Eytan Morgenstern is facing a very expensive dilemma.
“Most people expect to be told, ‘No Beyonce tickets, no dream vacation, just save it all until you’re 95,’ ” says Ramit Sethi, bestselling author and host of the podcast ‘I Will Teach You To Be Rich’. “But I don’t believe that. I want you to spend extravagantly on the things you love – and then cut costs mercilessly on everything else.”
The danger of a huge bucket list cost is that it can spoil other areas of your financial life – like eating into emergency funds, preventing retirement saving and loading up credit card balances. “I love the idea of creating a dedicated savings account for big goals,” Sethi says. “If you want to be front row for your favorite concert, then put money into a dedicated account every single month, and you know for a fact that it’s going to happen.”Yes, travel does occupy the top slot of most bucket lists. But there may be other items on the list that do not cost an arm and a leg.
“The goal of one of my clients was to play on as many courses on the PGA tour as possible. He and his wife made this happen by volunteering for the PGA,” Cheng says.
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