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What do wealthy people buy, that ordinary people know nothing about? (2015)

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Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#311

Post by sokoloff »

_rpxpx wrote: post #249

A very good explanation of why millionaires should be taxed out of existence. What an utter waste. I can't believe people still parrot the line about markets being "efficienct".

Does anyone seriously argue that mere millionaires shouldn’t exist? That’s a level of wealth that permits only around $50K/yr in retirement, assuming it's 100% liquid/investable. If a retiree had a paid-off house at the median price level, they'd have less than $30K/yr in retirement if they had to remain "not a millionaire".

Nearly 10% of Americans are millionaires (at least at the household level, not necessarily per-person). It's around 6% for UK and France.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#312

Post by InvOfSmallC »

alexey-salmin wrote: post #176

The referenced reply is dull. It's very pretentious but just reiterates common knowledge, it doesn't convey any useful information. For example I wish someone told me about the existence of Miele kitchen equipment before I accidentally rented an apartment of a well-to-do woman. She renovated it for herself but then rented out when circumstances changed. Similarly it took me a long time to realize just how much better…

Same experience. We found Miele in the apartment we bought. We understood the why for the price. Worth it.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#313

Post by Cthulhu_ »

> RESPECT. The respect you get at this level is just over-the-top. You are THE MAN in almost every circle. Governors look up to you. Fortune 500 CEOs look up to you. Presidents and Kings look at you as a peer.

This was the one that made me question the whole post. I don't for a second believe this respect is genuine. This isn't about the person you are, but the money you could spend on whoever's kissing your ass.

I mean if you can delude yourself into thinking it's genuine I'm sure it can be enjoyable, but I for one am confident anyone "up there" is scheming something. Political and economic chess. I'd rather just be wealthy enough but unknown.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#314

Post by Cthulhu_ »

alexey-salmin wrote: post #176

The referenced reply is dull. It's very pretentious but just reiterates common knowledge, it doesn't convey any useful information. For example I wish someone told me about the existence of Miele kitchen equipment before I accidentally rented an apartment of a well-to-do woman. She renovated it for herself but then rented out when circumstances changed. Similarly it took me a long time to realize just how much better…

> Similarly it took me a long time to realize just how much better the veneer wood furniture and doors are compared to laminated chipwood. Price is 3-4 times higher but it lasts 5-10 times longer and is much more pleasant to use. Unfortunately you need years to notice such long-term differences, unless someone tells you.

Isn't this also down to age? That is, stuff like that built 100 years ago is - in my head - better quality.

However, this may very well be survivorship bias - of course anything built 100 years ago still around today is good, because anything that wasn't as good is long gone. Like my ikea furniture will be as soon as I try to move it.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#315

Post by yen223 »

HardCodedBias wrote: post #5

I really like this post since it shows how very little there is for the wealthy to buy other than status goods. The life of the rich, other than status, is very much like the life of upper middle class. The same phones, the same digital entertainment, the same appliances in their homes. We have very few items for the rich to buy. Honestly, it is a problem it breaks incentives and it drives the rich more towards statu…

It's really curious that something as personal to people as smartphones don't have a rich-person equivalent the same way cars do. What is the McLaren of iPhones?

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#316

Post by mathverse »

alexey-salmin wrote: post #176

The referenced reply is dull. It's very pretentious but just reiterates common knowledge, it doesn't convey any useful information. For example I wish someone told me about the existence of Miele kitchen equipment before I accidentally rented an apartment of a well-to-do woman. She renovated it for herself but then rented out when circumstances changed. Similarly it took me a long time to realize just how much better…

Except Miele is not a luxurious brand it's just a slightly highend piece of equipment.

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#317

Post by brettermeier »

_rpxpx wrote: post #249

A very good explanation of why millionaires should be taxed out of existence. What an utter waste. I can't believe people still parrot the line about markets being "efficienct".

Downvoted by greedy billionaires...

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#318

Post by Koshima »

I’ve noticed this as well. It’s surprising how often the true value of certain high-quality items isn’t obvious until you’ve experienced them firsthand. It’s not just about status, but often about longevity, comfort, or simply a better user experience.

For example, things like handmade leather shoes, solid wood furniture, or even high-end kitchen tools like Miele or Sub-Zero appliances can feel like overkill until you’ve actually used them. Then you start to appreciate the craftsmanship, the reduced hassle, and the longevity they offer.

Curious if others have had similar experiences – what’s one “expensive” item that genuinely changed your perception once you owned it?

Re: What do wealthy people buy, that ordinary people know nothing about? (2015)

#320

Post by Cthulhu_ »

oezi wrote: post #282
alexey-salmin wrote: post #176

The referenced reply is dull. It's very pretentious but just reiterates common knowledge, it doesn't convey any useful information. For example I wish someone told me about the existence of Miele kitchen equipment before I accidentally rented an apartment of a well-to-do woman. She renovated it for herself but then rented out when circumstances changed. Similarly it took me a long time to realize just how much better…

> Price is 3-4 times higher but it lasts 5-10 times longer The problem is that if an Ikea furniture lasts 15 years then that's enough. People no longer need 50-100 years furniture, because nobody wants to inherit old stuff anymore. Life's circumstances change faster and buying quality often isn't worth it. Maybe a Miele dishwasher last twice as long at double the price. But it will become old after 10 years even so.

> People no longer need 50-100 years furniture, because nobody wants to inherit old stuff anymore.

I'm going to challenge this assertion: did anyone, ever? Looking around in my parents' house (retirement age), there's no furniture from their parents (post-WW2). I don't remember whether my grandparents had any furniture of their parents in use either.

I do recall going to the charity shops and finding older wooden furniture; while I recognize it as better quality as what you can get today, at the same time it's no longer useful today. TV cabinets (with doors) for CRT TVs and video tapes, writing tables, those kinds of things are obsolete. Tables are timeless though.

But also, over time a lot of that old furniture was either destroyed or bought up and exported. What you find in the charity stores near me today is mostly 90's and onwards.

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