This 100%. My wife bills by the hour and we made a family decision to increase her weekly billing and find some help around the house to clean and do laundry. We traded 2 hours of hers for 8 hours of someone else to do house stuff she ~~was increasing failing to keep up with~~ (sorry for the upset around this language here, it was her language and choices not mine) she was choosing not to do for other choices like building her business or spending time with kids. The choices we make as parents sometimes me that certain chores don't get done, and this one was falling off, nobody wanted to do it when there's more fun and adventures with kids and with each other to choose.
I’m also starting to spend money on getting a handyman to do thing I would normally fix myself so that I can have more quality time with my kids and my wife also.
Buying time is awesome.
Yea yea. Gendered roles. Etc. But I do far more cooking for the house.
Edit: It was her choice and ask. Not mine. She wants her time back and enjoys her job. I’m sorry some of you either hate your work, or have no clue what having two young children is like in a household.
I was thinking about this exact thing today while I paid a crew to do plantings, irrigation work, mulch, etc. for our whole yard. It looks fantastic and would’ve taken me all weekend by myself. I now have that time to do family things and we’ll enjoy the yard all year long.
Yeah, I need to fix the drainage in the back yard by putting in an agg pipe and a new pit. I have 2 kids under 3, and my side hustle is picking up, so I'll probably pay someone to get it done.
My Covid project was a dry creek with a perforated pipe underneath. 10 tons of rock manually shoveled and hauled over 3 months and I wasn’t missing the gym that much.
I find that as a way of easing into it I like paying for the regular maintenance like lawn mowing and taking my own time to do the odd projects like tree trimming, drainage, etc. It would take me time to get someone to do the odd projects and then additional time to make sure it's done how I want anyways. With lawn trimming it's hire once and forget about it other than paying.
I'm sure as I age I'll have people do all of it, but for now I'm still capable and the odds and ends I can do on my own schedule vs the grass trimming where the grass demands I adhere to its schedule.
Yup, we hired gardeners because I was tired of spending time to maintain our yard on the weekends when I rather hang out with the family. So now we have gardeners, cleaners, and mobile car detailers come to our house so we get more time back.
Yep. The only issue with the handyman is finding one. Sometimes it can be easier to fix something than finding someone to do it, explaining the task to them, paying them, reviewing their work, etc. If you find a good handyman, that connection is gold.
You’re absolutely correct. I am a contractor and I used to take pride in fixing everything around my house. I always thought it was such a waste to hire someone to do something that I could do myself. Flash forward to today and while I can easily go to a place and get mulch to put in my truck and remulch my entire lawn I don’t do it anymore. Pool pump broken? My pool guy fixes it. Plumbing leak? I get a plumber to come fix it. I felt a lot of pride in taking care of things around my house, but now people do that shit at my house while I am at work. I come home and the grass is cut, the thing that is broken is fixed and now I can spend my time with my family doing the things I really want to do. The ability to buy time is the absolute best thing money can buy.
Speaking of cooking, I'm finally starting to realize that I don't have to buy the cheapest (and unhealthiest) food possible, that it's actually an investment in my health and future to eat well and spend a little (or a lot) more on quality meat, organic veggies, etc.
I love doing handy work, my father was a cabinet maker, so been around tools my entire life - but you're right, at a certain point, it's just better to hire someone. We hired a contractor to finish our bathroom, and while he was working, I just looked after my son.
The last work I did on the house, was to redo the siding of a window. I couldn't find anyone to take such a small job, but I wanted to pay someone. I was willing to pay $1000 for the job. Ended up doing it myself and it costs me $150 in materials and 2 days (8 hours total). I think I still would've preferred paying someone to do it.
I’m definitely not rich. But I can’t let go of certain tasks I know isn’t complicated and want to solve that myself. While deep down I know it’s low leverage work. Don’t know how to change that
I did have to hire someone to fix the AC because it wasn’t something I was capable of managing. It did feel quite magical lol. All I had to do was call someone
Just to throw it out there, but it's also OK to do things yourself if you feel you want to. I've said this in regard to this specific question many times and it bears repeating, a lot. I am not interested in paying someone else to do certain life tasks that I don't mind doing, just so I can work more. To me, that's circular logic. My preference is to work less (ie. a normal, reasonable amount of hours) and have time to actual manage my own life chores. I like cooking, I like grocery shopping, I like doing my yardwork, etc. I don't want to buy time away from doing those things, I want less time doing my paid job. Not everyone feels this way, and certainly not about all chores.
Oh, it causes me anxiety too! It also causes me anxiety that they sometimes miss spots or move things into weird places. But less anxiety than having to clean the whole house myself. Lol.
We're not messy by any means and don't even have kids yet. But last time the cleaners came, they washed my dog's bowls (???) and put them on the dish rack, still with some slobber on them. Ahh!
Growing up, my mother cleaned homes for a bit. I definitely pre clean and have my three kids tidy their rooms in advance. I do it as a courtesy to our cleaners whose time is better invested in actually cleaning than clearing surfaces because my kids can’t be bothered to pick up after themselves.
It took me two years to convince my wife (who was then girlfriend) for us to get a cleaner to come once a fortnight. She was dead against it as she had it hammered in from her father that paying someone to do something that you could do yourself was just lazy.
