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Flaunting wealth, real or imagined, is nothing new. But the stage keeps changing. In the 1970s and 1980s, it played out at malls, discos, and roller rinks, where spending money in public was the social currency of the day.
Now the performance has moved online. Social media feeds are packed with millennials projecting a lifestyle they may not actually afford, curating an image of wealth in hopes of signaling membership in a higher socioeconomic class.
Learn about the hot buys people are using to gain social status and act wealthier than they are, so you can avoid wasting your money on following trends.
Luxury car leases
Driving a flashy car can signal wealth, but leasing one is a lot like throwing your money away. A vehicle is almost never a financial investment that appreciates over time, and those with real wealth tend to prefer ownership over leasing.
Designer clothes
Social media changed the fashion industry, and not necessarily for the better. Buying the hottest outfit on TikTok can leave you paying a lot for something of low quality that will quickly fall out of style. High-quality garments are the true sign of wealth.
Millennials who want to project an image of Old Money can skip the social media trends and instead head to the tailor. Custom tailoring costs approximately $10 to $20 for shirts and pants, and $25 to $40 for coats.
Flashy tech gadgets
Pulling the latest smartphone out of your pocket or flashing the newest smartwatch on your wrist can give the appearance of wealth, as these items can be pretty expensive at full price.
However, many buyers pay for these in installments and are more focused on having the newest edition than on the features the device actually offers that would benefit them.
With Apple releasing new phones every year and never-ending gadgets for fitness tracking, there's always some new trend to show off.
Instagrammable vacations
Millennials have spent their entire adult lives watching the economy crash around them, so it's not surprising that their spending trends towards enriching experiences rather than material wealth.
The generation that stepped into adulthood just to see a variety of horrific world events has shifted value onto doing cool things and seeing cool places. And social media captures that end result with Instagrammable vacations and getaways.
It misses the heart of the matter, though, because it should be about enjoying life, not overspending to show it off on social media, not to mention the inevitable stress of credit card payments to cover the expensive vacation that is waiting for them once they return to their everyday lives.
Trend-driven fitness gear
No shade to anyone who actually uses their home exercise equipment, but more often than expected, that Peloton spends more time sitting in the corner gathering dust than it does in use.
If you want to maximize looking like you have money, buying trendy athleisure gear can be more overpriced than a bang for your buck. Keep in mind it's only going to impress the sort of people who also wear expensive athleisure trends.
Expensive sneakers
Women often get stereotyped into the image of having too many expensive heels by whatever designer is hot at the moment, but have you seen the men's status-sneaker closets?
Millennials have redefined footwear as a status symbol, prioritizing comfort in a way previous generations did not. While "trendy" sneakers can still smack the wallet pretty hard, the symbolism signifying wealth is the ability to wear comfortable footwear, no matter where you go.
A house
It's strange to include a basic necessity like housing on a list of status symbols. However, the number of Reddit posts suggesting this item belongs on this list was overwhelming.
Objectively, that says a lot more about the state of the economy than it does about homeowners. Still, it's undeniable that many view owning a home as a symbol of success, even when it would cost much more per month than renting.
Millennials who are still trying to "look" like they're living the American dream are getting themselves into deep debt to say they are homeowners.
Specialty coffee every day
Constantly having a Starbucks in your hand can give the appearance of wealth, because those on a budget realize just how fast those morning coffee charges can dent your bank account.
The average Starbucks drink costs between $5 and $7, and spending that amount every day can add up quickly. Making your coffee at home can easily save you about $200 every month, and if you put it in a reusable Starbucks cup, nobody is going to know the difference.
Christmas trees in every room
There's something about seeing a Christmas tree in every room of a house that could instantly make you feel like Oliver Twist holding up a bowl and asking for more gruel because you've just got the one tree in the traditional living room corner.
Christmas trees in and of themselves don't have to break the bank, but decking out multiple halls can get pricey and make it difficult to keep more of what you earn even when going with inexpensive ornaments.
Get a protection plan on all your appliances
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.
Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.
For a limited time, you can get your first month free with a Single Payment home warranty plan.
Bottom line
Trying to look wealthy to hide the fact that you're not is a time-honored trend that only intensifies as social stratification exacerbates class disparity between the "haves" and the "have-nots."
Many people are struggling to eliminate some money stress, while still trying to project an air of not struggling. This sociological phenomenon isn't without merit, however, as appearing to be already well-off often invites more opportunities than appearing to be poor.
More from FinanceBuzz:
- 12 ways to pocket up to $300.
- Are you a homeowner? Get a protection plan on all your appliances.
- 10 little weird hacks Costco shoppers should know.
- Learn how to escape the paycheck-to-paycheck grind.
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