It’s Good to be Rich – Advantages of Being Rich

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The pursuit of wealth is a noble goal. It does not make you evil, greedy or selfish. When you are rich you put yourself in a position of being able to do good by helping others in need.

In my twelve years of studying the rich I’ve identified some advantages that make it good to be rich:

  • The rich can afford to buy in bulk at places like Sam’s Club, Costco, BJ’s and other Warehouse Clubs which offer discounts for those who can afford to buy in bulk.
  • The rich can afford to take advantage of one day sales, special sales events, liquidation discounts, etc. They have the money to take advantage of these discounts.
  • The rich can afford the finest schools for their children, where their children can build relationships and networks with other wealthy students. The wealthy families of these students can open doors for your child that are closed to everyone else.
  • The rich can afford to go on vacations with their family to exotic places. Their children benefit by broadening their understanding of the world, its diverse cultures and gaining a better understanding of geography.
  • Because birds of a feather flock together, the rich surround themselves with other rich people. One of the benefits this affords is the ability to enjoy the toys of the rich: boats, planes, yachts, country clubs, golf clubs, vacation homes, etc.
  • Having rich friends means having access to unique opportunities to make more money such as being able to participate in little-known investment opportunities available only to the affluent.
  • The rich can afford the best CPAs, best financial advisors, best attorneys, best doctors, etc.
  • The rich can afford to invest in sustainable energy solutions which require a significant upfront investment but which significantly lower future energy costs. Examples include solar panels on their property, geothermic heating, Tesla’s Powerwall home battery, etc.
  • The rich can afford to purchase vacation homes. This enables them to spend more quality time with their immediate family and their friends. Having a vacation home by the beach, lake or ski lodge is like being able to go on a vacation every week,
  • The rich are able to remain healthier, longer. They have access to the best medical care, medical procedures to resolve obesity, personal trainers to help them stay fit and they can afford to buy expensive nutritional food.
  • The rich have more fun because they can afford to spend money on expensive entertainment such as concerts, sporting events (i.e. season tickets), Broadway plays, skiing, beachfront resorts, etc.

If you’re not rich, you can nonetheless find ways in which you can experience some of the things only rich people can afford:

  • Join Clubs – Clubs can use their purchasing power to obtain discounts on things only the rich can do, such as frequent skiing, flying airplanes, boating, fishing excursions, gold outings, international travel, etc. Club members can also pool their limited resources in order to take advantage of Warehouse Club bulk sale discounts.
  • Use Exercise/Athletic Facilities for Free – You don’t need to spend a lot of money on a gym in order to get fit. You can use a local public high school or park’s facilities and jog around their track, run up and down their bleachers, play on their tennis courts, etc.
  • Goodwill Stores – You can find expensive brand clothing at goodwill stores. The clothing may require some tailoring but that’s a small price to pay for high quality clothing.
  • Fractional Ownership – Instead of owning something outright, fractional living allows you to own it with others. A timeshare is probably the most well-known type of fractional ownership but this trend has been expanding rapidly to expensive cars, planes, boats, vacation homes and even high end clothing.

 

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Thomas C. Corley About Thomas C. Corley

Tom Corley is a bestselling author, speaker, and media contributor for Business Insider, CNBC and a few other national media outlets.

His Rich Habits research has been read, viewed or heard by over 50 million people in 25 countries around the world.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
 
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Comments

  1. Rachel Fagon says:

    Excellent article and great advice. I think its time I buy your book. Thanks for posting Tom!!!

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