You don’t have to have a large house, an expensive European motor vehicle, or multiple overseas holidays every year. Of course, that is nice and I wouldn’t mind that given the opportunity. However, many of us fall short in the wealth stakes, and that is fine.

What I do see is people trying to live the champagne lifestyle on a beer budget. For me, wealth is a privilege that the vast majority of us don’t possess. Do we really need large houses if we don’t have a large family? A large house full of empty rooms makes no sense, it is a poor use of financial resources, physical resources and ultimately time.

Do young homeowners really require a theatre room? This is an unnecessary expense, yes, it is nice. Young families once purchased their first home in the outer suburbs and upsized as their earning potential increased. If you have a large family, multiple bathrooms and toilets is nice, even two toilets is good in most circumstances  

In their later years, they might downsize when their family has grown up and moved out of home. They can move to a smaller residence, free up some capital for retirement, travel and enjoy themselves. But what do they do? They want to go on a 5-star holiday staying at the most expensive hotels and engaging in activities that drain their wallets. 

I prefer budget travel, it is less organised, you wake up in the morning and decide what you want to do for the day. Ride a bike around a bush track, go into town and hang in a cafe for a while or maybe a movie in the afternoon. The options are endless, the real questions are where do you want to go and how long do you want to stay? Hanging out in a cafe and later in a park reading a newspaper – now that is an afternoon.