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Having some disposable income to work with is a great feeling, but it’s got to be said that not all uses of that extra cash are going to yield an equal degree of reward.
Sure, you could spend the money going to expensive bars and fancy restaurants every other night, or use it to buy a new home cinema system. When all’s said and done, and the novelty’s worn off, however, will it still seem like you’ve invested your money wisely?
The best of both worlds is always going to be the situation where you can use your money in a way that makes you feel positive and happy about life, while also gaining some long-term benefit.
Here are some examples of potential investments that tick those boxes.
Undertaking a serious home renovation, redesign, or overhaul is easily one of the most fulfilling things you can do with your money, as you experience the benefits every day that you continue to live in your home. Not to mention, you can expect to sell your home for significantly more if and when you choose to move out.
While home renovations can be expensive, using a combination of your own savings and a 203k renovation home loan can be an effective way of covering the costs.
Take the project seriously, and list out all of the features of your would-be dream home, then compare them to your current property and see where the points overlap, or fail to. Knocking down a wall and repurposing a garage space can lead to a gigantic living room, and re-tiling an outdoor area can create a completely different feel on those summer days spent in the garden.
A world-tour holiday
Everyone loves going on holiday, but few people get the chance to go on a true globe-trotting expedition and take in all the sights and sounds first hand, rather than via a guidebook or documentary series.
Travelling to an array of new places will give you a great first-hand insight into the ways that different cultures operate around the world. It will very likely inspire you with new ideas for your life and business, and will give you the mental space to unwind and to really let go of the stresses of home life.
You’ll likely find that serious travelling also makes you more appreciative of the specific things you enjoy about your own home and culture, once you return.
Learning a new discipline
Investing in learning a new skill or discipline — especially one that you’ve been fascinated with for a long time — is, simply put, a way of opening up new avenues in your life which were previously closed.
Not only will learning new disciplines improve your career prospects and make your CV more attractive, it will also allow you to dig deeper into your various passions and interests. If you’ve always loved music, you’ll find that your appreciation of your favourite bands takes on a whole new element when you learn an instrument.