You can be extravagant …

4th September 2017

I recently heard the statement “I’m happy to spend extravagantly on things I enjoy but I hate waste” …this got me thinking…

Our clients often spend large amounts of money on family holidays, cars, extending and decorating their homes; as well as gifting monies and funding charitable activities across the world.  Is this ‘waste’…or ‘extravagance’?

The Oxford English Dictionary defines ‘waste’ as use or expend carelessly, extravagantly, or to no purpose”.  Waste speaks of squandering, frittering away, misspending, misusing and spending recklessly.

The Oxford English Dictionary definition of extravagance is very similar, “a lack of restraint in spending money or using resources”. In this definition extravagance speaks of lack of thrift, improvidence, wastefulness, and squandering.

It’s clear from these definitions that the compilers of the Oxford English Dictionary perceive ‘waste’ and ‘extravagance’ as being interchangeable.

Luckily the Cambridge Dictionary compilers seem to be a little bit more laid back.  Their more congenial definitions of extravagance include “something expensive that you buy even though you do not need it” and “behaviour in which you spend more money than you need to.”

When we meet our clients we have rich and meaningful conversations about their specific goals and objectives.

Our clients spend time and energy working hard and accumulating capital, so why shouldn’t they be extravagant from time to time when it comes to the things that are important to them?  After all they have a plan so they know they can afford it!

Do you really want to leave this planet with ‘too much money’ and your ‘financial bucket’ overflowing?

Isn’t it better to manage your “financial bucket”, avoiding waste, so that you can use your wealth to do the things that are important to you; including being extravagant from time to time?

Richard