How the new rich are spending their money
We tend to associate rich with materialism and the throwing around of stacks of money on fancy things.
However, that’s not what the new real rich invest in at all. It could even be questionable if they avoid it. It’s definitely not about the designer brands and flashy cars anymore.
Nowadays, it’s common for middle-income people to be able to buy designer bags and fancy new cars but the new rich show their wealth in a different more subtle way beyond just materialism.
Consider one of the youngest billionaires in the world, Mark Zuckerberg.
I don’t think I’ve ever seen him holding a LV bag, rocking a Rolex or driving a Rolls Royce.
Here are 5 ways on how the new rich live and what they’re burning their cash on – it’s probably not what you’d expect:
The new rich are definitely investing in health. With technological and medical advancements, there’s tons of new information on ways to lead healthier lives.
The new rich tend to take health and exercise more seriously, even going a step further by customizing their foods and exercise to their own individual bodies.
They are making use of new medical technologies going as far as being able to help you identify what your body specifically requires and attains just through your blood sample.
They are constantly finding ways of improving their quality of life through health and take their frequent medical checkups seriously.
Another aspect of health that the new rich take care of is their psychological well being.
If you were going to a therapist in the old days (and in some cases even today), the ignorant usually associate it with having clinical issues.
Nowadays, with increasing importance given to how our human psychology affects our daily lives directly, the new rich invest in their mental well-being.
It would be common for the new rich to have their therapist or coach on speed dial for rainy days where they need some uplifting. They value being aware of their mental state and keep focus on improvements on their thoughts and subconscious.
The new rich educate themselves on the importance of having a healthy mind and take measures to keep it that way.
“Your mind and body are not separate. What affects one, affects the other.”
Continuous self-development and growth is a popular and important concept when it comes to the new rich. It’s about the continuous growth of what you know and what you can know more.
According to a BBC Capital Story, spending on education for the new rich has increased by a significant 3.5 times over since 1996 while middle-income spending on education has stayed pretty much flat over the same amount of time.
That’s a huge difference.
When I talk about education, I’m not only referring to academia. While the new rich understand that constantly improving education in your field of work is important, they also try to incorporate other hobbies and grow other potential talents.
They invest in their interests as well. For example, taking a lesson at being better in golf, pursue singing, dancing or even learning to play a new instrument.
The new rich understand the importance of being a well-rounded individual and waste no time they utilizing the tools provided to improve themselves in all aspects of life and be successful at whatever they can master.
Especially with the power of the internet – education has become more accessible to everyone. You can literally do a course on just about anything from the comfort of your own home. The new rich don’t want to waste time traveling to and from classes – they rather have the information and learning at a click of a button. For this reason, we have made my Public Speaking and Presenting Masterclass available online.
Personal planning is very important for the new rich. they focus their finances on security and it shows that retirement is one of the top aspects they are investing on. This shows that the new rich place importance on thinking ahead and envisioning a safer and securer future.
Questioning whether or not we’ll have enough funds to provide us with the kind of retirement lifestyle we want is something a lot of people tend to overlook.
For many working-class individuals, sometimes the thought of saving money and thinking about a retirement plan isn’t really in the books.
This is only up until the realization sets in that nothing lasts forever and with time, things will begin to change.
That’s when investing a portion of your salary into retirement comes to mind.
Consider that it’s better late than never.
It’s one of the most priceless experiences you could ever have.
Being well traveled is important for your growth as a person. Going new places, potentially meeting new people and witnessing new culture is nothing short of an honoring experience.
With globalization becoming more and more common in our present world, traveling frequently has become one of the ways the new rich live.
To explore other parts of our world and see beyond the boundaries we have been comfortable in builds awareness.
5. Appreciating Assets
The new rich understand that sometimes you have to spend money to earn money.
One of the ways through which they do that is through investing.
Investments can be on buying a new home, properties, art, land or even buy shares in increasingly popular companies.
They secure their finances through finding other reliable sources for income that would have a high chance of appreciating in value over time.
The new rich realize that investment in all these areas can noticeably impact a person’s quality of life by a landslide than someone who doesn’t do any of these.
They choose to spend their money on things in life that truly matter rather than buying things they don’t necessarily want to impress people they may not even like.
It also improves the quality of life for the next generation and is far from spending on materialistic things that eventually mean little.
The step to take action on such aspects also defines and secures a strong social standing in society even if it may not necessarily show it.
“Material things lost can be found. But there is one thing that can never be found when it is lost. Life.” – Steve Jobs on his deathbed.