From paying down debt to hitting a savings goal, financial wins are certainly worth celebrating. Be they large or small, achieving your financial aims is a sort of celebration in and of itself. Still, taking the time to truly savor your successes is a great way to feel good and maintain your momentum over time. After working to achieve your particular goal, you quite frankly deserve a bit of a celebration and self-congratulation.
Why should you celebrate?
Before contemplating your celebration options, it’s important to consider why you should bother celebrating at all. You might wonder, “Why should I spend money, time, and/or effort to congratulate myself when I could be channeling those resources into further success? Put simply, experts believe that celebrating your success leads to even more success. That’s right—by expending your resources on celebrating, you’ll not only feel good but you‘ll be setting yourself up to achieve further success (and further celebration) later on. So, whether you’re celebrating with a fruity herbal liqueur or creating your local version of New York’s Wall Street, you can relax and let yourself enjoy these moments celebrating every ounce of your success, all the while knowing that there’s more of it to come.
How should I choose a celebration or reward?
To make the most of this correlation between celebration and success, you must plan your chosen reward carefully. More specifically, you have to ensure that your reward is something that complements your goal, embraces your success, and, optimally, propels you towards your next achievement.
If you’re celebrating the fact that you’ve hit a major milestone in saving for a down payment, you wouldn’t want to select a celebration that chips away at the money you could be putting towards that dream. Similarly, you must ensure your reward is at a reasonable scale when compared to your accomplishment. If you’ve made it past a small, short-term hurdle, you wouldn’t want to celebrate with something as flashy as you would crossing the finish line. The converse is true, too; if you’re relishing in a major win, your celebration should be equally significant.
Earn some more money.
Consider, for instance, that your accomplishment is a major financial success, like hitting a certain percentage of passive income from your portfolio or finally building up your emergency fund. In this case, the best celebrations you’ll find will be geared towards growing your funds even further. Investing in a promising prospect, like the gold mining projects spearheaded by Alamos Gold, can be one way to make that happen. With Alamos Gold in Turkey (the Kirazli project), Northern Ontario (the Young Davidson and Island Gold mines), and Mexico (the Mulatos mine), their gold mining projects are truly global. When their operations extract many ounces of gold through their active presence across the globe, your Alamos investment will become all the more valuable. By investing in Alamos (which trades on NYSE and TSX as AGI), you can make your money work for you, leading to more success to celebrate down the road.
Splurge on something special.
When it comes to celebrating financial success with spending, investments aren’t your only potential reward. Others may be more comfortable celebrating their becoming debt-free or doubling their income with a particularly luxurious purchase they couldn’t have made while progressing towards that goal. For instance, you might be dreaming about owning a luxury watch. You might fall head over heels for a family-owned Audemars Piguet wristwatch, feeling a social responsibility to help preserve the company’s history as much as you want to own a beautiful timepiece. This reward is three-fold: you’ll get your little piece of luxury, you’ll gain the insight and experience of understanding the brand‘s timeless story, and you’ll have a near-constant reminder of your goals whenever you look at your wrist, reminding you of your pre-determined best practices for continued success.
Treat yourself to an experience.
If you’re treating yourself in celebration of certain financial success, you might decide you’d prefer an experience to a particular purchase or investment opportunity. For example, you may sit down to a cocktail, uniting Jack from Brooklyn Sorel Liqueur with your favorite add-ins for a Steel Hibiscus or other beverage. This deep red liqueur combines hibiscus (or sorrel) with Brazilian clove, Nigerian ginger, and Indonesian cassia, making it a delicious, flavor-filled cocktail ingredient. Just as importantly, though, owner Jack from Brooklyn is known as the only black person since prohibition (as of 2012) to hold a license to make liquor in the U.S.
Whether it’s enjoying a small batch of sorrel cocktails with friends or investing in a profitable company or luxury statement piece, the choice you make exhibits your ambitions, celebrates your success, and sets you up for even greater progress over time. After all, how could you deny yourself another bottle of Sorel, greater passive income, or even the satisfaction of supporting a family-owned business? Rather than lose out on these celebrations, you’ll be likely to hone your focus towards your goals and do whatever it takes to make them happen.
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