What Do People Do to Afford Such Life?

aboogee on 14/02/2021 - 17:11
Last edited 14/02/2021 - 17:22 by 1 other user

Wife wanted to go get a $2,000 watch.

I don't usually get her anything so I thought yeah I will get her something special this Valentines. Drove to the CBD and saw a long queue outside Hermes, LV, Chanel. My wife told me there was a even longer queue outside Rolex. And my wife told me the purse and bags etc would easily cost $5k and above.

I thought everyone would be cutting back on expenses given the uncertainty but where are all these people getting money to spend on discretionary luxury goods? Not saying it is bad but where do these people do to be able to afford such luxurious lifestyle. To put it in perspective, I wear a Hush Puppies t-shirt (was a gift) and a brand-less short pants, I have been using iPhone 8 with shattered screen for 1.5yrs now. Been living frugally since entering workforce and I still feel I am very poor. When I step outside my home, my personal belongings on me might be worth $100-$200 max.

Any idea anyone?

Financial

Comments

  • nzcoffeem on 16/02/2021 - 14:50

    It depends on which luxury items you buy. In demand & limited edition luxury goods can easily earn you money as soon as you purchase it. Luxury goods like selected items from Rolex, Hermes and LV are instantly worth more than their RRP.

    Most luxury brand/items are worth a lot less than their retail.
    I can bet you that $2000 watch will be worth a lot less as soon as you walk out the door, however if you purchase something like a Rolex Submariner, VC Overseas, 5711, Royal Oak at retail, you will be walking away with more money in your pocket than you entered. It goes the same for sneakers, toys, GPUs and even the latest consoles. If it is in demand and the supply is constraint, it can fetch a good value.

    Think about it this way:
    - Person A buys a $2000 watch using their savings and instantly loses money
    - Person B buys a $10000 in demand watch on credit and turns it around before it is due with a profit of $2000

    This is how the dreaded scalper mentality comes about. It will be worse due to covid as governments are handing out money, artificially inflating the economy. This means your $2000 in savings is going to have significantly less buying power in the future. To me, cash in the bank is the worse thing to have at the moment. It will be better put into property, shares etc.

    BTW, I wear one of those luxury watches and I know that however long I wear it, I will still be able to sell it for the price I paid. It is practically free.

    • Some Guy on 16/02/2021 - 15:51
      +1

      The only problem with flipping luxury items is you need to find a buyer (gullible/desperate IMO) who is prepared to pay over and already inflated RRP. That's a relatively niche market and may require a lot of effort and time (holding costs?) on your part. Seems more of an educated gamble.

      • nzcoffeem on 16/02/2021 - 16:55

        Educated yes. Gamble no. Demand will outstrip supply, these luxury brands have marketing teams that make sure this stays that way.

    • netjock on 16/02/2021 - 16:33

      Luxury goods are for fools and their money. Some call it an investment as an excuse. If everyone buys it to resell at 1000x in 30 years to some rich person who is probably poor today. What did that rich person do differently to be so rich that buying 1000x is just play money?

      Most first generation who made it are frugal. Those who aren't the money isn't going to survive. Second generation spent it without thinking because they never been without and don't have to work for it.

      Money doesn't buy happiness.

      • bobolo on 16/02/2021 - 23:13
        +1

        Money buys convenience, time and relatively less stress (the small things anyway), which enables someone to enjoy more happiness

        It enables you to enjoy more time with ones you love, or perhaps chase more fulfilling/meaningful experiences in life rather than working for your next pay check

        Anyone who thinks money doesn't buy happiness is a fool.

        • netjock on 16/02/2021 - 23:16
          -1

          Those without money think money buys happiness. Those are the fools.

          How many high profile rich people have squabbles over money. Just look at Hancock empire, Murdochs, Packers and must be countless others not rich enough to make it into the papers.

          • bobolo on 16/02/2021 - 23:26
            +2

            @netjock: mate those people you hear in the news are anomalies, just like those who have so little money they have to rely on welfare or live on the streets - you think they are happy?

            I came from no money and now have money (not Murdoch or Packer level), but enough to choose whatever I want to do with my time for the rest of my life (within a certain lifestyle limit).

            I am at least 10x happier than when I worked 3 jobs to make ends meet with not even enough time during the day to take a piss

            • netjock on 16/02/2021 - 23:29
              -1

              @bobolo: News are an anomaly.

