RICH IS BORING

Looking rich is NOT the same as being RICH.

"I used to park cars at a hotel. This was in the mid-2000s in Los Angeles, when real estate money flowed. I assumed that a customer driving a Ferrari was rich. Many were. But as I got to know some of these people, I realized they weren’t that successful. At least not nearly what I assumed. Many were mediocre successes who spent most of their money on a car.

If you see someone driving a $200,000 car, the only data point you have about their wealth is that they have $200,000 less than they did before they bought the car. Or they’re leasing the car, which truly offers no indication of wealth.

We tend to judge wealth by what we see....

... When most people say they want to be a millionaire, what they really mean is “I want to spend a million dollars,” which is literally the opposite of being a millionaire."

--Morgan Housel

I think we were lied to when we were growing up. Our idea of rich was someone who had the most luxurious items in their arsenal.

I later on realized, someone in pajamas controlled the man in suits.

We all want social cues and clues to know who to emulate and we know how important money is living in this society. It can give us more time with the family, buy medicines and afford healthcare, turn the aircon on the entire Summer.

So we find someone who gives us clues that they are rich and powerful, by what they wear, what they drive, where they go for the weekend.

And then we want to copy that.

How much do we know though? Shift your perspective. Someone who spent 2,000,000 pesos for a wedding is not 2,000,000 PHP richer.

They have just disposed 2,000,000 pesos of their net worth.

If we truly want to be rich, we have to avoid the flashy trap.

Someone spent on their product's marketing so you can give them their money, and all you get is a flashy new car that depreciates the moment you start the engine.

About the Author


Personal Opinion and Written by Rooting for Celeste / Celeste Rodriguez, ZFT Trading Coach


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