We’ve all heard stories about the many things wealthy individuals do with their money that those with much more modest incomes do not. Many of these stories revolve around extravagant purchases, like superyachts and private islands, and having an unlimited budget for extraneous purchases like glitter.
However, the subtle ways those with extreme wealth treat spending and saving money are much less noticeable. Here are some things millionaires do with their money that you would need help seeing an average person doing.
They Don’t Talk About Money
A Reddit user named ragnarkar wrote in a now-famous thread about hidden signs of wealth that people who have a lot of money rarely talk about money.”There’s a saying that there’s an inverse correlation between how wealthy someone is and how often they mention money, but it’s not that easy or obvious to gauge how often someone talks about money without interacting with them a lot,” a Reddit user wrote.
Those without money can’t help but talk about money with others or think about it regularly. Someone with extreme wealth, however, would not bring up the topic in an everyday conversation. This is not to say they ignore their overall financial picture. It’s just not a topic for discussion. need help
They Have Credit Cards That Are Different Colors and Weights Than the Average Person
A regular person likely doesn’t think twice about the color of their credit card. Their focus is usually on making sure the balance is paid in full each month. Someone with extreme wealth, however, can make their wealth known with a nonverbal cue: the color and heft of their credit card.
A since-deleted A Reddit user wrote in the viral thread how wealthy individuals would often receive excellent service from staff once the staff saw their credit card. Another user named illinois_smith confirmed they were a service industry worker, and the lovely credit cards get noticed, especially the ones made of heavy metal.
Getting these specific credit cards typically requires a certain amount of heavy spending from the cardholder. The number of people given these cards will often be limited as well.
The ultra-wealthy take portfolio diversification to the next level.
Those with great wealth have several tangible and intangible assets that make up their overall investment portfolio. Real estate, jewelry, rare works of art, vintage cars, and cash or cash equivalents like money market mutual funds are all popular physical assets.Less intangible assets include stocks, bonds, and exchange-traded funds (EFTs).
The ultra-rich, like multimillionaires, take their portfolio diversification to the next level. Yahoo reported that some of these investors might participate in a hedge fund or buy into a private equity fund. Some may have a controlling interest in at least one major company. Further, their portfolios may extend from commodities like owning a substantial amount of physical gold and silver to alternative investments like intellectual property rights.
Some wealthy individuals don’t mind being frugal.
Logan Roy and his family live in the world of the top 1% in the HBO show “Succession.” Logan Roy started the media empire Waystar-Royco, and he and his family live there.
Even though the show is made up, The New York Times said that there were several wealth consultants on set during the show’s filming to make sure that the details about billionaires were true. Logan Roy, who can eat anything he wants, bites into a McDonald’s cheeseburger in one episode.
Even though there are no hard and fast rules about how millionaires should look or act, many millionaires and even billionaires live surprisingly cheap lives. Grimes told Vanity Fair in an interview that her ex-boyfriend Elon Musk would not spend money on a new mattress and that Musk “lives below the poverty line at times.”
The Reddit thread is also full of references to being thrifty. People who have money can drive cars that are 20 years old and only wear what they need. As long as the car runs and the clothes fit, they are better off putting their money into smart investments that will help them get richer.
Millionaires care more about time than they do about money.
A millionaire’s mind is not clouded by money. Usually, the idea of time is what keeps them up at night. A user of Reddit, whose post has since been deleted, said that time is “the only resource and commodity that doesn’t replenish” for the rich.
Because you can always make more money, but you can’t add more hours to your day, week, month, or year. Elizabeth Taylor once said, “When people say, ‘She has everything,’ I have one thing to say: I haven’t had tomorrow.” There may be an exchange of money, but time is lost. No one can be faster or slower than anyone else.