You could be reading anything on the internet right now, but instead, you have decided to sit down and read about stealth wealth. This attitude makes one draw the overall conclusion that you are interested in making above an average amount of money. You are eager to do this either through your career, or any other means. The big question is, why do you want to be rich?
Could it be any of these reasons?
It might sound like a dumb question because who wouldn’t want to be rich, right? Is it because you want to relax all day instead of doing a shitty job? Or is it because you want to be able to look after your friends and family? Is it because you want to do things that only quite a large sum of money can make possible? Maybe, you want to show off and make your parents proud.
Read Also: You’ll never be rich and here is why
If you are honest enough to yourself and think about your reasons, you’ll admit that the above reasons are partially true. Don’t be ashamed, you’re not alone. However, there is a better way.
What do you know about Stealth Wealth?
Stealth wealth is the practice of minimizing the information available about one’s income, assets, and net worth to the public.
If you become a staunch practitioner of stealth wealth, you could be a multi-billionaire and no one would know unless you wanted them to. You could drive a regular car, wear regular clothes, and maybe live in a regular house. Why should you do this when there are Lambos, Gucci shoes, and mansions instead? What should you spend your money on that would be great?
Read Also: 3 financial books that will help you become rich
Why does stealth wealth discourage buying fancy things?
Stealth wealth discourages buying fancy things because it makes for the best possible lifestyle, in almost every conceivable way.
What should you spend your money on?
You should spend your money on Personal and financial security. Then on things that make your life easier and more comfortable. Afterward, you can spend your money on passion projects.
You have to avoid spending money on things that will cause you stress and take up your time. Under no circumstances, should you spend your money on things that will jeopardize your priorities. These could be things you do not enjoy or is risky to your security.
It may sound simple enough, or even obvious, but, it’s something a lot of people get wrong, often with tragic circumstances.
Why is stealth wealth popular amongst wealthy people?
Stealth Wealth isn’t the same as frugality. Most people get this wrongly, they think that stealth wealth is the same as frugality or just being cheap. It’s simply not true, and we are not saying that frugality is bad. All of us can probably, be more careful about what we spend our money on.
Read Also: How your money became worthless
However, most multi-billionaires aren’t choosing to drive a Ford pickup truck, just because it’s a cheaper alternative to a Bentley. Some wealthy individuals spend a lot of money on Stealth Wealth than they would have spent just embracing the flex.
Comparing your reasons to becoming rich with Stealth wealth lifestyle
When asked why you wanted to be rich, you did mention a few things right? Let’s dig into one of them.
Relax all day instead of working a 9-5
If you wanted to relax all day, making lots of money might not be the best way for you to do that. If you have lots of cash, you might not need to work a 9 to 5 job. But wealthy people can fall into the trap of buying themselves more jobs.
Buying properties.
That property portfolio they are buying will end up requiring constant attention to managing. Tenants maintenance, Agent fees, Accounting, HOA requirements, not to mention the process of buying and selling these properties in the first place.
Buying flashy cars
Even though you fall into the trap of accumulating lifestyle clutter. If you think a wealthy person needs a flashy sports car, you are going to buy one even though you do not care about cars. You’ll then need a second car because that Ferrari is impractical. But that second car can’t be just about any car, it has to be luxurious, so that, people don’t think your Ferrari got repossessed when they see you rolling around in town in a Chevy.
Buying a bigger house
You might then decide you need a bigger house with enough garage space to put all these fancy cars. The bigger house needs more furniture, more cleaning, more gardening. You can outsource to cleaners and gardeners but then you will be managing employment contracts or dealing with third-party companies. This effect is similar to something called lifestyle creep. This is where the purchase of a new expensive item makes all of your existing items stuff feel cheap, and out of place. Even if you did love cars, you might feel a bit silly parking your new Lambo outside a regular family home.
Buying new clothes
You might want to get a new branded outfit for driving around in your new car. While you are at it, you might want to upgrade the content of the passenger’s seat to a younger model. All of these upgrades are going to be expensive, but, if you are extremely wealthy, it shouldn’t be too much of a problem.
The problem is looking after the bigger house, picking out fancy clothes, and showing up to family court are all very time-consuming, and very stressful.
Read Also: A way of thinking of thinking that will keep you poor forever. Change it.
Did all of these purchases help you have more time to relax?
If you wanted to get rich to be able to sit back and relax then congratulations, you fucked up big time.
The cars themselves are going to need extra maintenance and lead to awkward conversations from the gas station when everybody wants to ask, what you do and how much your car cost. The attention could be fun initially but it will get old fast.
Read also: 3 things you can buy that will bring you happiness
There’s also the fact that boutique niche markets like this new Ferrari are kind of fucked up. Ferrari and Royce Rolls simply do not have access to the same r & d that companies like Toyota, Chevy, or Ford do. This means that the cars they do might be very exciting and make use of the finest materials, but they are going to be unreliable.
The infotainment system is going to be an afterthought and you will have to wait for a spare part to be flown in from Italy or the UK when something inevitably goes wrong with these handmade cards.
Suddenly your job becomes dealing with these service centers’ mechanics and insurance agencies. Also, you can drive around a flashy car that you didn’t care too much about in the first place.
What should you have done to promote a Stealth wealth lifestyle for you?
If your goal was to avoid working, it would be much better served with a comfortable well-built house in a nice area with a reliable mass-market car in the garage
Surveys have found that a Ford F-150 is the whip of choice for people with eight figures net worth. And when you think of it, that makes perfect sense because a Ford F-150 is not a cheap vehicle. And for that money, you can get all the comforts, practical, safe, and features that you could ever ask for. While attracting no attention whatever to yourself while you are out living your best life.
