What is the difference between designer clothing and jewelry versus generic brands? https://newrepublic.com/article/121381/study-higher-income-inequality-correlates-luxury-consumerism. When I was poor, I tried to buy status symbols to give the appearance of success. I later learned that no one believed it. Fashion and jewelry are mostly a way to funnel money from the poor to the rich. I was a member of a elite golf and country club in LA – most members had net worth between $10 million to $5 billion. Most of them did not wear any fashion or jewelry. They didn’t care. They spent their money on investments (business, stock, real estate) or fun stuff (trips) or family (kids education).
The truly wealthy in the country club didn’t even care about cars.. they most drove good safe family SUVs. It was rare to see an Italian sports car. I only saw corvettes or Ferraris being driven by young guys who had grown up poor like me and couldn’t really afford them.
My goals in life have changed from trying to impress other people to taking the best care of my family I can… Saving and investing and spending money in smart ways to make our lives actually better.
My grandpa (who is very wealthy) taught me that as a kid but I didn’t believe it. I had to learn my lessons the hard way after wasting thousands of dollars! 🤣😭😝