I Grew Up Poor: 3 Things I Regret Buying After Getting Rich
Written by
Martin Dasko
Edited by
Amber Barkley
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Everyone loves a good rags-to-riches story. Something is enticing about hearing from someone who grew up with no money but then ended up with it. Getting rich means that you can buy anything that you couldn’t back when you grew up poor. However, is it all that it’s cracked up to be? Are there items you can purchase when you get rich that may not be worth it or be as satisfying as initially expected?
GOBankingRates reached out to people who got rich to see what they spent their money on — once they had it — that they ended up regretting.
Sneakers
The best part of increasing your income is that you finally have the money to indulge in those hobbies and collections that you fantasized about when you had no money. But it’s important not to go overboard.
“Probably the biggest regret I had when I started making more money than I knew what to do with was sneakers,” shared Jeff Rose, founder of Good Financial Cents. “I’ve always had a passion for cool kicks, but once I discovered StockX, I began buying a sneakerhead overnight and began buying every Jordan sneaker in every colorway I could.”
How bad did it get for Rose?
“At one point, I had over 50 high-end Jordans, with most of them sitting in boxes at the top of my closet.” The biggest issue for Rose was overbuying sneakers that he didn’t even have the time to wear simply because he could finally afford them.
What’s the lesson here?
More isn’t always better. Just because you can afford to purchase a seemingly unlimited quantity of something, it doesn’t mean that you should. You can easily overindulge and then get stuck with more clutter than you can handle.
Boat
“When I first experienced financial success, one of my most memorable purchases was a boat,” reflected Brenda Christensen, CEO of Stellar Public Relations. “It seemed like a symbol of having ‘made it’ — a luxury I could finally afford. However, this purchase quickly turned regrettable.”
Buying a boat or some sort of luxury yacht is a standard purchase that many will make when they first come into wealth. While it’s worth treating yourself, you have to understand what you’re signing up for.
Christensen went on to share the horrors that followed her purchase. “The boat, which I had invested in without sufficient research or consideration of maintenance costs, sank during a hurricane.” Not only did she lose her money when the boat sank, but she realized that she didn’t care for this item.
What was the lesson here? Christensen shared her main takeaway from this situation:
“This incident was not only a financial setback but also a poignant lesson in the responsibilities and considerations that come with wealth. It taught me the importance of prudent spending and the value of investing in assets that appreciate or have real personal significance rather than just symbols of wealth.”
Piano
“Looking back on my journey from a modest background to achieving financial success, there’s one purchase I particularly regret: a $10,000 baby grand piano,” commented Gene Caballero, co-founder of GreenPal. At the time, he felt that investing the money on an upgraded piano was the right move.
“Originally, I believed that buying this piano would reinvigorate my interest in playing. However, despite being a decent pianist, the piano mostly gathered dust in my living room. It became a mere showpiece rather than the source of musical joy I had imagined. It sat unused for three years, serving as a reminder that true value in a purchase comes from how much personal joy and utility it brings into one’s life, not its price or grandeur.”
What was the lesson here?
“Eventually, I donated the piano,” Caballero shared. “This experience taught me a vital lesson about spending money wisely. It highlighted the importance of aligning my purchases with my actual interests and lifestyle, rather than just acquiring items for their inherent value. This lesson has been crucial in maintaining my financial stability and personal happiness.”
Just because you have money for the first time, it doesn’t mean that you should be spending it on the most expensive options.
Closing Thoughts
Getting rich after growing up poor will come with an adjustment period, when you’re not sure what to do with all of the money you suddenly came into. Hopefully, you can learn from the stories shared in this article if you find yourself in a similar situation.
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