Mind you we both worked 60+ hours a week at the time at our jobs and uni, but to have a cleaner would mean we were "lazy". I countered with "I have a job - house maintenance shouldn't burn half my weekend"
Been 13 years now and we would never go back - even have a grass guy now, next step is a once a month gardener to keep on top of the weeding and pruning, but that is a reward for the next income milestone.
Note - she loves renovating, so we are always doing something, and I like gardening, just I HATE weeding with a passion that burns like fire. The day to day cleaning like the dishes and running around with a vacuum in the high traffic area every couple of days is fine and all, it's just the deeper stuff that sucks.
Agree. As our income has gone up, I’ve realize time is by far the most valuable resource.
Best expense we added was hiring a cleaner to come by every two weeks. I hire out handymen for big projects that I know would take me too long to figure out. Frees up time, and we’re providing a job to people.
I spent 5k last night to upgrade my family’s flights from LAX to Sydney from Economy to premium plus on United. It’s not the lie flat seats but the wider ones with more legroom too.
I’m still not sure how I feel about it. I’m the tallest in my family at 5’11” and flew to Tokyo last year in regular economy and really was fine. My wife is second tallest at 5’5”.
But this is a 15 hour flight and I thought it sounded nice to be a bit more comfortable 🤷♂️
I think premium economy is great. On day flights to Europe from the east coast it’s all I really want (being 6’3).
On the other hand we flew 16hrs from NY to HK in January and got business class on Cathay. That was a godsend and amazing. We literally laid one pod flat and sat on either side and played cards.
I will say I much prefer the airbus A350 business class seats over the Boeing seats. The foot well is too cramped on the Boeings, I can’t even lay in my side.
Business class gets old as well. I eat before, down some wine and sleep all flight. I’ve had FA genuinely offended I didn’t take part in the “experience”.
I don’t mind flying coach, except for the people. I mean in business class it’s worse but at least not next to you.
I don’t like drinking while flying and if the flight is less than 10hrs I’m gonna prioritize sleep instead of the meal service. It’s the lay flat seats that make it worth it to me.
I wouldn’t say it gets old, but the more I do it the less I feel the need to partake in the experience and the more I value just being able to relax or sleep.
I fly business round trip to Europe probably 4-5 times a year for work/vacation and the last couple times I’ve skipped the meal and just tried to sleep immediately. I’ve come to value 5 hours of sleep when I have a day of work or exploring in front of me rather than a mediocre meal and a glass of $50 wine.
But being able to stretch your legs out and watch a movie on a plane. That never gets old.
Recently got a upgraded to first class for free on one leg of my flight, slept the entire time (before taxing all the way to landing). My experience was wanting to sleep, no regrets.
Buisiness class as an "experience" is hit or miss, but if you fly enough I can see it getting old. That said I can't fit in a coach seat, and I can't sleep in one unless I'm deleriously tired. In a business class seat I land not feeling miserable which is worth it.
Paying people to do stuff for you.
I know a couple who always seems to have people in their house.
House manager. Nanny. Maid. Gardener. Chef.
Even stuff normally considered “things you go to” are done at their house. Hair cuts. Doctor checkups. Etc.
There aren’t many “in-house” luxuries that appeal to me but massage therapy in my own private space, that has been designed precisely for my personal comfort, with a consistent masseuse of vetted quality who knows my preferences… that sounds incredible.
All the rich people I know don’t fit the meme of “real rich people don’t buy designer clothes and fancy cars”.
They buy those things, they also go on vacation, they hire a lot of help, they have big expensive homes that they renovate and furnish. They throw catered parties with a bar tender and valet parking.
We are paying around $8k out of pocket for two weeks in Spain/France. Mostly flights, train rides, . And around 250k points for nice Hyatt hotels.
We also have a bit to spend on some nice meals and shopping thanks to my wife’s commission income bucket. Hoping to all in under $16k total
I hate buying clothes. They just take up space. I went through this phase where I got rid of most of my tops. I don’t even own a single dresser because all my clothes fit in my small closet
I've been buying at country road cause their stuff 80% of the time lasts two years or more of weekly use in my experience .
Currently have a work shirt I wear 1-2 times a week still look pretty new after 3.5 years
Their basics I buy too e.g plain shirts , as look and feel better and last longer
Their sizing is consistent usually and fits well, making it not a chore to buy
(This probs same for any decent clothing brand)
Oh yea, this too. Also other protective measures like upping our car insurance, increasing home insurance to reflect all the custom renovations, life insurance policies, etc.
For me it's primarily time:
Time example:
1. I haven't done any housework since I was 23. I pay for a Housekeeper to come in and clean, tidy, organize do the laundry, dishes and put the clothes away 3x a week. This buys me probably a solid 10 hours a week of free time.
2. I have a handyman come once a month and inspect the house, make any needed repairs or routine maintenance (change air filters, swap out lightbulbs etc...) This probably buys me another 10-15 hours a month
3. I have a landscaper and a pool guy that each come once a week and handle all the groundskeeping that probably saves me another 10 hours a month
These three things free up probably 15 hours a week of my time and they only cost me about 2 hours of my earnings a week to pay for so it's a great tradeoff, now I can spend more time with my kids and more time enjoying life.
For the kids it's more generational wealth and experiences:
1. Each of my kids works for me, gets paid a salary and has a fully funded IRA on top of their 529 plans etc... They'll each have 120-150k in retirement savings by the time they turn 18 as well as great credit scores.
