What are some of the first big-ticket purchases you would make if you suddenly became rich? Perhaps it’s a personalized luxury car, some rare art or a private island. Or maybe you’re the kind who would put a lot of the money away in savings or . If you’re more in line with the former, then here’s a look at .
Wealthy people know the best money secrets. . If you’re a person who enjoys your privacy, you may think about getting a private island if you become rich.
After all, there aren’t people to bother you and the island can be customized in ways to fit your lifestyle and preferences. You may be surprised to learn that automakers behind some expensive luxury cars are doing pretty well, even during tough economic times. “Automakers like Lamborghini, Ferrari, Bentley and Rolls-Royce have been doing well as, regardless of whatever is happening in the wider world’s economy, the ranks of the ultra-wealthy grow and become richer,” according to .
One thing that’s caught on for the rich is extreme levels of customization for their cars. That means instead of choosing the interior and exterior colors from a menu, the rich can select what they want so there’s really no other vehicle like theirs anywhere on the planet. While the rich may want to draw attention to their special cars, that’s not always the case with other expensive buys.
Take rare art for example. According to , more rich buyers are turning to private purchases. “Auction companies and luxury real estate brokers say wealthy buyers and sellers are increasingly turning to private sales and off-market listings to avoid social media and prying eyes.
While public auction sales are declining in the art world, private sales — done behind closed doors between discreet buyers and sellers — are growing.” Private purchases of mansions and other exclusive real estate options are also on the rise among the rich. Beyond just living spaces, these prime properties can serve as retreats.
If you haven’t heard of off-market, whisper or pocket listings, they’re ones that are shopped around quietly among a select group of buyers and brokers, according to CNBC. If you’re going to have nice and expensive things, you’re going to want to keep them safe. That’s why sometimes the rich spare no expense in personal security.
While the typical individual and family in America probably can’t afford high-end security, the rich have lots of options. They can bring on personal bodyguards, use state-of-the-art security systems and travel in specialized vehicles. If you’re rich, you may want to have friends who have money as well.
After all, it makes it easier to go to expensive restaurants, stores and travel spots. In addition, wealth opens doors to elite social circles that are inaccessible to most. That could include memberships to exclusive clubs or access to private events.
But a lot of times these social circles aren’t just about fun — they can open up business opportunities through networking. This article originally appeared on :.