              You might also be an anomaly, don't take your own experience as gospel.

          • gromit on 17/02/2021 - 08:56

            @netjock: Money doesn't buy happiness, but lack of it can certainly buy misery. Money is a great mechanism to remove a lot of stresses from the average persons life. No it doesn't make your life all roses but only those without money or those that have no concept of being without money think it makes you worse off.

            • netjock on 17/02/2021 - 10:49
              -2

              @gromit: You are just talking trash.

              Here is an article.

              Money and happiness only correlates up to about US$75k.

              You believe more money you can buy time for happiness. Consider you lost that time trying to make more money and now trying to buy it back by hiring cleaners. For dry cleaning I suggest buying clothes that don't need dry cleaning.

              • gromit on 17/02/2021 - 11:49

                @netjock: nice moving the goal posts. Where did I say anything about spending more time working to make money.

  • Cyphar on 16/02/2021 - 15:41
    +2

    Wife and I both earn 6 figures each but we live WAY below our means. We live in a lower class suburb, we buy our clothes from Target, we drive second hand vehicles both with 200k km’s on the clock, and we dont seek out the latest tech. We dont have credit cards and we rent so our living expenses are low. But when we want something there is always money in the accounts and our kids want for nothing

    All the luxury goods are made in the same factories that my Kmart shirt is made. I learnt years ago not to buy into it

    Tl;dr Unless you want to wind up in debt, its a lifestyle change

    • netjock on 16/02/2021 - 16:35
      +1

      our kids want for nothing

      Might need to sort that out.

      Everything else is good.

      • Cyphar on 16/02/2021 - 18:07

        Whoops. Meant “DON’T want for nothing”. Too late to edit though now.

        • netjock on 16/02/2021 - 19:00

          LOL. So you're sorted!

    • afah0447 on 24/02/2021 - 10:19

      That's the real irony of luxury goods - they are all made in the same factories in Bangladesh. All you are paying for is marketing!

  • pmdg777 on 16/02/2021 - 17:50
    -1

    5 words for you

    I’m a rich Chinese landlord

    • netjock on 16/02/2021 - 19:03

      LOL

      Chinese landlords in China are like landlords here. Asset rich but cash poor. If you think about it.

      You buy 10 years ago for say $600k yield 7% and now worth say $1.5m and yield 4% (property prices have appreciated a lot more than inflation). Unless you take that money out you can't spend it. If you take it out and spend it then you eat up your cash flow.

      Living within your means makes sense because at some point you are a debt mule and all you're doing is working to pay the interest.

  • Mparadox on 16/02/2021 - 18:02
    +2

    'Luxury' goods are now ubiquitous and an aspirational item for the most part. That's not to say that wealthy people aren't going to buy those items but certainly I would think the vast majority of wealthy people aren't lining up to buy at those stores.

    If you're really wealthy, you can get the stores to come to you, have the store shut down for you or you can online shop at premium places like Net-a-porter (particularly when they go on sale). Depends on what level of luxury goods you're talking about as well. Low end Rolex, sure you can plonk 10k on the credit card but when you're talking Vacheron or Patek, you need actual wealth to keep spending like that.

    Help from parents helps a lot of people get a huge leg up in life but it can also cripple them if they're not careful. I have seen this first hand.

    Run your own race. Don't get caught up in material goods. Stop comparing against other people.

    Also don't be too frugal it's not worth it. I always exchange money for more time when its possible (hiring a cleaner, dry cleaning, any services really) - this has let me re-invest that time to get ahead in so many different ways. Too many frugal people don't understand this value proposition and waste huge chunks of time thinking they're saving money when they actually aren't. You will always find ways to make more money but time is the one commodity that you can never get back - learn this when you're young.

    • So lo on 16/02/2021 - 18:51

      Also don't be too frugal it's not worth it. I always exchange money for more time when its possible (hiring a cleaner, dry cleaning, any services really) - this has let me re-invest that time to get ahead in so many different ways. Too many frugal people don't understand this value proposition and waste huge chunks of time thinking they're saving money when they actually aren't. You will always find ways to make more money but time is the one commodity that you can never get back - learn this when you're young.

      This the real pro-tip.

      • netjock on 16/02/2021 - 19:08

        It really depends on who you are.

