Yahoo Finance I’m a Self-Made Millionaire: 3 Reasons I Prioritize Saving For Vacations
It’s easy to make the assumption that a self-made millionaire doesn’t need to save money to go on vacation. The reality, however, is that most self-made millionaires follow the same personal finance principles as anyone else. If they want to take a vacation, they’ll budget and save money accordingly to ensure they’re able to afford it.
GOBankingRates spoke to self-made millionaire Harrison Tang about some of the reasons why he saves money toward going on vacation. Here’s how saving for a vacation pays off for professionals.
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Ability To Improve as a Leader
Tang is the CEO of Spokeo, a people search engine. As an entrepreneur, Tang regularly goes on retreats. Saving money to travel the world, visit new places and discover different cultures is not only essential for his personal growth. It’s an investment in his long-term success as a leader.
Tang uses the example of a recent visit he made to Japan. During this trip, Tang said he learned about the value of Kaizen, the practice of continuous improvement. Since then, he has been able to integrate these learnings into operational strategies within Spokeo.
“Having an expanded outlook is essential for becoming a successful business leader, as it exposes you to ideas and practices that can be incorporated into your leadership style and business model,” said Tang.
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It’s Good To Give Yourself a Break
In his active CEO role, Tang knows that saving money for a vacation gives him the chance to hit pause and recharge his batteries.
Having this break away from the typical work routine is scientifically proven to be good for us both physically and mentally.
In 2023, CNN reported that good vacations have the ability to reduce chronic stress levels. The brain, whenever we are in an idle situation such as relaxing with a book or sipping a cocktail poolside, can temporarily reverse stress’s negative effects.
When we don’t save our money to go on vacation, we prolong chronic stress levels. These can result in becoming much more irritated, anxious, angry and fatigued in the workplace. None of these outcomes are good for anyone.
A Vacation Is a Necessity
What things do you think are a necessity worth spending money on in your life? Most people would cite fixed and variable expenses, like paying for the mortgage or groceries, as necessities. Vacations tend to be viewed as wants, not needs.
But Tang wants people to shift this mindset. “I believe that, just like saving for other necessary expenses like buying a house or car, going on a vacation is also a necessity.”
Tang goes on to say that the act of saving money specifically for a vacation helps increase serotonin in your body. This is a mood-enhancing chemical which works to regulate your mood, appetite and sleep. Once you head out on vacation, this neurotransmitter allows vacationers to feel calmer and much more relaxed.
And even if you don’t think you have enough money to do it, chances are very good you can save money to travel. If you’d like to save like a self-made millionaire, Tang recommends first planning a trip, figuring out all the expenses to set a budget and then focusing on saving your money to reach the necessary amount.
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: 3 Reasons I Prioritize Saving For Vacations
