The world of the rich and wealthy__ why throw away money?

Originally Posted by YourAvgGuy

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.

Originally Posted by Crissy Snow

The only way I could afford a luxury handbag is if I worked 80 Hours+overtime no way in hell I mean yeah I would have a fat ass paycheck but by the time I spend it on a silly handbag I would probably have $1.00 in my checking account. If I really wanted it that bad I would have to kiss my boss's ass and be a goody goody to get another raise. Instead of making $13.45/hr like I do now I would have to make $25.00/hr to afford a leopard print handbag. I really wanted that bag but the price tag made me feel like a poor person. ack....

Originally Posted by frizzle

It's their money at the end of the day and they can spend it on whatever they like.

Originally Posted by Boston1983

Or you could have busted your ass throughout school and got a higher-paying job. . .

Originally Posted by ScaredLittleBoy

Well I just recently receieved my psychology degree, so:

With the children of rich parents, they buy to feel loved, or to fill the void that inattentive parents have created. They think they will be 'somebody' if they have that expensive 'something'. It's a very fickle world with a lot of bitching and fakeness going on.

They are insecure or have some other problems which they wrongly believe money can solve. If you throw money at your problems, money will throw more problems back at you.

Originally Posted by YourAvgGuy

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.

Originally Posted by earllogjam

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.

Originally Posted by Aitch

Hmmmmmm? I dont begrudge anyone for their wealth but I do wish that they'd look at their carbon footprint and realise that their actions affect others in this world.

Originally Posted by snoozan

YAG, a carbon footprint is explained here:

Carbon footprint - Wikipedia, the free encyclopedia

It's a hotly debated term and topic right now in the political realm, complete with Al Gore proposing ways to sell "carbon offsets" to the rich the same way the Catholic church sold indulgences to the rich in the Middle Ages.

I think in general it's good for people to conserve as much as they can, but to add to what you're saying, spending money helps everyone at some level even if that benefit isn't spread evenly.