        Would you pay $20 for an hour of cleaning and make $14 driving Uber?

        If you were a CEO making $1m a year what side hustle would you need to make it worthwhile.

        If you don't qualify it then it is just convincing yourself there is more value. If you are making $45k then it is a no brainer to invest your time to study and try to make $80k if not $120k. But at some point you end up in that trap where if you are making $180k+ every dollar you paying 45% tax. Using after tax money to pay a $20ph cleaner is closer to $40 pre tax.

        • bobolo on 16/02/2021 - 23:18

          Yes because if you properly invested that hour or 2 of cleaning into improving yourself or investing in another business/shares etc, you would be much better off long term. If you spent that time watching netflix, then no - not worth it.

          Most CEO's and entrepreneurs started off in equivalent low paying jobs like driving Uber. Its how they invested whatever spare time they had that got them to where they are.

          • netjock on 16/02/2021 - 23:28

            @bobolo:

            Yes because if you properly invested that hour or 2 of cleaning into improving yourself or investing in another business/shares etc

            If you can't clean up after yourself on minimum wage you probably won't have the discipline to do anything else. Paying someone $20 per hour of your after tax money when you are making $20 an hour, maybe time to figure out how finance works.

            Most CEO's and entrepreneurs started off in equivalent low paying jobs like driving Uber. Its how they invested whatever spare time they had that got them to where they are.

            People usually Uber outside of their day job hours, which means it takes time away from your real get rich side hustle. If you have to Uber as a full time job then you have other more pressing problems to sort out.

            • bobolo on 16/02/2021 - 23:37

              @netjock: A lot of assumptions, probably's and usually's there mate. Clearly you don't understand how 'investing your time' and 'delayed gratification' works. Yes, starting out dollar per dollar you may lose out, but its a small initial cost if you invest that time properly into more productive endeavors long term.

              Also, as a daily user of Ola (Uber is a rip), most drivers do drive full time.

              • netjock on 16/02/2021 - 23:38

                @bobolo:

                Clearly you don't understand how

                Nice try.

                Clearly you don't understand.

        • T1OOO on 19/02/2021 - 06:30

          if you are making $180k+ every dollar you paying 45% tax.

          No idea how our tac system works. It’s 45% on the very dollar after 180k u prob pay about 38% or so.

  • paloverde88 on 16/02/2021 - 18:05

    Just so we are clear 4 out of 10 brand new Land Rovers drivers probably up to their ears in debts 3 are criminals 2 are paid for by communists party and only 1 actually worked hard to get it. Most of what you see is a house of cards - there's no cash honesty or both, all an illusion you fell for it
    What really matters is something no one can see - your savings account
    Everything else is rubbish
    Even houses can get repossessed at a stroke of a pen
    But savings account - its yours no one can touch or repossess

    • netjock on 16/02/2021 - 19:12

      You are right. Basically everything is appearances, not cash backed.

      Where do you think all the con artist money goes to? Obviously not buying Corolla Hybrids and houses in lower middle class suburbs.

      Best to watch out for people who live above average for their level of intellect because you don't know what they did to get it.

      • paloverde88 on 16/02/2021 - 21:46
        -2

        A big loaded savings account is the most beautiful thing of all.
        everything else is rubbish, illusion or worse, criminal. Even criminals can live in penthouses so yeah it's rubbish to me.
        everyday we hear of con people who are caught cheating millions living the lifestyle they were not meant to
        It's just a matter of time before they get caught by the law.
        I am sure we hear about it all the time, some nobody cheated CBA for years, stole millions from NAB for years
        One as I recalled stole from Citibank and used to shop for Dior during her lunch hour and even tipped the sales people
        Another brazen one just went missing recently with a penthouse she bought for her parents in Bondi with stolen money from fraud, her parents will be kicked out and the house repossessed as proceeds of crime…the thing is she has been doing it for years—-this means what you see in the public where people wear Gucci drove Range Rovers —-it may very well be fraud that just has not been discovered yet.
        Most fraudsters criminals continue to live the high lifestyle for years as if to say catch me if you can. Very brazen.
        Basically if you are not a brain surgeon or a CEO of a well known firm - it's unfortunate that it is highly suspicious if you can afford to live the high life.

