I’m a Financial Expert: 4 Things Rich People Wasted Their Money on in 2024
Written by
Cindy Lamothe
Edited by
Rebekah Evans
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It’s true we all waste money differently, but the rich take it to another level.
Given the resources they have access to, their ability to spend on costly luxuries can often be taken to the extreme–even beyond our imagination.
GOBankingRates spoke with Joe Cronin, president of International Citizens Insurance, and Andrew Gosselin, certified public accountant (CPA), personal finance expert and senior contributor at Coupon Mister, to discuss some of the things rich people wasted their money on in 2024.
“This year, I’ve noticed some patterns in how wealthy individuals manage — and sometimes mismanage — their finances,” Gosselin said. “As someone who spends a lot of time analyzing spending habits and teaching finance, I can’t help but shake my head at some of the choices made in the name of status.”
Here are the biggest areas where the rich have been wasting money this year.
Expensive Vehicles and Boats
“It’s no secret that expensive cars and yachts are symbols of wealth, but their utility often doesn’t match their price tags,” Gosselin said.
He said many of these high-end vehicles and boats spend more time parked in garages or docks than they do on the road or water. “From my analysis, these purchases are more about signaling success than practical use. The moment you drive a luxury car off the lot, its value drops dramatically,” Gosselin added.
He explained that yachts come with their own headaches — massive maintenance costs, dock fees and crew salaries. “Financially, these are black holes that rarely pay off unless you’re in the business of chartering them,” he said.
Personalized Virtual Reality Environments
According to Cronin, some ultra-wealthy individuals invested over half a million dollars to create their own virtual reality paradise.
“Because evidently one real mansion isn’t enough, these virtual reality locations also featured artificial intelligence companions, virtual mansions and unique landscapes,” Cronin said.
Multi-Million Dollar Wellness Retreats
Exotic locales only reachable by private plane, DNA-based treatments and cryogenic chambers were the extremes of wellness retreats, Cronin said.
“A few million dollars could be spent on a week at one of these places,” he added.
Costly Collectibles
“The collectibles market has been booming, and it’s tempting for affluent buyers to jump on the bandwagon,” Gosselin explained.
Whether it’s rare coins, vintage watches or contemporary art, he said some purchases are more about following trends than sound investment strategies.
“The problem is that the value of these items is often speculative,” he said. “One year, a piece of art could be worth millions; the next, it might not find a buyer.”
While there’s nothing wrong with collecting for passion, he observed that overspending in this area can tie up cash in assets that don’t grow — or worse, lose value.
“If there’s a takeaway here, it’s that even the wealthy could benefit from more practical spending habits,” Gosselin added. “For most people, including the rich, a bit of financial discipline can go a long way.”
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