The rich and where they keep their money
Making comparison about the rich and the poor and how they save money is quite different, although a lot of us enjoy using piggy banks to accumulate a few bucks, the truth remains that the rich do not think like this rather, they have several ways of keeping wealth for the future. In this post, I will be looking at a few ways the rich keep their money which the poor do not understand or take into consideration. Let’s begin.
Collectibles
It is not about buying the finest cars, the rich do well to buy the rarest models of cars which will easily go into extinction as it is no doubt that the price will increase as it becomes limited to only a very few set of people who can afford it.
Artworks.
The art of Monalisa as well as other arts have proven that artworks increases in value within 10 years of previous purchase especially if it is painted or crafted by a renowned artist. This is a very good way to keep money for future cases maybe 10 to 30 years before it goes on auction again.
Wine and Whisky
There is always a wine bar in a wealthy person’s house not because they love to drink but because they see it as a good investment. The older the alcohol, the better and the more expensive it becomes. Having a 100 or more-year-old wine in your store or wine shelve is money saved and, the value would have increased.
Real Estate
It is a way of saving money for the rich as well to invest. While they try to save up money, they also get passive incomes from this investment.
There are other ways the rich save money so as not to spend them unnecessarily and not like the poor who either keeps money in the bank or in a piggy bank for the future.
I'm glad to see you included a Piggy Bank... We may soon get to a Point where Children have more "Spending Power" than their Parents...
September 18, 2020... 16.9 Hollywood Time...
This is true... children might have more spending power than their parents soon.
A $100 U.S. Gold Coin will allow us to Remove 10,000 Fiat Dollars from Circulation...
September 21, 2020... 2.3 Hollywood Time...
This is true... children
Might have more spending power
Than their parents soon.
- ajewa
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I agree with you @ajewa, I usually reason towards using piggybank also but now I understand that it is better to put money in a place where the value can possibly grow than a place where it might remain stagnant or even loose it's value.
money is a thing to retain value and one should only use piggy banks when teaching children about savings
Collectibles and real estate are huge money sinks the rich utilize. And these can be great for tax purposes as well.
Good article.
Collectibles and real estates are things the rich invest in because they see them as things of value in the future as well as things they can use to relief themselves of taxes.
I agree with you in the real estate and artworks but I find it difficult to understand how collectibles can be a way of saving money.
For example the value of model of car that you buy in 2000 has depreciate when you want to sell it in 2020.
I need a further clarification to understand your perspective.
There at some luxurious brand in my opinion that do not depreciate in value rather the value increases an example is pure gold or pure diamond, some cars that are rarely seen or maybe produced for just two to three individuals in a country are more valuable.
I believe the rich have this mentality of investing their money into what can yeild better return for them back
hello @ajewa
This way of keeping money is something that many do not understand, they see it only as a luxury. But it has the possibility that everything stored in the form of works of art, for example, increases in value, is not devalued.
Good contribution
Thanks a lot @josevas217.
Everything also depends on the possibilities, as long as money is perceived it would be a very good option to save on artwork and all those things. Greetings and thanks for your contribution.
Thank you so much for the contribution @carlos84.
Hi friend, I agree with you, rich people are smart about these things, they don't think like ordinary people who only see the day to day and only think about enjoying themselves. Very few decide to sacrifice and give everything for their goals! Thank you for sharing.
Thank you so much friend.
Good article, I like more the strategy of accumulating or saving in real estate is one of my favorites that has proven to be one of the best ways through history.
Real estate has indeed proven to be worth it.