        • netjock on 16/02/2021 - 23:01
          +1

          One as I recalled stole from Citibank and used to shop for Dior during her lunch hour and even tipped the sales people

          Easy to tip when it is other people's money.

    • serpserpserp on 16/02/2021 - 21:45
      +1

      Hey just because I am a criminal that owns a land rover doesn't mean I didn't work hard to get it!

      • paloverde88 on 16/02/2021 - 21:50

        plenty of hard working criminals - like I said - most worked so hard until the law catches up with them sometimes years before they are caught.
        Even some low life with Lambhoginis though not criminals but owns aged care homes that leave older people to rot with scabies! A government review of aged care homes also reported that the elderly who are charged arm and leg so the owners can drive lamboghinis were all left unbathed without food for days or wounds infected with maggots.

      • aboogee on 18/02/2021 - 13:15

        lol how do i join the party?
        exclusive invitation?

    • T1OOO on 19/02/2021 - 06:31

      Never heard of freezing your sssets and accounts ??

  • paloverde88 on 16/02/2021 - 18:05
    -1

    Just so we are clear 4 out of 10 brand new Land Rovers drivers probably up to their ears in debts 3 are criminals 2 are paid for by communists party and only 1 actually worked hard to get it. Most of what you see is a house of cards - there's no cash all illusion you fell for it

  • points4life on 16/02/2021 - 18:13

    you buy a $2000 fashion watch: worth $0 when you walk out of the shop. You buy a $15,000 Rolex: worth $30,000 when you walk out of the shop.

    • netjock on 16/02/2021 - 19:14

      You buy a $15,000 Rolex: worth $30,000 when you walk out of the shop.

      Isn't that what Elon's been saying about Tesla FSD. You pay $10k for it now and it will be worth $300k when he gets full self driving working and robo taxis working. If I was that certain why would I sell it that cheap.

      • T1OOO on 19/02/2021 - 06:32

        True true then back to $0 once the first on kills a human!

      • dimes on 19/02/2021 - 22:19

        This Elon guy sounds like he's on hotcopper

    • gerrys on 17/02/2021 - 22:40
      +1

      You are correct for Rolex’s price specially for SS Sport. However, the big question is HOW to get $15k Rolex when no one (i mean literally no one) has stock in the world from AD, except from Grey Market / 2nd hand dealer.

      PS : I myself has been queued for almost 3 yrs to get Rootbeer Rolex that worth around $13 from AD, but sold at Grey Market for $25-26k.

      • kev98 on 18/02/2021 - 22:27

        I think the trick is to do a package deal with one of their unpopular watches

    • MissTamriel on 19/02/2021 - 15:09

      But you have to spend about $60,000 of watches first to be offered the $15,000 Rolex you can sell for 30k when you walk out of the shop.

  • T1OOO on 16/02/2021 - 20:10
    +1

    Children or Chinese millionaires and billionaires that hit rich my oppressing their country men and women now given to brats. That country is headed for a revolution in the next 10-25 years

  • acersaurus on 16/02/2021 - 20:14

    If this thread is anything to go buy most people who buy high end luxury goods don't receive status, they receive ridicule in the minds of others (at least in many cases). Thus I think that defeats the purpose of buying them in the first place.

  • serpserpserp on 16/02/2021 - 20:37

    OP there is always a line because they only seem to let 2 people in the store at a time.

  • Big Lez on 16/02/2021 - 20:54

    Afterpay

  • pogichinoy on 16/02/2021 - 21:04

    They work smart or are lucky in life.

    Live within your means and invest.

  • paloverde88 on 16/02/2021 - 21:54
    +3

    honest people always get the worse deal in life.

  • mrvaluepack on 16/02/2021 - 22:33
    +4

    Tbh, this is what keeps the world's economy running today. Consumerism.

    If everyone started becoming thrifty and smart with their money, the world's economy would spiral into a deep depression that would last a long time.

  • Philthy on 16/02/2021 - 22:36
    +2

    to put it into perspective ,the real rich.don't go to the shops…the shops actually bring a trunk sale to their location of choice.

  • paloverde88 on 16/02/2021 - 23:10

    Fifteen years' jail for fraudster's $45 million luxury shopping spree
    A Sydney accountant who stole $45 million from a major finance company then went on a shopping spree has been sentenced to 15 years' jail.