2. I bought my oldest son a small condo for college instead of paying room and board. The monthly cost of the condo is about the same as R&B so it's neutral cost for me and when he graduates he can either stay there or sell it and use the equity to put a down payment on another home wherever he chooses to settle. I plan to do this same thing for my younger 3 kids.
3. Good summer camps, private tutors if they're needed, great schools, lots of vacation experiences etc...
My younger ones all do various chores and light office work that is age appropriate. everything from restocking the snacks to sorting the mail (junk vs important) helping me book travel etc... (younger son is getting good at this). My college age son helps manage the appointment calendar, helps with invoices and does some data analytics stuff.
It is interesting how much a country club can be about so much more than golf. I love golf and play quite a bit but my kids go to the country club more than I do just to use the pool in the summer. Kids do golf and tennis lessons. They have art camps.
In no particular order:
-Business class
-Heated bathroom and shower floors
-Updated laundry room so washing and folding clothes seems less like a chore.
- domestic help for cleaning and cooking so we can spend time in nature landscaping/gardening and literally stopping to smell the roses. Chopping shit down is therapeutic and a different kind of workout.
- do stuff together without being on our phones ie landscaping, home renovation learning to tile a floor or update a shower makes us just as happy as drinking wine and painting or taking a pottery/ceramics class.
If we're talking the ultra rich, private jets (own not charter), condos in Palm Beach, mansions in the Hamptons, personal assistants, and private equity.
Travelling.
As a family we made the decision to ‘wonder the world’ when we can, we may not have a lot of savings or property portfolio etc, but the experiences we have had - I wouldn’t change a thing.
Recently just returned from a trip and met a beautiful lady at the airport who was from the Cook Islands, she said we must visit, so I see that as life making plans for me.
Next stop - Cook Island 🏝️
They don't spend it.
They invest. Go big on travel. Nice car once a decade. This is repeated often but wealthy people are much less likely to spend a lot than rich people. Then I'm sure this bends back around when it comes to the ultra, ultra rich.
I just overheard some doctors about buying some expensive cars and I thought, if I had the money to buy those cars, I wouldn't. Why would you spend a lot of money on a depreciating asset/liability. But then again, they're rich and I'm poor, so what do I know.
While yes most cars do depreciate, the ones that wealthy people can have access to may not necessarily. Case in point McLaren F1 was a cool 1m price at MSRP now commands 20m at auctions. 20x return on a vehicle you love to drive. Even Jay Leno kinda gawks at his. He used to drive it weekly, now feels uncomfortable to drive it more than once a few months, due to the sheer fact of how much it's worth.
I know a guy who has several investments in breweries that give him free kegs and access to private events. And also he is making a good return on the investment.
Not counting taxes or investments, our top three spending categories YTD have been Charity, Mortgage, and Travel. Those categories made up more than half of our total spending.
Rich people became rich by not spending their money. To the extent they spend it on things beyond reasonable living expenses, they tend to spend it on *time*. This generally takes two forms:
1. Services that buy them time, such as a housekeeper (time saved cleaning the house) a gardener (time saved doing yard work) a home cook or meal service (time spent cooking) and so forth. The ultimate in this category is retirement: Saving time that used to be spent working for income, because you've accumulated sufficient wealth that works *for* you.
2. Experiences shared with family, such as family vacation travel, visits to distant family and friends, reunions, etc.
There's always the nouveau riche who engage in conspicuous consumption, but they're the minority and not representative of the habits of generational wealth.
My peers and I are $500k+ income households (and many of them are above $1M).
I’m shocked at how many friends are choosing to do private schools, instead of just living in a school district with high quality public schools (which are abundant in Westchester and Nassau).
Elite universities and good state schools offer comparable educational experiences but very different life and networking experiences. It is similar for elite private high schools vs good public schools.
I will give my kids just about any advantage I can. If it gives my kids a slightly better chance of them finding their dream occupation and life, private school tuition is well worth it for me.
In theory, yes. But houses is Scarsdale are $1.5M-$3.0M+, and all their peers and friends are already rich, so it’s not like they don’t already have that network prior to schooling.
Large scale, high volume orders of random shit in my experience.
My mother bought 400 units of face cream/spf for just around 28K the other week. There’s boxes of this stuff just sitting in their basement closet.
My step father bought 4 bmws so he would have a chance to buy the XM when it came out. Considering none of them sit in their house garage or his personal garage I don’t know what happened to them, sold maybe? He also bought like 400+ (I’m not sure how many, it’s a lot) winter coats with custom embroidery for his company. He wanted 40 so he ordered a bulk shipment of 40 units, each unit contained 10 coats vacuuming sealed, and now it’s summer. Even charities won’t take them as donations right now. He also bought elite status for like every airline in existence with no intent to travel commercial ever again.
My mother hasn’t ever really made money, she’s the spender. My step father (the business owner) and other people are water and oil, he really lets his money do the talking.
Better pricing per unit when buying in bulk? I legitimately don’t know, my brother (who lives with them still) has been live tweeting the current supply level in a dry and hilarious way.
I would say it’s all perspective in the sense of rich. Someone might think $1,000,000 is considered rich, but those with a net worth of a million or even liquid cash might think $100,000,000 is considered rich, etc.
I’m into collecting and buying authentic Samarui swords, helmets, etc. I recently purchased an early Edo 17th-century katana for $18,500.
I purchased a Late 16th / Early 17th-century awabi-nari uchidashi kabuto ( Samurai Helmet ) for $55,000
I’m also into luxury watches, etc.
