5 Little Luxuries Only the Rich Can Afford
Written by
Daria Uhlig
Edited by
Zuri Anderson
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Media portrayals of the rich often focus on massive homes, exotic vacations and other conspicuous displays of wealth.
But professionals who work with the wealthy say it’s the small luxuries that most meaningfully separate their clients from people of modest means.
Here are some of the small luxuries only the rich can afford, according to the people who work with them.
1. Flexibility
Ben Waterman, U.K.-registered investment adviser and co-founder and CEO at the global consumer wealth management platform Strabo, thinks flexibility is the biggest luxury only the wealthy can afford.
“Wealthy clients have the opportunity to say yes to a last minute trip, decide to take unpaid time off and most importantly of all, walk away from a deal or bad situation without financial fallout,” Waterman said. “That freedom to course-correct with ease is a luxury that most people don’t get.”
2. Freedom To Focus on Quality of Life
Wealth relieves people from having to prioritize earning money over the non-financial aspects of their lives.
“When people aren’t focused on day-to-day cash flow decisions, they can think more intentionally about how money supports their quality of life,” said Nick Hamilton, national manager of Alliant Retirement and Investment Services. “That often means investing consistently in health and well-being, and being willing to spend on things that reduce stress or simplify life.”
Waterman offered more examples of how the wealthy free up time and energy to improve their lives.
“Think of things like having a house cleaner or a chef, a personal assistant for logistics or even a certified public accountant (CPA) who handles financials without constant follow-ups,” he said. “Removing friction from daily life is incredibly valuable.”
3. Ability To Create Impact When It Matters Most
Hamilton also noted that wealth gives people the ability to use their money in ways that create an immediate impact, such as supporting family or causes they care about, rather than postponing everything for the future.
4. Proactive Risk Management
Some of the most prevalent wealth-related luxuries are the ones you wouldn’t notice on the surface, such as extra insurance, backup child care and multiple bank accounts, Waterman said. These redundancies ensure that the wealthy have resources available if they experience the kind of unexpected glitch that can cause serious hardship for the average person.
5. Conflict Avoidance
Andrew Bahlmann, who works with wealthy clients through Deal Leaders International, the company he founded to help business owners sell their companies, noted that wealthy people have buffers from conflict.
“Advisers will handle those tough conversations you may have with your partners, board members or family, so that your relationships remain intact,” he said.
It’s Not About Status
“While these [luxuries] appear to be small on paper, in reality they save time, energy and reputation,” Bahlmann said, noting that wealthy people value that far more than “status” items.
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