    Over the course of five years, Ms xxxxx, in her role as a senior accountant with ING Holdings, siphoned the money out of the company's accounts in the largest case of fraud by one woman in Australian history.

  • paloverde88 on 16/02/2021 - 23:10
    +1

    She then embarked on a shopping spree which included 600 pieces of jewellery from brands including Tiffany, Tag Heuer, Bulgari and Paspaley, 200 Chanel products including perfume and make-up, designer clothing from Chanel, Hugo Boss and Armani, 60 pieces of Mont Blanc stationery and a $600 bottle of Moet & Chandon Dom Perignon champagne.

    Is that what you saw Op?

  • paloverde88 on 16/02/2021 - 23:11

    This is what you did not see op

    She also spent $18 million on prestige properties in Bondi, Kiribilli and the CBD.

    But in sentencing the 43-year-old in the Downing Centre District Court, Judge Michael Finnane said the items and properties were never used.

    Judge Finnane sentenced Ms XXX to a maximum sentence of 15 years, but set the non-parole period at just seven years because of her need for extensive psychological counselling.

  • paloverde88 on 16/02/2021 - 23:13

    or was it this one you saw op?

    Frantic investors are worried that missing Dover Heights woman Ms X may have misappropriated between $25 million and $40 million, with one victim entrusting her with $5 million. "She is the con-artist of the century," said one victim whose extended family invested with Ms X.4 Dec 2020

    • netjock on 17/02/2021 - 12:49

      victim entrusting her with $5 million

      In a well diversified portfolio they could afford to lose that. Even if 10% of their portfolio they still have another $45m which is a few lifetimes worth.

  • paloverde88 on 16/02/2021 - 23:15

    or this Dior you saw? Op?
    For the best part of a decade missing financial adviser Ms X and her husband, unemployed hairdresser, spent more than $600,000 per year funding their lavish lifestyle using the proceeds of crime, Ms Xs victims allege.

    “They have clearly ‘lived large’ on investor funds for many, many years,” said Dominic Calabria, a partner at Bridges Lawyers, who has detailed the plight of investors in a “position paper” prepared for court proceedings related to Ms 'X/s alleged misdeeds.

  • paloverde88 on 16/02/2021 - 23:17
    +1

    The key 'phrase is “They have clearly ‘lived large’ on investor funds for many, many years,”

    many many years so how many of those supposedly rich people u see are really rich? Have you checked their bank accounts? Are u sure it is not fraud? Because as you can see the wheels of justice turns very slowly it is very real that criminals can continue to live a high life for years right under your nose, drive a Maserati for years , lived in Mosman for years only to be found later it was always a fraud- you're just an idiot that believed it, it is a fact actually.
    How about con? maybe cheat what about lies? possibly ponzi it's better to assume it is proceeds of crime unless proven otherwise
    Just because someone is driving a Maserati for a year now does not mean it's no fraud.
    Just because you visited their homes in Milson's point does not mean it is not fraud.

    most well to do people who earned the money themselves do not show off like that unless
    people of a particular culture
    people using other people's money
    people using communist government money
    people who are laundering money
    people cheating the government
    people selling drugs
    weird celebrities

    heck even people with birds brains who won the lotto knows it is better not to show off but keep it low key
    so at the very least we know the majority of those who are showing off are using other people's money not theirs and most likely have no funds themselves.

    Have you seen how the super rich dress? The founders of Atlessian aways in broken jeans and T shirt- Probably the 3rd richest man in the entire Australia I don't see him wear italian suits jewelly everywhere, if he was standing in kfc you would not even take a second look and these are uber uber rich people

    Take a look the biggest billionaires in Australia
    https://cdn.newsapi.com.au/image/v1/5973e9a1e21ccb761d917052…
    https://www.google.com/url?sa=i&url=https%3A%2F%2Ftechcrunch…

    these people are so rich you would not see that sort of money in 10 of your lifetimes over and over and over again only criminals has a point to prove , very rich people don't even care

    tell me you would even take a second look if he was standing next to u at KFC and he does go there,

    The biggest leap on the Rich List came from Cannon-Brookes and his Atlassian partner Scott Farquhar. They nearly doubled their wealth from last year with Farquhar, fifth, pipping Cannon-Brookes, sixth, with a personal wealth of $9.75 billion and $9.63 billion respectively.

    and that's US$ not including interest even the Prime Minister listen to them when they speak but not the ones who wear Gucci or drive Land Rover also They drive eletric because they believe in climate change.

