Look at How the Lifestyle of Famous People Has Changed and What They Don’t Spend Money on Anymore
In 1899, American economist Veblen said that the illustrations of wealth were silver spoons and corsets. Several decades later, the markers of being rich were huge pompous mansions and pretentious dresses. But today, people with big fortunes highlight the fact that they’re rich in a completely different way.
Bright Side decided to analyze how the elite and their habits have changed in recent years and why this has happened.
The lifestyle of rich people changed when the world economy grew. The middle class started to earn more and could afford to buy products from elite brands, diamonds, expensive cars, and houses, even though in the past, they could only buy these things on credit. As a result, the line between rich people and the middle class has become blurry, this is why the most wealthy people are giving up on material things and they are investing in the things we can’t touch.
They pay a lot of attention to their health and have a good lifestyle.
Vogue called health a luxury status symbol. Millionaires understand this perfectly well and they invest a lot of money in order to make their lives longer and better. They follow a strict schedule, they have active lifestyles, they eat organic food, they see the best doctors, and they buy expensive medical equipment for their children.
At the same time, rich people spend relatively little money on cosmetic procedures and they don’t have as many plastic surgeries as the celebrities of the past. They think that the body and the face should look natural. Wealthy people go to expensive gyms and eat organic chicken for lunch, but luxury alcohol, cigars, and big parties are not interesting for them anymore and they don’t indicate that a person is rich.
They invest more into education every year.
Some people think that children from rich families don’t really need to study science or business, they can live good lives, even if they spend their entire lives on the beach. But modern millionaires don’t agree with this and they invest a lot of money into their children’s education: in 2014, 1% of the richest people spent 860% more on education than an average person in the US. And since 1995, the expenses for teaching this 1% have become 3.5 times higher, while the expenses for the middle class have not changed. Rich people take their children to elite kindergartens and schools, they hire expensive tutors, and they pay hundreds of thousands of dollars for college.
Besides, wealthy people spend a lot of money on their own education, learning foreign languages, and visiting different courses. They increase their own cultural wealth and that of their children.
They give up on expensive brands and choose simple clothes.
Nowadays, rich people are not trying to tell everyone around them that they are rich by wearing luxury clothes from luxury brands. Most billionaires wear ordinary cheap clothing. Just think about Zuckerberg and his grey T-shirts. Elon Musk is also not really worried about how he looks and he prefers a capsule wardrobe in his everyday life. Even actors and singers follow their own examples and they wear cheap clothes, not only to take a walk, but even when they go to an event. For example, Jennifer Lopez can be seen appearing in public wearing a $60 ASOS dress. And Kate Middleton often wears clothes from Zara.
They don’t show off with their wealth, they instead prefer safety.
Just a decade ago, it was okay for rich people to show off what they had, but today billionaires prefer to not talk about their wealth. The first and the most important reason is that they want to keep themselves and their families safe from bad people or even curious ones. The second reason is because they get attention from the public due to the fact that there is such a wide gap between where they are, versus where the masses of society are, which makes the elite feel guilty. So, they hide their wealth and give up on excessive luxury.
But ironically, at the same time, such an isolated lifestyle costs a lot of money: wealthy people surround themselves with bodyguards, their houses are protected by high fences and CCTVs, they build underground shelters, and buy residences in expensive districts that are not even found on Google Street View.
They rarely wear fancy jewelry.
Even the Hollywood stars that are supposed to look great on the Red Carpet are giving up on expensive jewelry, not only in their everyday lives but even during big events.
For example, Kim Kardashian reconsidered her views after the robbery that happened in 2016. Then, the robbers threatened her with a gun and stole her jewelry that was worth $10 million. Now, she is way more careful and, according to her, is less materialistic. And one of the richest people in the world, Bill Gates, wears a $10 watch and prefers to invest in other, more important stuff.
When they travel, they care about secrecy and originality.
The chance to see the world was something that only the richest people could do in the past. Now, even the middle class can do this. This is why rich people have taken traveling to a whole new level: they prefer visiting the most dangerous exotic parts of the planet with a personal guide or taking their children on an educational trip around the Galápagos Islands.
When traveling, rich people care about 2 things: something unusual and safety. Both are pretty expensive: they have to spend a lot of money on security and confidentiality, and they hire private jets or even buy them. So, if you want to hire a jet to fly from New York to Los Angeles, you will have to spend $25,000. This is on a one-way trip! Renting a yacht away from paparazzi and other people is also an option rich people choose, like for example, Rihanna.
They retire in their prime.
Nowadays, people like to retire early but, unfortunately, not a lot of people can do that. This is why the elite don’t buy material things and they save money for a comfortable life in their old age. The true luxury is being able to retire at the age of 40 or 50, but still have the same level of comfort in your life.
For example, in 2018, there was some information that 45-year-old Cameron Diaz was going to leave the world of cinema to spend more time with her family. And even though the actress herself didn’t actually confirm this rumor, it has been several years since she’s appeared in a movie or at an event.
They buy experiences instead of things.
Today, even the middle class are trying to give up on consuming things and start to pay for experiences and knowledge. And millionaires are actually doing this. They are ready to pay for a unique experience and an unforgettable impression that the people who don’t have as much money can’t afford. So, some people are planning space expeditions that cost $250,000, others choose to go mountain climbing, diving, or get their pilot license, and some people pay money for a personal performance of their own idol.
For example, John Travolta got a pilot license and has several planes.
They value time instead of wasting it.
The elite utilize everything they have in order to be able to use their time wisely. The rich men of today don’t spend weeks lying on soft beds or on the beach — they get an education, they play sports, they travel, they work, and they develop new things. Even the wives of billionaires in the modern world don’t want to just be housewives and they try to do something beyond just being mothers. Showing off is no longer a sign of being wealthy.
For example, Ivanka Trump was born into a rich family and she married a millionaire. However, it is not enough for her to be just wife and mother of 3 children, she is actively working in politics.
In conclusion, we can say that conspicuous consumption is no longer favored and is not a normal thing for the elite anymore: they don’t show off with their fortunes and they don’t spend a lot of money on material things. Nowadays, the immaterial is more valued, and it is up to you to decide if it is a good thing or not.
Are you still buying expensive things or are you trying to follow the example of celebrities and invest in the immaterial?