What is stealth wealth? Most people think of wealth as a flashy lifestyle with expensive cars and big houses. But what if there was another way to be prosperous? A way where you could have all the things you want without having to show it off to everyone?
Stealth wealth is the opposite of conspicuous consumption, and it’s about financial freedom and a successful personal life. In this article, we will discuss what stealth wealth is and how you can achieve it!
What is Stealth Wealth?
So what is stealth wealth? It is the act of being wealthy without having to show it off. Let’s be clear, this is not about hiding money away from authorities but about being conscious of other people’s potential reactions to money.
True wealth is not about bling and loud logos, luxury cars and big houses. In order to achieve stealth wealth, you need to focus on your finances and live a more middle class lifestyle. This doesn’t mean you can’t enjoy the things you love, it just means that you need to be smart about how you spend your money.
The best thing about quiet luxury is that it’s completely different for everyone. There’s no one-size-fits-all approach, and what works for someone else might not work for you.
There are a number of reasons why you might want to keep a low profile. Perhaps you don’t want people to know how much money you have, or maybe you just prefer to keep your finances private.
One of the main reasons behind the idea of stealth wealth is security. When someone has a high net worth, they can become a target for criminals, scammers and con artists.
By keeping your wealth hidden, you can avoid attracting attention from people who may be looking to take advantage of you. Quiet luxury is not about being an antisocial or secretive person, but rather being able to enjoy life without wanting material things. You don’t have to hide the fact that you are wealthy, but you will find that people treat you differently when they know how much money you have.
One of the benefits of stealth wealth is to avoid getting involved with high-maintenance people. You will have more free time, which you can spend doing the things that you love.
Whatever the reason, there are a few things you can do to help maintain your privacy and protect your assets.
1. To Live Happily, Live Hidden
The French have a saying: Pour vivre heureux, vivons cachés. Loosely translated, it means, to live happily, live hidden.
Having lived in France for over 10 years, I can confirm that they’re extremely discreet about money. While their British counterparts were investing in McLaren cars and designer suits, the local entrepreneurs were turning up to their factories in beat-up cars. Having said that, the British aristocracy are experts in the art of stealth wealth – some drive ancient Land Rovers and wear moth-eaten tweed jackets to pass under the radar.
People who practice stealth wealth don’t feel as though they are having to keep up with the Joneses. They don’t want someone else’s lifestyle to determine the way that they live their life. Â
Practicing stealth wealth allows them to live a relaxed and peaceful life, rather than always feeling as if they have to be better than everyone else. If you are living a stealth wealth lifestyle, you don’t have to worry about keeping up with business associates or the millionaire next door. That’s because they have no idea how much money you have or what your lifestyle is like.
Stealth wealth also helps people live a less stressful life. You spend money on what you want and need, and won’t have a lot of bills weighing you down. You can also cut back on luxuries if your income drops, so that you will have money to rely on in lean times.
2. Keep Your Personal Details Private
Don’t give out your home address, unless you absolutely have to. Likewise, be careful about what you post on social media. If you’re going to be on vacation, avoid posting in real time unless your home is extremely secure.
If you’re a public figure and people know where you live, this is even more important.
3. Discretion is Key
Be discreet and avoid flaunting wealth. Don’t draw too much attention to yourself. Keep your spending and investments under wraps.
Do not brag about the things that you have or do for other people. Don’t show off your wealth on social media or in person.
While self-made billionaires may be understandably proud of what they’ve achieved, flashy displays of wealth are likely to attract the wrong kind of people. Sharing too much increases the risk that people will try to take advantage or ask you for money.
When travelling to many parts of the world, it’s best to avoid wearing flashy watches and using the latest iPhone on the street. Gangs of thieves on motorbikes are trained to steal them in a matter of minutes.
Avoiding being flashy about your riches. It is a good idea to avoid flaunting the amount of money you have or spend on luxury items, since this can draw unwanted attention from thieves and possibly even people who want to use your resources for nefarious purposes. While it may be tempting to spend extravagantly at times, it is better to keep these items hidden and spend them responsibly.
Stay humble, gracious and courteous. Don’t act like you’re better than anyone else. Avoiding displays of wealth can be a form of consideration for others who may have less money than you do.
4. Keep Your Expenses Low
Live below your means, have a side hustle and avoid unnecessary expenses. There’s no need to show off your wealth if you have enough money to live comfortably without doing so.
Another option is to downsize your home. Moving into a smaller, stealth wealth house can help you save money on rent or mortgage payments and reduce your overall living expenses.
When you no longer live in a big house, it also forces you to declutter and to live more mindfully. Billionaire entrepreneur Elon Musk famously rents a tiny house from SpaceX.
