You might be affluent if: - Deepstash

You might be affluent if:

  • You pay yourself first. You fund your retirement accounts before you pay anyone else.
  • You live in a reasonably-sized house.
  • You understand good debt vs. bad debt.
  • You live a sensible lifestyle that's within your means by making smart decisions with your money.
  • You are humble, yet confident.

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MORE IDEAS FROM The pseudo-affluent: If you look rich, you probably aren't

Your neighbor might be secretly wealthy if:

  • They have an above-average understanding of finances: They may not be concerned about the looming recession, but calmly take about general atmosphere data points.
  • They read: The space in their home is prioritized more toward education than centered around television and entertainment.
  • They cook. A portion of their high income went toward a good kitchen that can facilitate cooking, companionship, and relaxation.
  • They have an uncluttered lifestyle: They do not own a lot of "stuff." Everything has a purpose and a place.
  • They care about their health: Many believe their health directly enables their ability to enjoy their wealth.
  • They never brag: They don't strut around and take notice of people admiring them.
  • They don't care what other people think: They often ignore fashion trends and pop culture.

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The wealthy

Most rich people do not flaunt their wealth: They don't live in high-class neighborhoods or drive expensive cars. They look like you and me.

The rich have a net worth of above $1 million. Most rich people got wealthy through a simple combination of earning an income, saving for retirement, and spending wisely.

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They buy things that convey success. They want you to know just how much stuff they have by showing off their success.

The pseudo-affluent feel insecure about how they compare with the Joneses and the Smiths. They hold on to the belief that all economically successful people display their success through prestige products.

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The pseudo-affluent generally:

  • They earn a high-income, but spend the majority of what they make.
  • Wear expensive suits or carry expensive purses.
  • Drive high-end luxury or sports cars.
  • Really believe that rich people act rich.

It does not mean that every person that drives a BMW pretends to be rich, but those who do spend the majority of high incomes spend it in a way to display their wealth.

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RELATED IDEA

The Definition of Rich

A high income and a regular acquisition of expensive stuff do not necessarily make people rich. People may have a high income, but many won’t survive three months if they are suddenly without their high-paying jobs.

Being Rich is different from being Wealthy.

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Characteristics Of The Wealthy
  • They live in homes just large enough for their needs and drive used cars.
  • They have affordable interests.
  • They don’t worry about having the highest credit score possible as they have enough saved to skip loans and make large purchases with cash.
  • When they get a raise, they focus on investments instead of raising their spending. 

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Frugality

Frugality means resisting the temptation to spend more than you earn.

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