    Last but not least these 2uber rich is bigger than Telstra
    https://www.news.com.au/finance/money/wealth/atlassian-start…
    and if you google their photographs 99% is t shirt and jeans - which is precisely my point that those who are the richest don't care what they drive or wear it's the criminals that have low self esteem. You put a criminal or con in a Yaris and suddenly they are not such a show off anymore, you put these uber rich in a Hyundai, they're fine. - still worth billions

    • netjock on 17/02/2021 - 10:53

      Pretty spot on.

      Show offs just want to show it off while it lasts. Those with money that lasts forever don't really care.

  • Parentheses on 17/02/2021 - 03:09
    +1

    Earn more, spend less elsewhere, borrow more.

    Some combination of the above. Not sure how it could be that confusing.

  • StalkingIbis on 17/02/2021 - 08:29

    Don't take financial advice from people who are terrible at it….i.e. the people who live above their means.

  • spaceflight on 17/02/2021 - 09:43
    +2

    I thought everyone would be cutting back on expenses given the uncertainty but where are all these people getting money to spend on discretionary luxury goods?

    What makes all those people different to you?

    Wife wanted to go get a $2,000 watch.
    I don't usually get her anything so I thought yeah I will get her something special this Valentines

  • Wally on 17/02/2021 - 09:50

    Australians are among the very top private sector borrowers in the World

    https://www.finder.com.au/australias-personal-debt-reported-…

    • OzzyOzbourne on 17/02/2021 - 10:13

      But according to that link, only 8.2% is bad debt (non-wealth creating) … An average of $20,000 across 8 million people.
      $20k is not going to pay for all those Hiluxs, jetskis, caravans, boats, holidays etc. So people must have the cash for those.
      I reckon 2nd or 3rd generation will have a lot of inheritance from parents who bought houses cheap decades ago and sold for a fortune when they passed away. Others will have made a lot of money on investment properties, probably reinvested, but easy enough to free up a few $100k in cash if you've been investing for 10-20 years.

      • netjock on 17/02/2021 - 10:52

        Remember statistics lie. There is people with a lot of debt and a lot of people with no debt (because banks won't lend to them).

        Think of the pyramid. Fewer rich at the top massively leveraged. Lot at the bottom who use cash because don't have access to credit.

        • paloverde88 on 17/02/2021 - 11:55

          Statistics are like undewear what they hide is more juicy and real

  • Blackadda on 17/02/2021 - 10:50

    There are people whom are genuinely rich
    There are a massive cohort of less wealthy people whom want to 'do buisness' with them and to do so try to convince them that they are also rich. Buying luxury goods and living beyond means is part of that 'fake it till you make it' mentality.
    Others are just school principals and accounts workers stealing from their employers along with the odd corrupt govt official/politician

  • brad1-8tsi on 17/02/2021 - 15:53
    +1

    There are people out there that earn shedloads or value things differently to you or simply spend like crazy. Don't let it worry you.

    When i met my GF I thought I was earning OK, then I found out she earnt more than double my pay. I didn't have an issue with this. But she was 4 down from the CEO who was on a 7 figure package.

    When I worked at qantas the CEO earned my yearly salary in a week. There are people out there that earn crazy money.

  • elvislj on 17/02/2021 - 17:43
    +1

    This is just another phenomena when the country brought too many people from China. If you look closely you can see most in the queue are Asian and I can tell you most of them are Chinese. I am a Chinese migrant too.

    1. The Chinese are the new rich they are into material things. Plus the social hierarchy from rich to poor has existed for thousands of years in China. there is a huge market for luxury goods.

    2. Many of them are not actually buying for themselves. Instead they buy and ship to China to make a profit. It's called Daigou just like the baby fomulars.

    3. The tradition of the Chinese is the parents give the kids full financial support. that's why the young Chinese in their 20s can afford expensive life style without even working. (that's very true and common in Sydney's Chinese community). There are around one million Chinese migrants here but how many of them at your work place?