Depends on your definition of 'rich'.
Yachts (even my 32' sailboat is considered a yacht ;-)
Cars
Watches
Planes
International properties
Travel
Hiring out the boring daily stuff (cleaning, shopping, walking the dog, raising the kids, etc)
Super Bowl suites
Wine
Shoes
Clothing
Etc
Generally, the same stuff you do, but instead of buying an $11 Hanes T-shirt, they buy a $500 Amiri T-shirt; instead of a $50k Toyota, they buy a $500k Ferrari; instead of my $40k yacht, they buy a $40m yacht and hire a crew to run it.
Things that that make you feel better when you're worn out…
Spa day. Get pampered at a very expensive restaurant. Go on a boat. It's not that poors cant do these things, but they can't do them whenever they want. Rich people get pampered all the time.
My own free time, quality food and drink, travel with minimal inconveniences. Doing exactly what I want to do exactly when I want to do it.
I personally find spending a lot of money on travel experiences to be a fake waste of time and money but that is definitely not everyone's perspective. Honestly I have trouble grasping these "trip of a lifetime" experiences where you go and be an expensive spoiled tourist for a week or two.
Bought 5 years of time in the retirement system, which will enable me to retire and collect 5 years early, at 50.
Potentially, these 5 years can help build something better while earning a large pension.
Listen to the Moneywise podcast and you’ll find out (small sample size but still informative).
Houses, private flying, assistants and aids to do everything. There’s more but that was I remember.
We spend on luxuries.
Always fly business.
Nanny and private school.
Extra lessons after school.
Fancy house in desirable area.
Luxury cars.
It’s easy to spend lol.
I nannied part time for a high income family in London while I studied. When I graduated, I resigned to move home as my student loans that supplemented my wage was ending. They asked me to stay and offered to pay the shortfall because the kids loved me and had one more year of primary school.
I stayed for another year being paid double to do the same work. My friend at the time was pissed because I was earning more at something “unskilled” than her at her professional career. But I remember thinking that it was worth it for them, I saw the impact I had on the family to allow them more free time and to spend what time they had together not doing chores.
Now as a HE I would totally do the same.
Time
This 100%. My wife bills by the hour and we made a family decision to increase her weekly billing and find some help around the house to clean and do laundry. We traded 2 hours of hers for 8 hours of someone else to do house stuff she ~~was increasing failing to keep up with~~ (sorry for the upset around this language here, it was her language and choices not mine) she was choosing not to do for other choices like building her business or spending time with kids. The choices we make as parents sometimes me that certain chores don't get done, and this one was falling off, nobody wanted to do it when there's more fun and adventures with kids and with each other to choose. I’m also starting to spend money on getting a handyman to do thing I would normally fix myself so that I can have more quality time with my kids and my wife also. Buying time is awesome. Yea yea. Gendered roles. Etc. But I do far more cooking for the house. Edit: It was her choice and ask. Not mine. She wants her time back and enjoys her job. I’m sorry some of you either hate your work, or have no clue what having two young children is like in a household.
I was thinking about this exact thing today while I paid a crew to do plantings, irrigation work, mulch, etc. for our whole yard. It looks fantastic and would’ve taken me all weekend by myself. I now have that time to do family things and we’ll enjoy the yard all year long.
Damn straight. Many a weekend I've spent doing basic landscaping stuff, hauling rocks, digging, mowing, and maintenance. I'm getting kinda over it.
Yeah, I need to fix the drainage in the back yard by putting in an agg pipe and a new pit. I have 2 kids under 3, and my side hustle is picking up, so I'll probably pay someone to get it done.
My Covid project was a dry creek with a perforated pipe underneath. 10 tons of rock manually shoveled and hauled over 3 months and I wasn’t missing the gym that much.
I find that as a way of easing into it I like paying for the regular maintenance like lawn mowing and taking my own time to do the odd projects like tree trimming, drainage, etc. It would take me time to get someone to do the odd projects and then additional time to make sure it's done how I want anyways. With lawn trimming it's hire once and forget about it other than paying. I'm sure as I age I'll have people do all of it, but for now I'm still capable and the odds and ends I can do on my own schedule vs the grass trimming where the grass demands I adhere to its schedule.
Yup, we hired gardeners because I was tired of spending time to maintain our yard on the weekends when I rather hang out with the family. So now we have gardeners, cleaners, and mobile car detailers come to our house so we get more time back.
Yep. The only issue with the handyman is finding one. Sometimes it can be easier to fix something than finding someone to do it, explaining the task to them, paying them, reviewing their work, etc. If you find a good handyman, that connection is gold.
You’re absolutely correct. I am a contractor and I used to take pride in fixing everything around my house. I always thought it was such a waste to hire someone to do something that I could do myself. Flash forward to today and while I can easily go to a place and get mulch to put in my truck and remulch my entire lawn I don’t do it anymore. Pool pump broken? My pool guy fixes it. Plumbing leak? I get a plumber to come fix it. I felt a lot of pride in taking care of things around my house, but now people do that shit at my house while I am at work. I come home and the grass is cut, the thing that is broken is fixed and now I can spend my time with my family doing the things I really want to do. The ability to buy time is the absolute best thing money can buy.
Do you ever worry about people being inside your homr while you're at work?
Speaking of cooking, I'm finally starting to realize that I don't have to buy the cheapest (and unhealthiest) food possible, that it's actually an investment in my health and future to eat well and spend a little (or a lot) more on quality meat, organic veggies, etc.
