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Will Revenge spending be a Wealth creator or Wealth destroyer for you?

Time to be busy again.

The economy is opening up like the sun that comes out after dark clouds clear up – warm, soft, and cheerful. State borders are free to cross, flights are up in the air, malls and coffee shops are open and are welcoming their loud patrons, blockbuster movies are waiting for theatre release. Companies are re-hiring. Stock markets are at record high levels and even real estate prices are picking up.

Those who survived the pandemic and did not lose their jobs have swollen bank balances waiting for a release.

#revengespending in the next 6- 8 months is expected to put the economy back on the highway for a speed run.

What is not to like, right?

Like revenge eating after a strict diet, revenge spending can do more harm than good if you are not just a wee bit careful.

This is how you can ensure you stay away from harm’s way.

Reflect on :

What all could you not do and missed?

– I missed meeting family, friends, clients and colleagues. I missed long road trip and family holidays.

What all could you not do and don’t miss anymore?

– I don’t miss eating out or movies.

– I found that cooking could be fun and healthier too.

– I found that Netflix, Prime, and Hotstar provide choices and it is not too difficult replicating the theatre atmosphere at home.

– I found that I have enough clothes to last another 3 years (provided I still fit into them).

What are habits that you picked that can make you healthier and wealthier?

Talking for myself – Budgeting expenses, tracking my net worth growth, reading as a family every day, regular yoga and meditation, zoom calls with far-flung friends and cousins network

Be smart with your money with the above realization. You will survive.

And this is how you utilize this opportunity of your lifetime. Be on the business side of the #revengespending phenomenon rather than just on the consumer side.

Who will benefit from it?
What businesses will do well? Can you start one of these businesses?
Can you invest in them?

If that seems like a lot of work, how about just keeping up with the savings levels and investing in stocks and mutual funds which will all benefit from this?

What are your thoughts?

Are you happy being on the consumer side of #revengespending?

Are you excited to be on the producer side of #revengespending?