Brad Nakase, Attorney
Time is money, and business owners and salespeople must focus their limited time on customers who can afford the services or products. The signs of wealth can be subtly observed when not readily obvious.
How am I qualified to write about this subject? As a business attorney since 2005, I’ve met, spoke with, and represented thousands of wealthy people. The images we see on social media of blinged out people is not the norm – but for show.
While you might believe in an image of opulent mansions and shiny sports cars, those are not completely accurate associations. The world of the wealthy can be divided into two parts: newly minted money and old funds. People who have new money are immediately identifiable because of the way they spend rapidly and the attention they expect. However, this portrait is not accurate. Most of the very wealthy possess what is known as “matured money.” This means that their wealth has been either passed down through the generations or self-made through hard work.
We know there are some future millionaires and billionaires in the audience today, so let’s take a look at the fifteen signs of wealth that are not immediately apparent.
15) They Work for Different Reasons
Most of us work in order to make money and pay our bills, right? We also work to support our families and loved ones. Rich people work for experience. They have no problems trying unpaid internships or working only for the sake of making connections. While wealthy people often are treated nicely because of their family reputations, they also must contend with not being taken seriously. Many of them are assigned meaningless work by their bosses, and they grow frustrated. Since raising capital is not a problem, some rich people start vanity businesses that rapidly fail. This is because they do not have the motivation to work hard. Ultimately, they ended up joining the family business in some way and becoming a part of the empire that helped them rise to the top. The cycle will continue because their children will no doubt do the same exact thing.
14) They Speak Languages Foreign to Them
Rich people must live and work in an international community of high-profile earners. Sometimes, they need to make financial trades with international business people or negotiate with people in China, the Middle East, or Europe. While many people know the language of their heritage as well as English, rich people strive to go beyond and learn languages that will help them earn. Our emphasis on languages in the US has evolved. We used to learn Latin or German, and now we learn Chinese and Spanish. Wealthy people know that this is dependent on the markets. So if you spot a well-dressed fellow switching from English into flawless Hindi as he checks into his hotel, chances are he is a high roller.
13) They Possess a Wealth of Social Graces
Very well-off people possess an inordinate amount of social grace. If you go to a party but feel awkward or out of place, well, you are just like the rest of us. But rich people are able to move through a social setting flawlessly, and people love being around them. Social skills are often ignored when we try to figure out the secret to success, but one way the wealthy climb the social ladder is through speaking with people, asking questions, and charming them. Also, the upper crust of society knows t2603hat sometimes, it is important to stick together. They think of their network and their net worth as synonymous, and they see networking as equally important as a prized education. To put it simply: the wealthy set knows that networking can lead to success, and success translates to more money!
12) They Exhibit Subtle Style
Popular culture tells us that the uber-rich drape themselves in brand names such as Gucci and Prada. But this is actually untrue. Brands like this have started to focus on young people who are trying to appear wealthy. This is because rich people do not care about brand names. Instead, they buy brands that boast timeless designs and create styles that will last forever. Rich people also care about the high quality of material that is used by their favorite designers. Of course, the very wealthy have personal tailors who create outfits for only them. For women especially, you may be able to spot someone who is rich by the exquisite quality of their shoes.
11) They Emphasize Life Experiences Over Possessions
Rich people tend to emphasize experiences they have had or want to have over things they can simply buy. Wealthy people would rather travel to exotic new places and try new hobbies and sports than buy yet another car or go to a fancy restaurant. At Nakase Wade, we know what makes us—and you—happiest: traveling somewhere new as opposed to buying the brand-new iPhone from Apple. Your life will be remembered for the experiences you have had and the people you have met, not the car or the TV or computer. Financially successful people know that life is built on experiences, not possessions.
10) They Know Privacy Beats Fame Every Time
People who have become rich really prioritize privacy. You may think that most rich people have become wealthy as they have gained fame, such as the Kardashians, but these types of rich people are only a small percentage of the demographic. Most wealthy people are working diligently and avoiding attention as they build their net worth. They are aware that public and media attention brings many drawbacks. Some of these are even dangerous, such as becoming a target. Also, many people may ask you for financial favors. See, the more fame you have, the less in control of your life you are. If your life is in the hands of your fans, then you do not have control over your life. Many rich people have suffered and even taken their own lives because of the awful toll of fame. Those who survive know that privacy and wealth together bring more happiness than being famous ever can.
9) They Have the Right Credit Cards
The average person may never know this, but the color, as well as the weight of your Mastercard, Visa, or AmEx, tells a lot about a person. When checking into a hotel or being seated at a five-star restaurant, you better believe that the concierge or maître d noticed the weight and color of a guest’s plastic and judged them accordingly. High-profile clients have cards with some weight to them, usually made of metal, and are colored boldly in black or gold. If you are wondering where the most affordable metal credit cards can be found, Amazon makes a nice one. Pick one of those up, and you can pretend you are a wealthy entrepreneur, that is until you become one!
8) They Look Past the Price
Wealthy people almost never glance at the price tag. This sign has more to do with philosophy than spending cash because it shows what the rich are prioritizing. When rich men and women walk into a restaurant, they might not even look at the menu. Instead, they’ll ask what the specials are or simply order the food they want, as opposed to going to a happy hour or a restaurant based on its prices and deals. Consider this: when you buy a pack of gum or Chapstick, do you think: can I afford this? No, you just toss it on the counter. This is how rich people think about everything in life. