Experts have revealed the telltale signs that can help you distinguish between a truly wealthy person and someone who wants to be.
In the age of influencers and Instagram bragging, financial experts have sounded the alarm and warned that all that glitters is not gold.
This striking contrast between outward appearance and financial reality is a common warning sign of false wealth, as reported by Go Banking bank fees.
Abid Salahi, co-founder of FinlyWealth, stressed that some people with seemingly luxurious lifestyles are actually just frauds, while genuinely wealthy people may look like the average citizen.
“I once advised a client who drove a flashy sports car and wore expensive watches but had difficulty getting a basic credit card,” Salahi told the outlet.
Experts have revealed the telltale signs that help distinguish between the truly rich and those who want to be.
This striking contrast between outward appearance and financial reality is a common warning sign of fake wealth, as Go Banking Rates reports.
‘Genuinely wealthy people often prioritize financial security over ostentatious displays of wealth.’
“True wealth is about financial security and freedom, not just the outward appearance of success,” he added.
Another key sign is spending every dollar on keeping up appearances.
The truly wealthy, on the other hand, often maintain modest lifestyles relative to their incomes.
“They constantly display luxury brands, often with visible logos,” Salahi said. “Truly wealthy people tend to focus on generating long-term value rather than short-term appearances.”
‘Warren Buffett, who is worth billions of dollars, still lives in the same house he bought in 1958 for $31,500,’ he added.
In fact, the wealthy tend to value experiences more than material possessions, he explained.
‘The truly wealthy often value travel, education and personal growth more than accumulating luxury items.’
The truly wealthy, on the other hand, often maintain modest lifestyles relative to their incomes.
Fake rich people also often have difficulty taking their finances seriously: they may not discuss investments or financial strategies in depth.
They often “deviate from the topic” or “exaggerate” when questioned, he explained.
Meanwhile, the truly wealthy invest in assets that appreciate, which will grow their wealth in the future.
“They have comprehensive estate plans, trusts and are often involved in philanthropic activities,” Salahi said.
“Those who fake wealth often invest their money in depreciating assets, such as luxury cars or designer clothes, to create an illusion of wealth,” he added.
Abid Salahi, co-founder of FinlyWealth, stressed that some people with seemingly luxurious lifestyles are actually just frauds, while genuinely wealthy people may look like the average citizen.
‘While they have access to significant credit, the wealthy tend to use it sparingly and strategically.’
Ben Klesinger, CEO of Reliant Insurance Group, who works with high-net-worth individuals on a daily basis, also noted that wealthy individuals will invest in real estate, stocks or private businesses that produce income.
“The wealthy people I serve invest in real estate, stocks or private businesses that generate income,” Klesinger said. Go Banking bank fees. ‘They understand that wealth is accumulated through ownership and time, not just through high income.
Klesinger emphasized that authentic wealth is often underestimated.
“The wealthy live below their means. They drive practical vehicles and live in appropriately sized homes,” he said. “Their spending is aligned with experiences, quality goods and relationships, not brands or status.”
Both experts agreed that true wealth extends beyond material possessions.
‘They know that true wealth means having the freedom to do what really matters to you.’
“I have discovered that true wealth is lived with gratitude, purpose and service,” he added. “That is the hallmark of legitimate wealth.”