Do some rich people only wear designer clothes? Like, is everything they have in their wardrobe designer, even down to their socks and underwear?
It’s a question I’ve always had.
To clarify, I mean both old money and new money, from high-level millionaires to billionaires. And when I say designer, I mean across the entire spectrum. Not every designer brand is loud and famous like Gucci. What I mean is, do these wealthy people ever buy clothes, underwear, socks, etc., from stores like Walmart, Target, and other regular retailers, or is everything in their wardrobe designer?
rich people aren’t all the same. some do, some don’t.
what’s weirder is the poor people who do this, and go into debt to do so, so they can feel/look rich.
my sister has a net worth of something like 50 million, and shops at Target and doesn’t have designer anything. but she grew up poor and isn’t into fashion or luxury goods. but she would not consider herself rich at all. to her rich is people who have yachts or charter flights.
I knew a lady who owned a solid chunk of downtown Pensacola. My ex-wife and I would see her and her daughter at $.99 Sundays at Goodwill.
My first wife had a good friend who was filthy rich by her husband, still worked as a nurse and, like me, loved to brag about how cheaply she had scored her shoes and such. Saw her outside their beach condo one afternoon at Mardi Gras. She wasn’t dressed fancy, but I bet she had a cool $50K in jewelry. Nothing ostentatious! More like, “That woman isn’t wearing anything fake.”
Ummm $50M is yacht and charter flight levels of rich. I guess she just doesn’t know it somehow.
It’s not. Chartering over 10K per hour, so a cross-country flight is easily well over 50K. She flies business class and pays like $5K. She can’t afford first class, first class alone is like 10K. You really don’t know how much those things cost. A tiny yacht is 1.5 million, a medium sized one is closer to 10 million.
You’re an order of magnitude off. She doesn’t have $50million in cash. It’s mostly real estate and stocks. She lives in a 5 million dollar house, but a few miles away people live in houses that are worth like 50 million or more. Bill Gates house is a few miles from them, and it’s worth 150 million.
But please lecture me more about how you know more about her life than I do.
How did $50 mil become not so opulent? Thats fifty million dollars. I have 2k in savings, I’m thinking about busing instead of flying. Whatever level I’m picking for airlines is $400-500 nowadays one way.
Would you regard a 1950s run down shack of a house as opulent? I doubt it.
Those cost 3 million dollars where my sister lives. What you are thinking of, big mansions, cost more like $50 million. You are off by a order of magnitude.
My shitty 100 year old two bedroom apartment is worth 700,000 dollars. That doesn’t make it opulent. It’s just the basic cost of living.
Brother I consider living indoors opulent, and it sounds like your whole family is late for a guillotine appointment. Talking about how your “shitty” home is “only” worth three quarters of a million dollars is disgustingly entitled and ungrateful, I’m really hoping you aren’t real
My partner and I dream of affording a $1Mil house on a shared income, you really need to rethink what you consider (or don’t consider) wealthy
And the prices of those yachts doesn’t take into account the cost of ownership - slip fees, fuel, maintenance, etc.
Owning it costs a lot more, which is true of so many things.
I never said I knew more about her life, but please keep putting words in my mouth.
A $50M net worth should absolutely be bringing in $2M/year income which is plenty to charter flights and buy yachts. I never said it had to be chartered trans Atlantic or that it had to be a super yacht.
But sure I guess your poor sister just can’t swing the money to fly first class with her measly little $50M. How embarrassing for her. You should clip some coupons for her to get by.
I mean how much do you think you need? Seriously.
You know nothing about money. You sound like someone would sell their house to buy a Ferrari and wonder why they are broke a few years later.
Asset value appreciation is not income. You seem to be under a total delusion she is making 2 million in cash a year. She isn’t. They make like 500K in income, and after taxes it’s like 300K. Doctors make more than her and her husband do. Do you think a doctor chartering flights?
You are talking about people who have $500 million in assets.
By your logic I should be driving a Lambo, not a Civic.
You have no idea what I know. Anyone with a $50M net worth and I’m assuming that’s what you are talking about, that can’t generate more than $500k a year, is a friggin moron. It’s not hard to believe since she’s related to you and there is no real requirement to be smart to be rich. You just have to lack a moral compass.
Right, so she’s an idiot for not investing in the slave trade or something now?
I’m blocking you because you’re so incredibly wrong and demonistration an absurd amount of ignorance about how finances work.
Oooo, so I guess I can call that a victory!
People who haven’t had the opportunity to see it don’t realize that wealth distribution is fractal, and the more money you have, the more obvious this is.
I like to think of it in terms of stack of 300X (I could buy your year in a day’s interest) and work your way up.
$1
$300
$90000 < if you’re reading this post, you are probably around here.
$27000000 < This is the rich person in the post above, notably still in the middle.
$8100000000 < Private jets, billionaires, there are a few thousand of these.
$2.43E12 < Musks, Bezoses, etc.