    • paloverde88 on 18/02/2021 - 12:20

      Can I correct that
      most if not all of the Chinese u see queuing cannot even get an interview for a high paying job here as most have pretty scant command of the language let alone communication skills yet have all these cash to spluge you must always ask yourself if

      they fit right into the category of

      using other people's money
      using Communist government money
      using money of an unknown source

      Many years ago I went to Paris and the Vuitton store there checks your passport and if it's China passport you are only limited to 1 item below 1000 Euro only and they record your details you cannot do it again after the first purchase which they record in the system.

      No other citizens of other countries are blaklisted this way you gotta ask yourself how humiliating and embarassing that must have been. I am unsure if they are also doing this to place of birth as China always stated in your passport. ( you cannot pretend as the place of birth will always be there no matter what passport you hold ) This scarlet letter defines you no matter what citizenship you hold.
      Fact is Chinese tourist already have a poor reputation in European countries the authorities know these people have other agendas and are not genuine tourist,

      This is why I always look at their wealth or show offs with a big grain of salt. It's all lies, not a shred of honesty or integrity attached to it.

      These people do not get respect despite holding a wallet full of cash and wearing labels this and that or driving a Rover..you get respect through your behavior and that cannot be achieved overnight, Sadly the behavior of the majority of the people from whence also determines whether u get respect or not.

  • Knightelf on 17/02/2021 - 18:03
    +1

    Why would there be a line in front of Rolex, there are literally no watches available for sale other than the ones no one wants (blinged out day-dates & datejusts etc.)

    "Got any submariners or GMTs?"
    "I will add you to the waitlist"

    Don't expect to ever hear back unless you know somebody at the dealer. Daytonas & skydwellers? Go and pay grey market price (1.5 to 2x RRP) if you ever want one.

    • gerrys on 17/02/2021 - 22:44

      Let me add to the conversation :
      Me : how long the queue?
      AD : maybe couple years
      Me : check again after 2 years
      AD : maybe in next couple years

  • supersabroso on 17/02/2021 - 18:20

    Crypto! Not for the faint of heart, if I spent my life savings on Bitcoin Gold last week I'd have virtually doubled it by now. Just learning the ropes, every time I sell/buy I lose 3.5% and the sum of my crypto wallet keeps going up and down every 30 seconds lol. Trying to decide if it's worth it or just leave it and see what it looks like in 6 years time. Lost 10% of my starting value so far.

    • ninja33 on 17/02/2021 - 19:38

      Your exchange fees are too high. Find another.

    • ankor on 17/02/2021 - 20:40

      Yeah what could go wrong gambling your life savings in a highly speculative asset?!

    • unfinishedsentenc on 17/02/2021 - 20:53

      You don't sound like you know much about what you're 'investing' into.

      • netjock on 19/02/2021 - 10:08

        That is what makes it so alluring. It is like gambling. You don't need to know what you are investing into as long as it goes up!

  • Donaldhump on 17/02/2021 - 21:57
    +4

    Don’t let what you see deceive you

    Some Rich people often dress like bums.
    Poor people often dress like they are rich,

    • Mysterious on 17/02/2021 - 22:12

      Good point. All my wealthy friends dress modestly and never discuss money or expensive items.

    • Hundo on 18/02/2021 - 11:26

      totally agree with this point! I know people on both sides of that front

    • Make it so on 22/02/2021 - 17:42

      Very true. As they say, expensive items are most easily sold to those who can least afford them.

      It is much like the first comment in this thread said.

      The OP's question is inherently flawed - he assumes the people buying such things can afford them. The ability to purchase something does not mean you can afford it. It's like many of the nice cars you see on the road - the people driving them typically don't own them; the bank does.

      Sometimes expensive things can be enjoyable. But I like this quote from a David Attenborough book: "the measure of a man’s riches are the fewness of his wants" (Jack Mulholland).

  • Paranoid Perry on 17/02/2021 - 22:52

    I don’t pay much attention to those queuing outside luxury stores. It’s their money and time, they can choose to spend it how they want.

    I live in the lower north shore of Sydney, and we’d like to upgrade our little house but anything of decent size (~600-700sqm land) is $4-5m. They don’t have any trouble selling however. I don’t get how people can afford them so easily. Even the stamp duty on that amount is scary.

    We own our house and an investment apartment outright, and we don’t fancy entering into a massive debt.

  • gentlekoala5906 on 18/02/2021 - 06:32

    Tell her to invest the $5,000 she was going to spend instead!