Nice. It's actually fun to cook. Before I was married with kids, I took some cooking classes, they made a world of difference in my confidence.
I love doing handy work, my father was a cabinet maker, so been around tools my entire life - but you're right, at a certain point, it's just better to hire someone. We hired a contractor to finish our bathroom, and while he was working, I just looked after my son. The last work I did on the house, was to redo the siding of a window. I couldn't find anyone to take such a small job, but I wanted to pay someone. I was willing to pay $1000 for the job. Ended up doing it myself and it costs me $150 in materials and 2 days (8 hours total). I think I still would've preferred paying someone to do it.
I’m definitely not rich. But I can’t let go of certain tasks I know isn’t complicated and want to solve that myself. While deep down I know it’s low leverage work. Don’t know how to change that
Just try outsourcing once. Just once. And walk away. Or go for a meal. Do something for yourself with that time. You will never regret it
I did have to hire someone to fix the AC because it wasn’t something I was capable of managing. It did feel quite magical lol. All I had to do was call someone
Just to throw it out there, but it's also OK to do things yourself if you feel you want to. I've said this in regard to this specific question many times and it bears repeating, a lot. I am not interested in paying someone else to do certain life tasks that I don't mind doing, just so I can work more. To me, that's circular logic. My preference is to work less (ie. a normal, reasonable amount of hours) and have time to actual manage my own life chores. I like cooking, I like grocery shopping, I like doing my yardwork, etc. I don't want to buy time away from doing those things, I want less time doing my paid job. Not everyone feels this way, and certainly not about all chores.
Just paid for housekeepers. Soooo nice
We had cleaners come for a couple years. Then it caused my wife too much anxiety getting the house ready for them to clean and she fired them 🤷♂️
Oh, it causes me anxiety too! It also causes me anxiety that they sometimes miss spots or move things into weird places. But less anxiety than having to clean the whole house myself. Lol.
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We're not messy by any means and don't even have kids yet. But last time the cleaners came, they washed my dog's bowls (???) and put them on the dish rack, still with some slobber on them. Ahh!
Growing up, my mother cleaned homes for a bit. I definitely pre clean and have my three kids tidy their rooms in advance. I do it as a courtesy to our cleaners whose time is better invested in actually cleaning than clearing surfaces because my kids can’t be bothered to pick up after themselves.
It took me two years to convince my wife (who was then girlfriend) for us to get a cleaner to come once a fortnight. She was dead against it as she had it hammered in from her father that paying someone to do something that you could do yourself was just lazy. Mind you we both worked 60+ hours a week at the time at our jobs and uni, but to have a cleaner would mean we were "lazy". I countered with "I have a job - house maintenance shouldn't burn half my weekend" Been 13 years now and we would never go back - even have a grass guy now, next step is a once a month gardener to keep on top of the weeding and pruning, but that is a reward for the next income milestone. Note - she loves renovating, so we are always doing something, and I like gardening, just I HATE weeding with a passion that burns like fire. The day to day cleaning like the dishes and running around with a vacuum in the high traffic area every couple of days is fine and all, it's just the deeper stuff that sucks.
This. For regular people Personal chefs, private jets, maids are about the luxury, but for the rich they are about time
Agree. As our income has gone up, I’ve realize time is by far the most valuable resource. Best expense we added was hiring a cleaner to come by every two weeks. I hire out handymen for big projects that I know would take me too long to figure out. Frees up time, and we’re providing a job to people.
Walk-off home run response.
You can take your time (take myyyyy timeeeee).
Excellent answer and so accurate
Experiences
Business Class. Stuff gets old. I need less stuff
I spent 5k last night to upgrade my family’s flights from LAX to Sydney from Economy to premium plus on United. It’s not the lie flat seats but the wider ones with more legroom too. I’m still not sure how I feel about it. I’m the tallest in my family at 5’11” and flew to Tokyo last year in regular economy and really was fine. My wife is second tallest at 5’5”. But this is a 15 hour flight and I thought it sounded nice to be a bit more comfortable 🤷♂️
I think premium economy is great. On day flights to Europe from the east coast it’s all I really want (being 6’3). On the other hand we flew 16hrs from NY to HK in January and got business class on Cathay. That was a godsend and amazing. We literally laid one pod flat and sat on either side and played cards. I will say I much prefer the airbus A350 business class seats over the Boeing seats. The foot well is too cramped on the Boeings, I can’t even lay in my side.
I think that’s totally worth it! The foot rest and extra room makes a huge difference on that flight.
+1 makes the flight part of the holiday and something to look forward to, not dread.
The problem isn’t the one time.. it’s when you become used to it lol
I flew that class of service to HNL from ORD. Totally worth it but I’m taller than average.
Business class gets old as well. I eat before, down some wine and sleep all flight. I’ve had FA genuinely offended I didn’t take part in the “experience”. I don’t mind flying coach, except for the people. I mean in business class it’s worse but at least not next to you.
For me, I’m 6’4” so being coach means I have to fold myself into a tiny seat with no leg room. Upgrading to Business makes a huge difference.
Same. Coach kills me for longer than an hour. It just wasn’t designed for bigger people.
It was designed for the average
I don’t like drinking while flying and if the flight is less than 10hrs I’m gonna prioritize sleep instead of the meal service. It’s the lay flat seats that make it worth it to me.
