I’m a Self-Made Millionaire: It's a Waste of Money To Buy These 3 Things on Vacation
One might think a self-made millionaire can buy whatever they want while they're on vacation thanks to their net worth. The reality, however, is most self-made millionaires steer clear of impulse vacation buys, from novelty purchases to luxury items at prices that seem too good to be true.
MoneyLion spoke to self-made millionaire David Blain, CFA and founder of BlueSky Wealth Advisors, about the items he never buys on vacation no matter how amazing the deal may be. Here's what this self-made millionaire had to say.
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Extraneous Flight Expenses
You probably have a good idea as to what extraneous flight expenses look like. These are purchases made during a flight that can lead to experiencing a more comfortable trip, like buying onboard Wi-Fi, a cocktail or a snack or small meal. Sometimes the extraneous expenses occur before the flight, such as having a coffee or a drink at an airport eatery.
Blain steers clear of buying inflight Wi-Fi, food and drinks while he's flying on vacation.
"The cost-to-value ratio is usually not in favor, and I find it more productive to use flight time for offline activities like reading or planning," Blain said.
Fragile Items
Buying a fragile item, like a glass collector's cup or a painting, may sound like a good idea at the time when you start a vacation but then the logistics start to present themselves at the end of the trip. You might need to pay for bubble wrap or another packing material to ensure nothing breaks on the way home. Depending on how big or fragile the item is, you might need to pay to check the item or get it shipped.
Blain steers clear of buying anything that would be difficult or expensive to transport home, citing the cost and hassle of ensuring it arrives in one piece as outweighing the benefits of the purchase. Instead, he looks for items that are durable, practical and can seamlessly fit into his lifestyle or home décor.
Novelty Souvenirs
Novelty souvenirs can take the form of a mug, magnet, T-shirt, shot glass or another similar trinket. They usually have the name of the destination you're visiting splayed across them and can be sold anywhere from a street vendor to the airport.
This is another purchase Blain avoids while on vacation for the twofold reason that it tends to be significantly marked up and doesn't hold lasting value.
"I prefer to gather experiences and memories, or purchase items that have authentic cultural significance and can serve as meaningful mementos," Blain said.
What's a better souvenir to buy if you want a non-novelty item that won't collect dust or be sold off in a yard sale? According to a Reddit thread on the topic, many users agreed that it's better to buy postcards or small art prints during vacations. These have the benefit of being affordably priced, easy to pack up and take home and allow you to remember the trip fondly just by looking at them.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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