  • TheMindsetTraveller on 18/02/2021 - 09:01

    Whatever makes you happy then go for it - we only have one chance at life; in fact the reality is - we are only guaranteed this second. We don't know if we will be alive 60 seconds from now - the roof might collapse or a meteor might hit Earth.

    If you want a $5,000 handbag from Bottega Veneta or a $5 handbag from Supre, take a calculated decision - rightly or wrongly - and whatever the result and experiences, reflect inwards and learn from them.

    At the end of the day - "the unexamined life is a life not worth living" says Plato.

    • netjock on 18/02/2021 - 18:29

      I think Plato didn't mean examining expensive hand bags and watches. More about knowledge which hopefully leads to intellect.

      More contemporary version is "those who know the price of everything, know the price of nothing"

      • TheMindsetTraveller on 18/02/2021 - 20:18

        Yes you're right. Or like "those who think they know everything, know nothing" but yes I was trying to suggest Plato's idea, for a contemporary interpretation - to go for it, learn by doing, gain that experience and hopefully you can grow, learn, be wiser from those choices.

  • fullmetal on 18/02/2021 - 09:21
    +1

    Marketing at its best. Despite statistic showing that people are having longer and longer lifespan. Influencers, marketing, etc are just wanting you to live today and become slave of tomorrow. It is part of consumerism basic instinct of animal, eat whatever you can today you might not have any tomorrow mentality. We are just greedy animals consuming more than we need destroying the environment around us with no regards whatsoever.

  • USER DC on 18/02/2021 - 10:00

    if that was my wife demanding for $2000 watch constantly, I'd more like be demanding a divorse

    because it is ridiculous and total nonsense for a normal person to be asking for such a luxury.
    it takes me like a month sometimes to earn that much. people need to care for their money and finances themselves

    if i had a family background of being rich or having a very good earning business then thats totally different scenario. but in my life i can't imagine such a stupid act.

    although once in a decade is okay but spending this much on ridiculous things unnecessarily is what i am calling stupid and just a miney pithole

  • paloverde88 on 18/02/2021 - 12:11

    another case in point:
    see these bankers with huge bonuses riding high with penthouses and Land Rovers?

    ANZ, Citi and Deutsche bankers face criminal charges in cartel case
    ANZ senior executive XX is one of six high-profile bankers to be formally charged with a combined 29 criminal offences over allegedly forming a cartel to manipulate the big four bank’s share price in 2015.

    How then do you begin to even quantify oh this one must be well to do because he drive a brand new marquee and lives in a penthouse in eastern suburbs and he is banking executive- again how do you know they are not criminals?

  • TerrifiedBargainer on 18/02/2021 - 21:25

    Sometimes all you need to do is look up in the sky and believe.

  • Chchnu on 18/02/2021 - 21:39
    +1

    OP needs a better job

  • knowskillz on 18/02/2021 - 23:14

    37 no kids works for me

  • VBO on 19/02/2021 - 05:38

    I usually buy online to avoid the queue.

  • CheeryCheapskate on 19/02/2021 - 11:33

    I supposed we all have our expenses and things we love to get; a smoker that constantly pays for cigarettes, a foodie that dines and drinks, an athlete paying for sports/gym equipment, a traveller going on a trip, a car enthusiasts pimping out a ride, a renovator building or repairing a home, a tech person getting a new phone or audio items… or a person rewarding themselves with a watch.

  • blade2001 on 22/02/2021 - 17:37

    blame instagram

    • Skullytor on 14/04/2021 - 22:58

      People were keeping up with the Jones's well before social media. Granted it may have made it worse.

      • blade2001 on 15/04/2021 - 11:08

        the jones's used to be within a few km of your home, instagram has increased the range globally

        • Skullytor on 17/04/2021 - 12:32

          The Jones were also on a thing called TV and in magazines etc

          • blade2001 on 19/04/2021 - 15:05

            @Skullytor: One would assume one would hold some merit to be featured on tv or in a magazine. Insta is a free for all.

  • bobbie34567 on 23/02/2021 - 15:17

    Umm we just printed money out the wazzoo.. the big businesses got record profits and bonuses paid out, most 'high' income (people still working 5 days a week basically) got scraps. So off go the big business families go to spend and upgrade. Record sales in luxury cars too…

    Tax payers and next generation left footing their bill for them. If it continues to happen, they should just all revolt!

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