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Money Consciousness

Outlandish Things Rich People Foolishly Waste Money On

TristaOctober 22, 2021

5. Conspicuous Consumption

Conspicuous consumption is buying things simply for the status symbol. Not because you like them, not because you want them, not because you plan to use them. You buy the Rolex watch because it is a Rolex. You drive the Aston Martin, not because it is your dream car but because you want to impress people at work. Every year, rich people waste millions of dollars on conspicuous consumption to impress people that they may not even like and who probably do not even like them. However, conspicuous consumption does not make you look wealthy or classy. It makes you look shallow and materialistic.

What do you even stand for when your whole life is about getting the next thing? Just to show it off to your friends? Most people would rather receive gifts of time, friendship, and kindness. They don’t really need the latest iPad. Filling your world with things that matter and that will outlive you. Try volunteering in the community, spending quality time with people when you are not tapping away on your phone. These actions are a far better use of your time and money. That brand-new Porsche began losing value the second it left the dealership. However, gifts of time and friendship only grow in value.


4. Plating Things In Gold

There is nothing wrong with spending a few hundred dollars on a good electric toothbrush that will help improve your oral health. Nevertheless, can you imagine using a toothpick plated in gold in-between the courses of a meal? A gold-plated toothpick serves absolutely no purpose and is a complete waste of money. Millions of people worldwide are at risk of water-borne illnesses caused by not having toilets that do not flow into the local water supply. The money used to make one gold-plated toilet would go far in preventing thousands, if not millions, of illnesses each year caused by poor sanitation.

Do you remember the story of King Midas from Greek mythology? The king, obsessed with gold, received the magical gift that caused everything he touched to turn into gold. He could not have been more delighted at the immense and unlimited wealth that was his. However, then, being a father, he touched his daughter, who also turned into gold. He realized that she was worth far more than all of the gold in the world, but his selfishness and greed caused him to lose her completely. If you ever feel jealous of the person who has a gold-plated toilet or uses gold-plated toothpicks to clean their teeth, take a step back and remember King Midas.


3. Preparing For The Apocalypse

Many people have some items around that will come in handy during an emergency, such as a first-aid kid or a generator. Those measures are entirely reasonable, but what is not appropriate is pulling out all the stops to prepare for something out of The Walking Dead. Some rich people have thrown away over four million dollars to buy a doomsday condo. These doomsday condos have everything you could want if the world should end and ensure that the rich who own them will be comfortable.

Amenities include complete water and air filtration system, which borders on normal to a little bit eccentric. However, they go on to have things like a general store, a lounge, a bar, a personal medical center, even ridiculous items such as a home theater. These doomsday condos are such utter wastes because there is a very real doomsday upon us caused by climate change. Yet the private jets, private yachts, and other forms of conspicuous consumption engaged in by the super-rich are fueling the very apocalypse they are trying to hide from. That goes double when that money could develop green energy and make it more accessible to people worldwide.


2. Concierge Medicine

If you have your own private plane, private yacht, private doomsday condo, private home theater, private bowling alley, et cetera, why not go all the way and get your own private hospital? No one wants to have to wait in a crowded emergency room. You are surrounded by people who may have contagious illnesses. Moreover, there’s a good chance you will get sick. Stay in a five-star hotel inside your own home, instead. Some rich people have thrown away upwards of a million dollars to have their own private hospital inside their mansions. They come complete with an emergency room and an on-call doctor. At least they probably don’t have to worry about out-of-network fees with their health insurance. 

On the same level of ridiculousness and wastefulness of money is buying a second mansion, not for your guests but for your horses. In Florida, one exclusive community for the super-rich boasts mega-mansions for horses. Besides, stables are for the horses of the poor. And it is not uncommon for rich people to throw down $100,000 to have a closet put in that is large enough to be a house. But then again, they do need somewhere to store the hundreds of pairs of shoes and thousands of clothing items and accessories they’ve accumulated. Nobody on earth needs these amenities, especially not when there is so much homelessness and hunger in America.


1. Buying A Helicopter

Buying a plane ticket is nice, and getting a first-class seat is nicer. They can cost thousands of dollars more than a regular seat, all for a bigger seat that reclines. That glass of wine that you get in first class ends up being one of the most expensive glasses of wine ever. But why bother flying first class when you have a private plane? Actor Brad Pitt has 19 vehicles in his garage, ranging from multiple motorcycles to cars to a private plane. Moreover, since he could pay for it, he got the private plane he wanted, a World War II-era plane he learned to fly himself, a Spitfire. 

Nevertheless, why stop at a private plane when your fiancé decides to buy you a helicopter? In 2013, Angelina Jolie bought her husband a private helicopter, complete with private lessons so that he could learn how to fly it. There is no need for anyone to have a private helicopter, especially if he already has a private plane that he can fly whenever he wants to. A massive waste of money? There is no doubt that the power couple could afford the extravagant garage, but there’s no need.