To the rich people of blind, when you first became somewhat rich/crossed the middle class boundary, what were the first few lifestyle changes you made ? Lets say your total annual becomes 500k+, or 1m+, or even more, and you already have a house, car, 401k, and some stock investments covered, where did you start spending your money to improve your living ? Coming from a very poor background, I still think about wasteful spending and live somewhat frugal life. After purchasing a house, a good enough car, and a good investment and retirement portfolio and child college plans, what are some focus area on spending ? I do not like to spend on things that are only for showing off or status symbols. Designer clothes or luxury cars or type of luxury things that do not have any real benefit/features but expensive just for the sake of belonging to rich people club, those do not impress me at all. However i am looking for things that could improve my life, health or family or provide better convenience or entertainment. Partying or drinking is not my interest either. So far I have tried spending in good quality food, grocery, hobbies, gadgets and electronics, helping out poor family members/relatives, donating to charities etc. What has been your transition like ?
"A house, a good car, a good investment a retirement portfolio, child college plans.." You won't have anything left even if you had 1m to spend on those.
Spend money on things that save you time. Nothing as valuable or in as short supply as time. For example: hiring ppl to do the yardwork or clean the house. Plus, at $1M net worth its not like crazy balling anyway — that is a good spot to invest in real estate or elsewhere and get your money to work for you!
Yea I already have yard work person. I can hire a cleaner though, would definitely save some time.
Get a nice pair of speakers, listen to your favorite songs and hear things you never heard before
Travel business class on long haul flights
Hmm, I can see the value in this, but I guess I may not be that rich yet.
This
Thanks for this suggestion though, I think at least 1 or 2 business class per year should be doable.
We have a cook/housekeeper who cooks, does laundry, moping etc and comes every other other day. Having help has improved our quality of life significantly. If I could afford a full time and high quality nanny, I’d invest in getting one. Flying parents business class is another way. Vacations to Africa, Iceland etc are another.
Expensive: A nanny for babies. It’s a huge piece of mind and the good ones are people you genuinely admire. I am sure my kid’s nanny helped make him a better person in ways his dumb parents could not. Less expense/more selfish: pay through the nose ($500-1000) for great concert tickets. Fantastic seats at musicals or concerts create a different experience. They are not *worth it* in any sense, but it is a great luxury good. Semi-sensible: buy a really good mattress, sheets, pillows and bath towels. Replace the linens every two years or less. You use this stuff daily, so you enjoy the goodness that paying 2-3X brings.
Lots of good advices buddy. Yes getting a nanny soon, and already spent some on good mattress, sheets and furnitures etc. Concerts I haven't done much but always wanted. This is definitely worth it. I agree with you on spending on quality goods that you use a lot.
Started traveling two times a year to experience the world, got full time housekeeper and cook, 5 percent of take home to charity.
If you shop in a grocery store in California, pay for your grocery bags, even if you already own one. Next time you go to McDonald’s, tell them to supersize it and buy extra McNugget sauces. Buy the thick toilet paper. Get the Gold car wash. Reserve movie seats. Eat the creme filling and then throw away the Oreo.
You want to live like a fucking pig, just eat and fuck. Get some life, do stupid human shit, like 🍹 or buy Gucci t shirt. That’s what humans do. Animals don’t do this. The rich don’t obsess about tomorrow, they live today.
If the gucci tshirt's gucci brand label is removed, can you differentiate the value(could be looks, fit or comfort) of it with a regular $30 tshirt ? If yes, only then I would buy it over that $30 tshirt. The label is not important to me.
There is an endless list of people who were up on their luck and thought like cbEV72. I greatly pity the ones who made it and had to feel what’s it like to lose it all again.