Osiris
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I agree that people can be classy and sophisticated without spending a fortune. However, I don't think people have a right to cast judgement on those who do like designer clothing, shoes, handbags, or those who funnel more money into the economy because they are able to afford it. Does it mean they are shallow? No. Does it mean they spoiled? No. Does it mean they are gullible or not good stewards of their money? No.
People spend as they like. People likewise live as they feel they can. Sometimes too extravagantly, yes, but nonetheless as they want. Who are we to set a standard as to what is appropriate or not.
My wife and I like designer clothing. I wear DG; so does she. I own a Fendi watch; she has a Fendi bag as well as Coach, Prada and many others. We live in a house that by many of your standards, as it appears here, is wasteful spending. We travel a lot internationally. I dare say that we feel high and mighty or set ourselves apart from others. We are not those types of people. We are blessed mid-class family who enjoy nice things. We do know our limitations and spend accordingly. And, for the record, we do shop at the Dollar General or way discounted stores, too. It is absurd, I think to be so stereotypical in assessing people by what they spend. That is only surface exposure!
It is not fair for clump people into groups.... It continously shows intolerance.
Just my opinion.
I agree and I would be a liar if I said my wife doesn't have the odd deseigner frock or bag and I didn't have the best bottle of wine here and there. I think what most people get bent by is the "Yuppie Syndrome", this is where you spend 200% of 100% of your income. My wife and I love our designer stuff, but we would classify as "Shabby Chic". We don't spend stupidly. We look for sales and once in a while we'll splurge and by full price, but I am fortunate enough to now work for a huge company that has numerous partnerships so I get a lot of high dollar things at a massive discount.
LOL. That's what my dad always told us. Or it was more like - "The rich stay rich because they are professional cheapskates." in my case.
Yes, the lives of the rich were always a mystery for me growing up. It was always them who lived up there on the hill over there. But the thing was our family didn't spend foolishly and I'd say my dad was a cheapskate but we certainly weren't rich.
Rich people have learned to spend money wisely. They understand what quality is and how in the long run it actually saves you money. They will invest in a good quality tailored suit that will hold up perfectly for 5 years and look fantastic instead of buying 5 off the rack suits of mediocre quality that are ill fitting that look like you shop at Sears.
The same holds true for many household items - they will buy things that appreciate in value and are worth more than they paid for including china, crystal, artwork, rare books, antiques...etc. They understand and use the system to their advantage including tax breaks, loop holes in tax codes, side stepping estate taxes, capital gains tax breaks, how to minimize property assessments, inside knowledge or tips on stocks, and looking at cash flow and investments vs. living off a paycheck.
Also when you are making $10K to $20K a month as many doctors and lawyers do, spending $350 for a pair of jeans is chump change. They have a different standard of living but they also have a different level of expenses of maintaining that lifestyle. You tend to live by your means as they say. Many times the people you rely on for your livelihood whether directly or indirectly have a level of wealth that you need to sustain within that social group to keep access to connections, introductions to other wealthy or powerful people, and informal business referrals. This includes country clubs, city clubs, dinner clubs, golf tournaments, philanthropic organizations, alumni groups, political fundraisers, private school athletic boosters...etc. There are literally thousands of these organizations whose primary function is for rich people to network.
Contrary to what most people think most of the extrememly rich people I know are quite amiable and charming rather than being snobby or haughty. They are for the most part very nice people, social and interesting. They are materially comfortable and enjoy fine things but are not ostentatious or outwardly vocal about their wealth. They are not as philanthropic as they would like to think of themselves as being.
People say government was invented to keep the masses from killing the rich.
I love your posts Earl and also think your dad said it a bit better than my mom. Mind if I use your dad's quote?