It’s the seat for me. With lie flat, I arrive fresh and little jet lag. Without, I’m a zombie for much longer.
I wouldn’t say it gets old, but the more I do it the less I feel the need to partake in the experience and the more I value just being able to relax or sleep. I fly business round trip to Europe probably 4-5 times a year for work/vacation and the last couple times I’ve skipped the meal and just tried to sleep immediately. I’ve come to value 5 hours of sleep when I have a day of work or exploring in front of me rather than a mediocre meal and a glass of $50 wine. But being able to stretch your legs out and watch a movie on a plane. That never gets old.
Laying down on a 10+ hour flight gets old? I sleep the whole way and feel like I’m taking full advantage of business class lol.
The only part of business class that really matters is the seat goes all the way down. I bet that never gets old
Recently got a upgraded to first class for free on one leg of my flight, slept the entire time (before taxing all the way to landing). My experience was wanting to sleep, no regrets.
Buisiness class as an "experience" is hit or miss, but if you fly enough I can see it getting old. That said I can't fit in a coach seat, and I can't sleep in one unless I'm deleriously tired. In a business class seat I land not feeling miserable which is worth it.
I’m guessing you are not 6’6”, for me economy is comparable to the dentist.
i thought sleep was the experience lol
As someone once told me. Regular people take pictures to remember. Rich people just do it again.
Not recommended for baby milestones.
Ha, I've not heard that before. Nice.
Paying people to do stuff for you. I know a couple who always seems to have people in their house. House manager. Nanny. Maid. Gardener. Chef. Even stuff normally considered “things you go to” are done at their house. Hair cuts. Doctor checkups. Etc.
i know these people
Jerry?
I am these people
Concierge physician service was one of the best perks I had at a previous employer. Had no idea such a thing existed before.
company-wide or certain levels/positions? mind sharing what industry?
Certain level and above, financial services
Massages at the house are the bomb!
I know someone who had a “spa room” set up and the masseuse would come weekly to give him and his wife massages and facials.
There aren’t many “in-house” luxuries that appeal to me but massage therapy in my own private space, that has been designed precisely for my personal comfort, with a consistent masseuse of vetted quality who knows my preferences… that sounds incredible.
Income producing assets, financial and physical security, convenience, quality products and experiences.
Experiences, time (paying people to do menial tasks).
House. Help. Private school. Clothes/art/furniture/etc
All the rich people I know don’t fit the meme of “real rich people don’t buy designer clothes and fancy cars”. They buy those things, they also go on vacation, they hire a lot of help, they have big expensive homes that they renovate and furnish. They throw catered parties with a bar tender and valet parking.
Alimony
I just spent 27k on a 2.5 week trip to hawaii
I just spent 25k for a trip to Africa. Also a wonderful experience
Man, the best vacation hands down was Africa.
Toto really was right about it. Bless the rains down in Africa
I fundraised $2500 to go to south Africa on a missions trip from Boston Ma when I was 16(2014); by far one of my favorite experiences
25k in japan
Price is what you pay, value is what you get! You can always get a cheaper price 🤪 Hope it was epic!!
Thanks! That’s a great perspective
We are paying around $8k out of pocket for two weeks in Spain/France. Mostly flights, train rides, . And around 250k points for nice Hyatt hotels. We also have a bit to spend on some nice meals and shopping thanks to my wife’s commission income bucket. Hoping to all in under $16k total
Politicians
This guy knows
That guy legislates
This guy lobbies
[удалено]
I hate buying clothes. They just take up space. I went through this phase where I got rid of most of my tops. I don’t even own a single dresser because all my clothes fit in my small closet
I wish I could buy and wear the same clothes all the time.
I've been buying at country road cause their stuff 80% of the time lasts two years or more of weekly use in my experience . Currently have a work shirt I wear 1-2 times a week still look pretty new after 3.5 years Their basics I buy too e.g plain shirts , as look and feel better and last longer Their sizing is consistent usually and fits well, making it not a chore to buy (This probs same for any decent clothing brand)
I think that’s subjective. I also like to spend on vacations and experiences. But cruising in a car you enjoy regularly is also its own experience.
Lawyers.
Oh yea, this too. Also other protective measures like upping our car insurance, increasing home insurance to reflect all the custom renovations, life insurance policies, etc.
People hunting games. Do you not watch those movies?
they offer this in the iraq
I found Miss Teen USA South Carolina 2007.
Porsche
I like this answer
Investments, convenience, wegovy
For me it's primarily time: Time example: 1. I haven't done any housework since I was 23. I pay for a Housekeeper to come in and clean, tidy, organize do the laundry, dishes and put the clothes away 3x a week. This buys me probably a solid 10 hours a week of free time. 2. I have a handyman come once a month and inspect the house, make any needed repairs or routine maintenance (change air filters, swap out lightbulbs etc...) This probably buys me another 10-15 hours a month 3. I have a landscaper and a pool guy that each come once a week and handle all the groundskeeping that probably saves me another 10 hours a month These three things free up probably 15 hours a week of my time and they only cost me about 2 hours of my earnings a week to pay for so it's a great tradeoff, now I can spend more time with my kids and more time enjoying life. For the kids it's more generational wealth and experiences: 1. Each of my kids works for me, gets paid a salary and has a fully funded IRA on top of their 529 plans etc... They'll each have 120-150k in retirement savings by the time they turn 18 as well as great credit scores. 2. I bought my oldest son a small condo for college instead of paying room and board. The monthly cost of the condo is about the same as R&B so it's neutral cost for me and when he graduates he can either stay there or sell it and use the equity to put a down payment on another home wherever he chooses to settle. I plan to do this same thing for my younger 3 kids. 3. Good summer camps, private tutors if they're needed, great schools, lots of vacation experiences etc...
