5. Luxury. When I mean luxury, I do not actually mean it has to be expensive. But I say luxury because there are things that we do not need but still want to have or experience like traveling or eating at a good restaurant. I believe that even though we should be smart in finances this does not mean we have to completely deprive ourselves of enjoyment.
I think this point is more accurately called DESIRE (based on the material explained).
Desire is something that is not essential, in other contexts it can also improve the quality of life, such as wanting to have luxury goods, eating at luxury restaurants, entertainment and vacations, these things are choices (not too much of a priority), you can arrange the right time to enjoy the pleasures of life when you get additional income.
I prefer to make wiser financial decisions to achieve better life goals, savings are certainly very much needed and can also be used as emergency funds, but when the funds are not touched after monthly financial planning, I will allocate them into investment.
It depends on what someone refer to as luxury because what is luxurious to you might not be a luxury to another person. For instance, eating a three square meal a day is regarded as luxury to someone but hunger striken to another. Eating food with 2 meats is also considered a luxury to someone but not to another. What I will say in regards to this is it doesn't matter whatever you regard as luxury, what matters is living life within your financial reach and ensuring you spend your money strategically. Don't forget to enjoy your self. I do not believe in the ideology of saying you have to make so much money before you can enjoy. What if you die before the 'so much money' you're waiting arrives