6 Ways the Rich Waste Money That Poor and Middle-Class People Never Would
If you are one of the millions of Americans living paycheck to paycheck, you probably have only dreamed of owning your own yacht or a fleet of luxury vehicles. For the world’s wealthiest, however, these dreams are a reality.
The rich often buy things that poor and middle-class people would never or could never waste money on. Many times, for the world’s wealthy, what the average person sees as wasteful, they see as worth the price. It may be that they love the quality of a designer brand or love to splurge on an extravagant getaway. And if they can afford it, who is to say that it’s not worth its weight in gold?
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Here are six ways the rich waste money that poor and middle-class people never would.
Designer Clothes and Accessories
While the average millennial may cringe at paying over $50 for a purse, many of the world’s richest do not bat an eyelid at forking over thousands of dollars for a designer handbag. A large Prada Galleria Saffiano leather bag will cost you $5,000, and that is only the beginning. A Birkin can cost tens of thousands of dollars.
Purses and accessories aren’t the only items that have the most affluent people reaching for their wallets. Rich people are also willing to pay for designer clothes, including looks straight from the runway. They pay for custom designs or have their pieces tailored to ensure a perfect fit.
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Perfect Parties
It’s normal to want to impress friends and family with a perfectly planned party, but the rich take it a step further. Whether it’s a fancy adults-only affair or a kid’s first birthday, they make sure to have it flawless. Not only do they not hesitate to pay a caterer, but they also work one-on-one with an event coordinator to ensure that every moment is memorable.
So, you may have sticker shock when a small birthday party with ten of your kid’s closest friends costs you $350, but it is nothing compared to the opulent affairs put on by the rich. Their parties can cost thousands of dollars — and that usually doesn’t include what they paid for presents or other non-party-related goods.
Luxury Vehicles
A 2023 survey by S&P Global Mobility showed the “average age of U.S. cars and light trucks this year climbed to a record 12.5 years,” as reported by Reuters. For many Americans, driving their Honda Civic or Ford F-150 for over a decade is nothing new. The rich, on the other hand, may be more likely to splurge on a luxury vehicle. They may also opt for a newer model more often than those in other classes.
In some cases, ultra-wealthy individuals may have a fleet of vehicles that line their fully finished garages. They often care little about the fast depreciation of their newest ride, focusing more on it as a status symbol — or they simply love the brand.
Posh Pets
Pet ownership is not unique to the rich. According to Forbes, 66% of households in the United States have at least one pet prowling on their premises. In fact, 86.9 million homes have a dog, cat or other critter.
Included in that nearly 87 million are the rich and wealthy, but they aren’t settling for any old pooch. Those with money to spare are not afraid to pay big money for their posh pets. They will spend thousands of dollars to secure a fabulous Frenchie or a cute Scottish Fold. These pets come at a high price. As reported by Spot Pet Insurance, a French Bulldog may cost between $2,500 and $4,000.
Cushy Conveniences
Many dread the endless loads of laundry that seem to pile up every week or the mundane act of going to the grocery store. Well, for the rich, these inconvenient tasks can be done by someone else. For those who can afford it, paying another person to do all of their day-to-day chores is money well spent. One of the things that many of the busiest and wealthiest people value is their time.
Lavish Vacations
You may love your girls’ trip to Galveston each year or even a summer vacation in Maui, but the rich often look abroad when vacationing. They pull out their pocketbooks to take lavish getaways that can cost a small fortune. From 5-star accommodations to first-class tickets, just the flight and hotel cost more than what many people make in three months.
The rich, however, don’t classify this spending as wasteful, particularly if it is quality time with their family.
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This article originally appeared on GOBankingRates.com: 6 Ways the Rich Waste Money That Poor and Middle-Class People Never Would