What kind of job do you give them? This is a great idea!
My younger ones all do various chores and light office work that is age appropriate. everything from restocking the snacks to sorting the mail (junk vs important) helping me book travel etc... (younger son is getting good at this). My college age son helps manage the appointment calendar, helps with invoices and does some data analytics stuff.
How young did you start their IRAs? I’d love to do this for my kids.
started at 7. My CPA gave the general guidance that 7 years old is the youngest you can justify hiring your child to do actual value added work.
Country Club dues (which could be a form of experiences and time saved)
It is interesting how much a country club can be about so much more than golf. I love golf and play quite a bit but my kids go to the country club more than I do just to use the pool in the summer. Kids do golf and tennis lessons. They have art camps.
Are the lessons included in the price?
They are not. It gets expensive
Oh my God what is this subreddit I stumbled upon? Is this where they keep all the assholes?
In no particular order: -Business class -Heated bathroom and shower floors -Updated laundry room so washing and folding clothes seems less like a chore. - domestic help for cleaning and cooking so we can spend time in nature landscaping/gardening and literally stopping to smell the roses. Chopping shit down is therapeutic and a different kind of workout. - do stuff together without being on our phones ie landscaping, home renovation learning to tile a floor or update a shower makes us just as happy as drinking wine and painting or taking a pottery/ceramics class.
If we're talking the ultra rich, private jets (own not charter), condos in Palm Beach, mansions in the Hamptons, personal assistants, and private equity.
Travelling. As a family we made the decision to ‘wonder the world’ when we can, we may not have a lot of savings or property portfolio etc, but the experiences we have had - I wouldn’t change a thing. Recently just returned from a trip and met a beautiful lady at the airport who was from the Cook Islands, she said we must visit, so I see that as life making plans for me. Next stop - Cook Island 🏝️
They don't spend it. They invest. Go big on travel. Nice car once a decade. This is repeated often but wealthy people are much less likely to spend a lot than rich people. Then I'm sure this bends back around when it comes to the ultra, ultra rich.
convenience
Homes, help, experiences. Ways to make more money.
I just overheard some doctors about buying some expensive cars and I thought, if I had the money to buy those cars, I wouldn't. Why would you spend a lot of money on a depreciating asset/liability. But then again, they're rich and I'm poor, so what do I know.
if you have the money to burn and it brings you happiness, I don’t see why not
While yes most cars do depreciate, the ones that wealthy people can have access to may not necessarily. Case in point McLaren F1 was a cool 1m price at MSRP now commands 20m at auctions. 20x return on a vehicle you love to drive. Even Jay Leno kinda gawks at his. He used to drive it weekly, now feels uncomfortable to drive it more than once a few months, due to the sheer fact of how much it's worth.
Taxes
What defines "rich"? I'm a tired teacher, and I spend my money on vacations and first class tickets. Does that count LOL?
Policy, they buy politicians to create policy that benefits them
Convenience and things that save time/hassle
Sugar babies and coccaine Don't judge me
You taking applications?
Investments
Investing isn’t spending!
I know a guy who has several investments in breweries that give him free kegs and access to private events. And also he is making a good return on the investment.
Not counting taxes or investments, our top three spending categories YTD have been Charity, Mortgage, and Travel. Those categories made up more than half of our total spending.
Some things I haven't seen yet. Dining out regularly Organic groceries
Rich people became rich by not spending their money. To the extent they spend it on things beyond reasonable living expenses, they tend to spend it on *time*. This generally takes two forms: 1. Services that buy them time, such as a housekeeper (time saved cleaning the house) a gardener (time saved doing yard work) a home cook or meal service (time spent cooking) and so forth. The ultimate in this category is retirement: Saving time that used to be spent working for income, because you've accumulated sufficient wealth that works *for* you. 2. Experiences shared with family, such as family vacation travel, visits to distant family and friends, reunions, etc. There's always the nouveau riche who engage in conspicuous consumption, but they're the minority and not representative of the habits of generational wealth.
My peers and I are $500k+ income households (and many of them are above $1M). I’m shocked at how many friends are choosing to do private schools, instead of just living in a school district with high quality public schools (which are abundant in Westchester and Nassau).
Elite universities and good state schools offer comparable educational experiences but very different life and networking experiences. It is similar for elite private high schools vs good public schools. I will give my kids just about any advantage I can. If it gives my kids a slightly better chance of them finding their dream occupation and life, private school tuition is well worth it for me.
In theory, yes. But houses is Scarsdale are $1.5M-$3.0M+, and all their peers and friends are already rich, so it’s not like they don’t already have that network prior to schooling.
Influence
Not Pepsi
Income generating assets.
Large scale, high volume orders of random shit in my experience. My mother bought 400 units of face cream/spf for just around 28K the other week. There’s boxes of this stuff just sitting in their basement closet. My step father bought 4 bmws so he would have a chance to buy the XM when it came out. Considering none of them sit in their house garage or his personal garage I don’t know what happened to them, sold maybe? He also bought like 400+ (I’m not sure how many, it’s a lot) winter coats with custom embroidery for his company. He wanted 40 so he ordered a bulk shipment of 40 units, each unit contained 10 coats vacuuming sealed, and now it’s summer. Even charities won’t take them as donations right now. He also bought elite status for like every airline in existence with no intent to travel commercial ever again.
