High earners with long-term financial goals have to save money, but that hasn't stopped them from splurging on various products and services. Several high earners gathered in the HENRY subreddit and shared some of their biggest splurges.
In this context, splurges were defined as anything you bought without thinking about it or planning for the expense. A $7,000 bike and a new Range Rover were mentioned, but many of the splurges had common themes.
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Vacation Trips
Many high earners mentioned vacation trips as their splurges. A single mom took her kids to Walt Disney World and upgraded to Disney's Grand Floridian Resort & Spa so they could watch the fireworks from their suite. Another person went to the Maldives, a small island in Asia.
The top comment came from a high earner who went on a planned vacation in Vail, Colorado. Although the vacation was planned, the commenter enjoyed it so much that they decided on the last day to extend it for a few more days.
Other vacation destinations included Maui and Chicago. Travel is pricey but can form lasting memories. That's the mentality many high earners had when they explained how they splurged on their vacations.
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Supercars And Rolex Watches
Cars and Rolex watches came up a lot in the comments. One person walked into a Manhattan store and walked out with a Rolex that was more expensive than their car. Another commenter bought a Rolex for $17,000. However, you will either have to stay on the waitlist for multiple years or buy a Rolex on the secondary market for a 20% to 50% markup.
A $160,000 Range Rover also came up in the comments. One car splurge came unexpectedly for one of the owners. A commenter said that they bought a car on a bid at an auction house without expecting the bid to win. Auction houses can help you get cars and houses cheaper if no one knows about them. Those can feel like great splurges, especially since they create the sense of winning something instead of just buying something.
However, some people regretted their impulsive spending. One commenter bought a supercar during the pandemic and quickly regretted it. Luckily, the car maintained its value, which allowed the commenter to sell the car at a profit shortly after buying it. This story demonstrates that splurging still has risks and can put you in a bad financial spot if you aren't careful.
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McDonald's Meals
A McDonald's (NYSE:MCD) meal isn't exactly the type of splurge that rivals a vacation, supercar, or Rolex watch. This ‘splurge' came up a few times among the high earners because of what it represents. It's a cheap meal that demonstrates how much money people want to save.
Some high earners forgo splurges now to give themselves more options in the future. The jokes under the McDonald's posts reflected this theme. One person grabbed a McDonald's burger on the way back home, and someone responded by saying, "No fries, because that would be overspending."
Another commenter jokingly criticized someone who bought a McDonald's burger, explaining that "the money for that burger could have grown to $300 in 100 years." The commenter then asked the McDonald's enthusiast to reflect on "what your 100-something-year-old self [would] say."
Some high earners splurge heavily when the time calls for it, while others keep their money close. It seems like everyone wants to have a little fun.
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