficiency make it more than just a car; it’s part of a lifestyle choice that aligns with my values.”
5. Home Appliances
Living everyday life in your home can become much more enjoyable by purchasing high-quality home appliances. Flynn revealed that he splurges on nice home appliances and items.
“I’ve found that making thoughtful luxury purchases can not only add value to my life but also align with my commitment to sustainable living,” he said.
Here are a few of the specific purchases he’s enjoyed:
- Dyson fan. “Investing in a Dyson fan was a game-changer. The air purification technology is excellent, and it is incredibly quiet and efficient. In hot summers or allergy season, it proves its value time and time again.”
- Diptyque Candle. “These candles not only have unique and lasting scents but also double as artful décor. They transform my living space into a serene environment, making home feel like a luxury retreat.”
- Nespresso Coffee Machine. “My mornings start with a perfect cup of coffee from my Nespresso machine. It’s not just about the coffee; it’s about the ritual and the sense of starting the day on a high note. It rivals any high-end coffee shop, right in the comfort of my home.”
Flynn said that enjoys these expensive home buys on a daily basis.
“[They] are more than just luxury items; they are thoughtful investments that enrich my life, align with my values and in many cases, contribute to long-term savings and sustainability,” he said.
6. A Luxury Home
A home is a massive purchase, but buying a luxury home can make life much more enjoyable.
Flynn said investing in a well-designed, sustainable home was one of the best purchases he ever made.
“It’s not just a place to live; it’s a sanctuary that reflects my style and values,” he said. “It’s designed with energy efficiency in mind and built with high-quality, durable materials that will stand the test of time, reducing long-term costs and environmental impact.”
More From GOBankingRates