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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)

#321

Post by nothrowaways »

safety1st wrote: post #248
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…

On a personal level I know several guys who are worth $10-30M, one who's worth probably $40M, and one who's worth around $700M, this is LNW. Not much in the Reddit reply checks out for me. It's true that the $700M guy socializes with "Senators/Congressmen/community leaders." He travels a lot, and comfortably, but has no ownership in a jet. He retired young-ish and no longer works so maybe that's why. He doesn't flash…

the NW of 700M guy increased to 750M in 1 min - does he sell eggs?

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

#322

Post by Cthulhu_ »

jajko wrote: post #260
IshKebab wrote: post #180

Earlier quoted context omitted.

Yeah but I really wanted to know what rich people buy that I don't know about. The top answer - while vaguely interesting - didn't actually tell me anything I didn't already know. I think the conclusion is probably that they don't buy anything we don't know about.

That's easy - experiences. This is what many rich pay their last dime for. You can get much better experiences than they pay for, for much much much less. Going for an exotic tropical beach location? Well they normally stay in sterile 5* bubble which is boring beyond belief and very unauthentic. You can go ie to Seychelles or Bali, live with locals in cheapish airbnbs, swim on same beaches or go to same restaurants t…

In theory, these rich people can do all of those "genuine" experiences too - and the lesser famous ones probably do? - but especially kings and the like are so valuable that they can't go to "normal" places anymore, for security and safety reasons. Rich people and their families are prime targets for kidnapping and extortion.

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

#323

Post by sellmesoap »

d--b wrote: post #295
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…

There are pros and cons for "luxury" items. Sometimes they're overpriced (Miele is), sometimes they're expensive to maintain (try get a stain out of marble), sometimes they're not durable (think of cashmere sweaters). There is no secret sauce that tells you whether the price of something you buy is a proxy for its qualities. And when you buy something expensive, you're kind of pissed when it breaks. That's why many w…

As a person who's installed quartz countertops for a living, I'd shy away from IKEA kitchens. I agree with your point, but I'd take exception to the general quality of their cabinets in Canada at least.

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

#324

Post by Cthulhu_ »

decimalenough wrote: post #301
Black616Angel wrote: post #222

Earlier quoted context omitted.

What? Money absolutely CAN buy happiness. What do you even talk about? Probably all of the current problems in my life could be solved with money.

The old joke is that money can't buy happiness, but it certainly can rent it for a while.

Or a more modern tweet, money can't buy happiness but it's more comfortable to cry in a mercedes.

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

#325

Post by mathverse »

Koshima wrote: post #318

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 yo…

The thing is if you are wealthy you do not notice these things. They are just there. The luxury / highend items become a commodity. That's the minimum standard that you expect wherever you go.

Also these things are not really that expensive compared to 5-10M person.

Try Bora coocktops

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

#326

Post by rwmj »

lm28469 wrote: post #280
madaxe_again wrote: post #208

Earlier quoted context omitted.

Time is indeed a very major thing, but it’s more accessible than most realise - I am only marginally wealthy, high 7/low 8 figures, and that’s ample for me to not need to work for a living and live very comfortably. Frankly, once you have even $1M in free liquid capital, you are in the endgame, as money makes money far more efficiently than labour. I spend perhaps 20 hours a year farting around with our finances, pla…

> it’s more accessible than most realise > I am only marginally wealthy, high 7/low 8 figures We must have a very different definition of "accessibility"

Anyone on a programmer's salary should be able to get to low 7 figures in a decade, and better in 2 decades. In fact I'd go further and say that if you're on a six-figure salary you really must do it. We can't be sure our privileged position will continue for too much longer.

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

#327

Post by jajko »

decimalenough wrote: post #300
jajko wrote: post #260

Earlier quoted context omitted.

That's easy - experiences. This is what many rich pay their last dime for. You can get much better experiences than they pay for, for much much much less. Going for an exotic tropical beach location? Well they normally stay in sterile 5* bubble which is boring beyond belief and very unauthentic. You can go ie to Seychelles or Bali, live with locals in cheapish airbnbs, swim on same beaches or go to same restaurants t…

I lived in Southeast Asia for years and explored countless beaches at price points all across the spectrum, and while I understand what you're saying and agree to some extent, there are still experiences only money can buy. Example 1: the overwater bungalow in the Maldives where I could watch fish swim under a glass table and step right off the balcony into the reef to join them. Example 2: the stupidly expensive hot…

Not really, ie that Maldives bungalow - I had exactly same experience in Mabul island for example, with 0 snobbishness that luxury inevitably brings (and is disgusting for me personally). Literally watching manta rays under my feet while eating breakfast. Kids would come on their dhingy and sell fresh coconuts right from water. All for peanuts.

Very similar experiences can be had in ie Togian islands in Sulawesi. And I could go on. Not everything is yet spoiled for rich.

As said its not full end-to-end experience, ie getting there in economy flight class instead of direct private jet is... well different, but the gist of adventure and reason why actually travel there can be easily matched, or surpassed. While leaving much more intense trail of memories and experiences with locals, which is what you are left with at the end. Instead of having everything served on plate like a clueless baby, you discover and 'fight' for your own adventures. And while paying 1-10% of price rich living next door paid.

Coming back from such vacation makes it feel like it lasted massively longer. 2 weeks feel like a month at least, 3 like few months. 3 months in India & Nepal spent in such way felt, and I am not joking, like decades spent traveling. A very surreal and profoundly enjoyable feeling, when memories of life back home feels like memories from previous life before one reincarnated.

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

#328

Post by Cthulhu_ »

mathverse wrote: post #319

I find the most interesting bracket the 5-8M one where almost anything highend / luxury becomes a commodity.

Another related interesting one is that rich people don't wear brands anymore - brands are for normal people, they're advertised to look like they are for the rich but their prices are still in range for a lot of people if they put some money aside. This starts with iphones and airpods and goes to Louis Vuitton and the like.

The tech billionaires don't wear anything branded or flashy besides their $1M watches, just good and well fitting clothes.

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

#329

Post by [deleted] »

ludicrousdispla wrote: post #164
florbnit wrote: post #135

It’s funny how emotional responses questions like this become on part of the people answering everything but the question. If some one asks in a sports forum what the best exercises are that pro tennis players do that novices don’t know about you wouldn’t expect the majority of answers being in the line of “Tennis players never experience true love! If all you have is tennis you’ll be depressed!”

For many tennis players, love means nothing.

[deleted]

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

#330

Post by detourdog »

Koshima wrote: post #318

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 yo…

My theory is that the appliance market has developed a low cost tier of products that are poorly developed and produced. This tier of products have minimal quality standards and the thinking is the the consumer will replace it or move.

I had to purchase appliances for apartments and the first wave of products were breaking within a couple of years. I ended up purchasing appliances from high-end European companies in the second wave of appliances and haven't had issues for 3 years. The original ovens had 3 out of 5 failures before people moved in. 2 of them broke because the flimsiest plastic door latch protruding about 1" from the door broke. The doors of the oven could be removed with no tools. The company said they could send me new doors for a cost and that I could schedule a video call with the factory to learn how to re-install an oven door.

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