One of the richest people I have ever met came and spoke to one of my classes as an undergraduate. While I do not remember the technical parts of his business, Terry Gold did leave a lasting impression on me.
Terry said that he still drove an old 1980s Toyota because it still worked fine. The guy has millions of dollars and he did not buy a new car.
Terry said that the key to happiness is to live below your means. Have you ever noticed that rich people are more unhappy with their finances than many middle class people? We all dream of having more, but having more generally comes with spending more. As your income increases, why not keep your standard of living the same as today.
Rich people who still live like middle class people are usually much happier than their big spending counterparts. Even if you have money, debt is debt. Debt causes stress. Being able to afford what you have will help you relax and be happy in life.
So remember, how ever much you make, live below your means. You will be much happier in the long run.