One of the best ways to reduce your living expenses is to buy real estate in an area with a lower cost of living. If you’re able to work from home, you can also reduce your living expenses by eliminating the need for a second residence. Since 1958, the CEO of Berkshire Hathaway, Warren Buffett has lived in the same home he bought for $31,500.
5. Don’t Discuss Your Finances
Be careful about what you say around others regarding your bank account or general wealth. It is rarely a good idea to announce that you have a lot of money, since this can make it easier for thieves to target you or may lead people to become envious if they are struggling financially.
Until you develop trust in someone, it is best not to talk about personal finance at all to avoid being targeted. Some people take quiet luxury to extremes and don’t tell anyone that they’re enjoying early retirement.
6. Stealth Wealth Investing
With quiet luxury, it is important to be able to manage and control your financial situation so that you can benefit from what you have and help others while maintaining your privacy and keeping your money safe at the same time.
Try to find investments that aren’t well known and that don’t have a lot of publicity. Keep your spending low to achieve financial independence and avoid conspicuous purchases.
You can also invest your money in assets that are not easily identifiable as being valuable. For example, you could invest in art, jewelry, or rare coins. Consider setting up a family office to manage your assets, or use a reputable wealth management company.
Diversify your investment portfolio as much as possible. That way you can ride out any market downturns and protect your wealth.
7. Stealth Giving
Be discreet with your purchases and try not to flaunt your wealth. Consider making contributions to charities in secret. Making generous donations can bring unwanted attention, so consider stealth giving any time you want to make a difference to society.
Alternatively, you can volunteer your skills with many charitable organizations. Mentoring a young person on interview techniques and other useful workplace skills is a great way of giving something back to the community.
8. Stealth Wealth Cars
Quite a few wealthy people opt for under the radar vehicles. Alice Walton, one of the richest women in the world, drives a 2006 Ford F-150 King Ranch.
There are a few reasons why rich people might choose to drive a stealth wealth car. For one, it can be a way to avoid being targeted by criminals or others who may see the individual as being wealthy and vulnerable.
Additionally, driving a less fancy car can help the owner stay under the radar in terms of their financial status. If you’re secretly super rich but don’t want to flaunt it, there are a number of different types of cars that can help you maintain your stealth wealth status.
When buying a new car, choose a discreet model that doesn’t stand out from the crowd. Stealth wealth cars include smaller, more fuel-efficient vehicles. Some examples of stealth wealth car brands are Volkswagen, Volvo, Toyota and to some extent Lexus although they’re not particularly cheap cars!
Be mindful of your driving habits and make sure you don’t do anything that will call attention to yourself or your car. Consider having an old car for trips to the grocery store and another luxury car at home. If you do have a collection of expensive cars and frequent visitors, using car covers is a good way to avoid attention when you have visitors.
9. Quiet Luxury Fashion
There are many ways to achieve an understated, classy look. The key to stealth wealth clothing is to mix high-end pieces with everyday items so that it’s not obvious that you’re wearing expensive clothes. Kendall Roy’s baseball cap in the hit TV show Succession is a prime example of dressing down to fit in to your surroundings.
A great way to achieve stealth wealth style is by investing in quality smart casual basics that will last for years. Items like a good pair of jeans, a classic white t-shirt, and a well-made coat can be worn time and time again without looking dated. By pairing these low-key staples with designer pieces, you’ll create a look that is both stylish and timeless.
Certain clothes and handbag brands such as Bottega Veneta are synonymous with stealth wealth fashion. The luxurious Italian label offers an understated elegance and designs that are instantly recognizable to those in the know.
Quiet luxury brands like Max Mara, Loro Piana and Brunello Cucinelli use the highest quality fabrics. Think cashmere, silk and expensive wool material with subtle finishing details.
A key element of stealth wealth dressing is the use of neutral colors. The character Shiv Roy, also from the TV series Succession usually wears subtle shades of camel or navy. The actress Gwyneth Paltrow also favors a neutral color wardrobe.
Another secret to how wealthy people dress is to look for name brands that are not well known or popularized in the mainstream media. Avoid extravagant logos and trend inspired outfits which will quickly go out of style – opt instead for cool minimalism. Check out our tips for how to look rich on a budget.
Related reading: Tips for Marketing Luxury Brands
In Conclusion: Stealth Wealth
Quiet luxury is about having the ability to do what you want, when you want, without worrying about money. When a stealth wealth lifestyle is practiced correctly, it allows you to practice financial independence while also helping others and enjoying life.
And financial success is not just about amassing a lot of money, having expensive homes and designer clothing. The important thing is to use that money in a way that benefits you and your family members.
Now you might say, what’s the point of having money if you have to hide it? That’s certainly a valid opinion, and everyone is different in their approach to life. You can always try both ways of living and see which one you prefer!
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