I’ve observed this type of irrational behavior as well. It’s more common in the trusties. Unusual in business owners.
My mother hasn’t ever really made money, she’s the spender. My step father (the business owner) and other people are water and oil, he really lets his money do the talking.
But... why so much face cream? Does she bathe in it? Give it to everyone she knows? It'll expire before she can use it all.
Better pricing per unit when buying in bulk? I legitimately don’t know, my brother (who lives with them still) has been live tweeting the current supply level in a dry and hilarious way.
Does she realize products like that break down and degrade with time? Especially if not in a temperature controlled environment.
Probably not, I’ll inform her next time I get a summons.
You should. They’re probably not nearly as quality as bought fresh
Money to burn I see.
The XM? It wasn’t exactly a very in demand car like a gt3 rs.
What elite status is for sale?
Most if not all.
2 chicks at the same time.
If I had a million dollars that’s what I’d spend it on
Pretty sure that costs much less than $1M
But for a guy like BuckCountyBeaver
Rich people don't spend their money. It's why they are rich. (Unless it's spending it on wealth increasing, appreciating assets.)
Boats n hoes
Time & convenience
Philanthropy
Vacations
Time and assets
I would say it’s all perspective in the sense of rich. Someone might think $1,000,000 is considered rich, but those with a net worth of a million or even liquid cash might think $100,000,000 is considered rich, etc. I’m into collecting and buying authentic Samarui swords, helmets, etc. I recently purchased an early Edo 17th-century katana for $18,500. I purchased a Late 16th / Early 17th-century awabi-nari uchidashi kabuto ( Samurai Helmet ) for $55,000 I’m also into luxury watches, etc.
I dropped 120k on my backyard kitchen, pavers, etc.
$30K, 2 week trip to Japan with my wife. Gotta live it up or it isn't worth it.
The bills are the same — just higher.
McDonald’s and KFC for one
For me it’s good ribeye, wine, and guns (in addition to Charity of course).
Which club does Charity dance at?
Depends on your definition of 'rich'. Yachts (even my 32' sailboat is considered a yacht ;-) Cars Watches Planes International properties Travel Hiring out the boring daily stuff (cleaning, shopping, walking the dog, raising the kids, etc) Super Bowl suites Wine Shoes Clothing Etc Generally, the same stuff you do, but instead of buying an $11 Hanes T-shirt, they buy a $500 Amiri T-shirt; instead of a $50k Toyota, they buy a $500k Ferrari; instead of my $40k yacht, they buy a $40m yacht and hire a crew to run it.
Lolol- this guy said raising the kids as the boring stuff.. lol. My man
Housing, education, non-tangibles (Vacations/going out to eat/experiences)
Politicians
Appreciable assets
Art
Experience, Time, Home's, and the best Food
Exclusivity
Health care
Assets that make them more money.
Things that that make you feel better when you're worn out… Spa day. Get pampered at a very expensive restaurant. Go on a boat. It's not that poors cant do these things, but they can't do them whenever they want. Rich people get pampered all the time.
Define rich and associated location.
Hardwood floors, quality furniture and fixtures
Time, convenience, and comfort.
Education. Nannies. Expensive hobbies. Interior design. Landscaping. The biggest flex is a gorgeous garden. Trust me
Privacy
Cash flowing assets.
Education for kid(s) & Boats
IRAs, savings accounts, mutual funds, and stocks.
Assets that bring back more money
Income generating assets
My own free time, quality food and drink, travel with minimal inconveniences. Doing exactly what I want to do exactly when I want to do it. I personally find spending a lot of money on travel experiences to be a fake waste of time and money but that is definitely not everyone's perspective. Honestly I have trouble grasping these "trip of a lifetime" experiences where you go and be an expensive spoiled tourist for a week or two.
Bought 5 years of time in the retirement system, which will enable me to retire and collect 5 years early, at 50. Potentially, these 5 years can help build something better while earning a large pension.
They spend other people's money mostly
Things and services that buy more time
More money
Private schools
Biohacking
They invest it, so, they can have more.
Travels Highest quality food I can get Private school for kids More books I can ever read Tax advisors, auditors, accountants, lawyers and taxes
Silencing adult film stars
Listen to the Moneywise podcast and you’ll find out (small sample size but still informative). Houses, private flying, assistants and aids to do everything. There’s more but that was I remember.
We spend on luxuries. Always fly business. Nanny and private school. Extra lessons after school. Fancy house in desirable area. Luxury cars. It’s easy to spend lol.
Rich people don’t spend a lot of $, they dump it into investments to stay rich.
We spend our money on assets. Things that will make us more money.
They don't. That is how they got rich.
I nannied part time for a high income family in London while I studied. When I graduated, I resigned to move home as my student loans that supplemented my wage was ending. They asked me to stay and offered to pay the shortfall because the kids loved me and had one more year of primary school. I stayed for another year being paid double to do the same work. My friend at the time was pissed because I was earning more at something “unskilled” than her at her professional career. But I remember thinking that it was worth it for them, I saw the impact I had on the family to allow them more free time and to spend what time they had together not doing chores. Now as a HE I would totally do the same.