Looking wealthy or being wealthy?

I change my mobile phone case every so often so for all I know it may well look like a brand new phone. Most phones look almost identical so it's baffling to me that someone can look at a mobile, determine that it's "the latest model" and judge that the person is rich, in debt, doing OK yada yada yada.

Honestly, what is it with all this shallow crap! Utterly ridiculous.

Designer clothing is made so the average person could look wealthy. It’s a clever marketing scam. Most genuinely wealthy people don’t walk around wearing Gucci or Chanel. If an influencer wears it, a wealthy person won’t. They have brands that most of us have never heard of. So if you want to look wealthy don’t buy expensive clothes.
You also don’t know how much debt a person is in. So unless someone is a billionaire you usually can’t tell.

I've dealt with lots of very wealthy people in my business.

Many of those who are particularly wealthy (old money) dress as though they don't have any. It can sometimes be those that want to pretend they have it who try to impress by buying expensive items!

Are you looking for case studies OP? Because it sounds like you are writing an article. In which case best to just say so.

There's a huge difference between doing 60 hour weeks when wealthy and doing 40 hours when not. You can use your wealth to free up time and ensure it works efficiently.

I regularly do 50 ish hour weeks around the children (so working late at night etc so I can do school runs). Not for a moment am I really wealthy but I know I am fortunate to be able to afford a reliable car, a cleaner twice a week and food deliveries and private health care and tutors for my children etc. I wouldnt be able to do the same juggling act with same results if I was managing on a lot less. It's just not the same battle at all.

Also for all the people who have worked their butts off to become wealthy, there are at least as many who just had it handed to them on a plate.

Well yes, but they are working at their passion. They aren't putting in a full week at work and then going home to do the housework or be up all night with the baby!
I do believe that working on something which makes you incredibly rich, is maybe less onerous that working full time in a big standard job.

Wealthy people can afford to look after themselves - a good diet, time to exercise and not run themselves ragged because they can afford help.

Hmm, well I remember reading that the average entrepreneur works 60 hours per week. Elon Musk used to do 80 hours and sleep on the office floor. Grant Cardone claims to have worked 95 hour weeks and Gary Vaynerchuk claims that new founders should work 18 hours a day for the first year. These guys are all millionaires.

I think being wealthy shows in being appropriately dressed for the occasion. You don't see a wealthy person shivering in a cheap H&M coat - they had the money to buy a warm, well made one. And they won't need to replace it every year because it's good quality and lasts. Same with shoes. They can afford nice haircuts and colours and gym sessions and dentistry.
Wealthy people can afford to look after themselves - a good diet, time to exercise and not run themselves ragged because they can afford help, does show in how people look and behave.

It's not as simple as having designer handbags snd watches - anyone can get those things. It's about a quality of life that you can't emulate if you don't have that level of wealth.

My friend retired early - 55 years old. Reached her lifetime pension limit but doubts she'll ever need her pension anyway as she as a lot of savings. She's obsessed with sticking to a very low budget, knows the cost of everything - it's like her new job🙄. She always was a bit tight but now she is totally miserable with her money. I'm sure she would know off hand all the details about their car's mileage and how much value they got out of it too.😉We only go on walks now - she'd readily accept me cooking for her (note: never the other way round!). She has plenty of money but just hates spending it, much more now she isn't working. I keep telling her if she can't relax and enjoy spending her money she should go back to work and I think she's had the same message from other friends - she has put me off early retirement. We have reached our retirement goals so don't have to work but we do, work is interesting. I fully intend to enjoy my retirement with frequent holidays, meals out and lovely wine...not sitting around counting my pennies wearing a hair shirt eating gruel - we'll enjoy every bit of our good fortune. I predict my friend goes back to work next year.

So £3k eight years ago was a steal? Not that I am selling it yet.... I am planning to get 200K or better. The cheapest car is the one you keep longest.

