Rich People Share 13 Life Tips That Are Totally Out of Touch
Most of us are eager to hear useful tips that can make our life easier or our checking accounts bigger. But when those tips come from the ultra wealthy, the pieces of advice can be wildly out of touch. Whether it’s “just buy a duplex” or “have rich parents,” some life advice from the rich and famous simply doesn’t resonate with everyday people. We poked through a Reddit thread about rich people tips to find questionable advice that’ll have you scratching your head and rolling your eyes.
1. Buy a Lexus
“Lexus is the consumer reports most reliable vehicle year after year.” –u/Creeperslover
Oh, well in that case, brb while I go out and buy a Lexus.
2. Have Rich Parents
“Be born to rich parents.” –u/Check_This_1
“You beat me to it. This is the way most rich people become rich.” –u/Automatic-Arm-532
Hold on, let me rewrite history and choose different parents.
3. Invest While You Are Young
“Don’t put it off. Keep investing in up and down markets. Increase your investments annually. Never touch it until you are ready to retire.” –u/Same_Cut1196
Ok, but here’s the thing about investing: You have to have money to invest. And when we’re young, extra investing money is something that’s a bit harder to come by.
4. Start Your Own Business
“This is really important. The tax benefits of being a business owner vs W2 worker bee are incredible.” –u/redyouch
Excuse me while I dip into all my surplus funds to start my own business. No biggie!
5. Buy Items That Last
“Buy really good items that last. Somehow my parents never enforced that with me, but I started buying good things in 2006 and it made a difference.” –u/Think_Leadership_91
Ah, must be nice to actually have the money to buy said really good items.
6. Stop Giving Handouts
“I was being ‘too nice’ and got taken advantage of (several times) by ungrateful people. My intent was to help but I ended up feeling like an idiot when these people that I ‘helped’ came back and started complaining because would not continue to help them.” –u/InternationalPay8288
7. Hire a Professional Trainer for Everything
“If you want to exceed in something, hire a professional trainer to help you get there. Normal people send their kids to school and if the kids need help the parents would give them a slither of their time to help them. It’s only when they’re at risk of failing that they may get them tutoring.
Rich people give their kids tutoring from the get go so these kids are already ahead of the class and school is just so easy they look towards wanting to accomplish more.” –u/Ok_Fisherman8727
8. Buy a Duplex, Triplex, or Quad
“Don’t buy a house. Buy a duplex, triplex, or quad. The income will pay for itself.” –u/BoxTopPriza
Ok, but … duplexes cost money, too.
9. Debit Is Good
“Debt is good if you’re using it the right way to make a lot more money and reinvesting it to grow a failing company/business that was acquired. Also the tax benefits you get from holding debt.” –u/Totes_Goatz
10. Do Not Be Satisfied With Comfort
“At some point you’re going to get to the point where you’re like hey im comfortable, i can finally afford the life i want, and if you stop there you’re never going to be truly successful.” –u/Healthy_Razzmatazz38
Or, as another Redditor put it, “So, be greedy?”
11. Have Skilled People on Your Team
“You don’t need to know everything. You just need to have lots of skilled people, of various occupations ‘on your team’!! A good accountant. A good Jeweler. A good investment Banker. A good Chemist. A good engineer. A good pilot. A good Ships Captain. A good lawyer. ” –u/USPostalGirl
Ah yes, my own private jeweler.
12. Spend Thousands on Education
“Invest in education as much as possible. Literally don’t be afraid to spend tens of thousands (or hundreds of thousands) on education. Undergrad, masters degrees, and more masters degrees. Education is what makes people rich to begin with.” –u/iamtonimorrison
While we agree that education is a worthwhile investment, spending “tens of thousands” on education isn’t exactly doable for many people.
13. Buy Three of Everything
“If you’re saving up for something, save until you can buy three of them so you know you can actually afford it.” –u/gap3035
Buying three of something seems like a waste if you only need one, no?