Before making a big luxury purchase, personal finance expert Dave Ramsey says to pause and ask yourself one simple question: “If we take the amount of money we’re getting ready to blow on this toy and burned it in the middle of the floor, would our life change at all?” If the answer is no, then you’re likely in a financial position to make that purchase, ethically, spiritually, and practically.
A recent caller to “The Ramsey Show” got an answer to that very question. Greg, a business owner from Phoenix, asked whether it was OK to spend $5 million on fractional ownership of a private jet. In other words, whether it was the right time to start enjoying some of the wealth he and his wife had accumulated.
