Whatever your level of wealth, it’s worth thinking about how you can put your disposable income to work, so that you can build that wealth in the long term. This might mean developing a sophisticated portfolio of stocks, bonds, and physical assets. All being well, your investments will increase in value over time (and, occasionally, pay dividends).
Commodities like gold are a popular way to store wealth. They don’t decay, and they hold their value fairly reliably. But they don’t provide any improvement to your quality of life while you’re owning them. For this reason, certain luxury items, which actually contribute to your well-being, might be an attractive alternative.
This kind of investment can take many forms.
Timeless Watches: More Than Just a Timekeeper
When you buy a high-quality wristwatch, you’re putting money into the reputation of the brand behind it. Some of the products released by big names like Rolex and Patek Philippe command huge sums, but because of the prestige behind them, there’s a considerable chance that they’ll earn a profit over time. You can wear yours daily in order to make a statement and pass it on to your next of kin after you die.
Designer Handbags: Classic Style Meets Investment
A designer handbag can make a good investment for much the same reason. Brands like Hermès and Chanel tend to command considerable respect, and this is reflected in the prices these items attract. Handbags tend to be more vulnerable to wear and tear than watches, however, and so you’ll want to be conscious of the way that you’re actually using yours.
High-Quality Leather Shoes: Durable Elegance
Leather shoes are, of course, even more vulnerable to wear and tear since they’re going to be in regular contact with the ground. A well-crafted pair, however, can last for years or even decades. Look for brands like Crockett & Jones or John Lobb. These tend to combine immaculate craftsmanship with timeless designs.
Premium Kitchenware: Cooking in Style
The quality of your cooking environment can have a big say in the food you eat and the experience that you have while cooking it. You can think of high-end cookware from brands like Le Creuset as a lifestyle investment that will add major value to your life at home.
Designer Eyewear: Fashion and Function Combined
It might be that you need to wear eyeglasses regularly. Or, it might be that you only need a pair of shades for when the sun is out. Whatever the case, it’s worth investing in quality eyewear. Brands like Ray-Ban, Oliver Peoples and Tom Ford can enhance your daily look while holding their value over time.
Fine Writing Instruments: The Art of Everyday Luxury
The handwritten note is something of a lost art. But the act of taking them has a number of psychological benefits, and thus it’s worth investing in a decent pen that will make note-taking a pleasure, rather than a chore.