Tbf most people who drive extremely flash cars are wealthy because even on finance they're expensive. A bog standard porsche can easily be £12k deposit and a grand a month. For a Lambo you're talking £50k deposit and £8k a month. £6k for a 'cheap' one.

I need a new car radio and was talking to the extortionist I asked to quote, who was saying that 90% of his work now comes from trying to fix electric cars which apparently dont function well for long in damp climates. Sticking with diesel, will buy a new diesel in 2029.

@ last year’s M&S boots

A well made pair of boots or shoes that are looked after should last for years.

On the car front: Citroën Picasso, 2 years old 2003, kept for 8 years. Cost £9,800. Got £1200 for it. Just over £1k per annum - nearly died at 85k, changed for 18 month old SMax for about £16.5k I think. Kept until 2020 145k, sold for £3k. Less than 2k pa and a real work horse. Replaced with a Honda CRV just before model replaced so bought for a very good price. Will keep it until 2030 when forced to go electric, depending on the deals. But I don't give two hoots about cars.

This is great advice. Thanks!

You kind of only pay the depreciation really and can just give it back at the end of term, which is good if you want to have a new highish spec car and replace it every few years. Or the can refinance the lump sum at the end and have a car which you know the history of from new.

I remember in my 20s getting a brand new £25k hot hatch and paying £206 a month. It only had 80 miles on the clock when it arrived and only cost me around £5k to drive it for two years.

I then bought a £10k pickup truck outright and was paying about £300 a month for three years, although I still have it as a second car and use it for camping etc which is one of the benefits of buying outright.

The two most common types of car finance are Hire Purchase (HP) and Personal Contract Purchase (PCP). To put it simply, HP could be the better option if you plan to own your new car at the end of the agreement; whereas PCP may be more suitable if you like to change it every few years.

www.carwow.co.uk/blog/pcp-vs-hp#gref

I agree with @WithManyTot. Cars should be purchased outright when they are about 18 months old. If 0% credit is available that's fine. The car is then kept for at at least 10 years. It is the most economical form of motoring, regardless of the make of the motor car or how pedestrian or wanky it is. Obviously collector/specialist/vintage cars may be an exception.

PCP/Lease cars are viable if the company pays but the taxable benefit needs to be taken into account.

In my purely personal opinion, living in a place where roads are narrow with a large dog, I buy a car, maintain it sensibly to 175K miles and run it to death. Then I buy another one. Cars are essential. I prefer diesels too.

Asking for a friend..... How does a car on PCP make more sense? Does the car depreciate less on PCP? If so why? Or does the dealer underwrite the loss some how? Or something else I've not heard of?

Or is the depreciation the same, just paid for by the lessor, through the monthly charge,
plus a fee to whoever arranges it,
plus the interest on the loan to cover the capital,
plus a fee to who ever arranges it,
plus insurance to cover the risk of default,
plus a fee to who ever arranges it,
plus pricing of the future risk in the value of the vehicle,
plus a fee to who ever arranges it?

Whereas if one was wealthy and 'daft' and paid cash, one would only pay the depreciation?

Or is money like a bar of wet soap, passed from person to person, it gets smaller with every party involved?

I honestly don't get what's so revered about people with 'old money' who are realistically probably living off the success of their parents and may not have ever done a day's hard work in their life.

Exactly. There's nothing in that lifestyle that deserves our fawning respect.

Equally some "self made" wealthy people have only made it by trampling on the lives of others. (Not all, admittedly).

It's why I don't understand the worship of the wealthy.

Funny people, kind people, interesting people, there are all kinds of traits I admire far more than a bank balance.

And all the scorn about 'cars on finance'. It's pretty daft buying a luxury car with cash if you're only going to keep it 2-3 as they depreciate loads. PCP often makes more sense.

It's the Hyacinth Bucket effect.

LOL @ last year’s M&S boots 😂

I’m wearing
2019 White Stuff jeans
2017 Fatface shirt
2022 Matalan Jumper
Tesco knickers circa 2010.

I hope you are shocked 🤣