Craving luxury is normal, especially in the consumer-oriented world that we have today. But before you even start thinking about luxury, you must get down to the basics on your financials first.
First and foremost, you should prepare your Statement of Assets and Liabilities (SAL), Personal Income and Expense Statement (PIES), and Personal Financial Plan. In this manner, you know exactly where you are in terms of your financial life, and where you want to be at a certain age.
Thereafter, your most important formula is: Income minus Savings equals Expenses. Then work on a realistic budget after this formula.
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