I spend far less than 5%, and it’s my opinion that most people can spend 20-30% of their net income on discretionary spending, after dealing with their fixed costs, savings, and investments. If a person likes to eat out, shop, and travel often, they’ll have less money to go towards watches. But if watches are the only thing a person does to treat themselves, then there’s nothing wrong with spending 30%.
Some exceptions are the uber-rich, people with extremely high living costs, and aggressive savers/investors.
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