Before I go on to my next post on how an average family can retire within 10 years of working, I thought it would be good to have a small discussion on luxury. I hope my previous post on saving 75% of your income to retire in 7 years inspired some of you to save up more. But of course if we consume too much luxury, then it is very hard for us to retire. How should we approach luxury in this case?

Almost all of us like luxury. It seems like a human weakness to be attracted to the luxuries of life. That’s probably why they are still around even though they are priced at an exorbitant price. A normal meal cost $4 to most people but another meal can cost more than $100 for another person. Similarly for a hotel, a normal room can be priced at below …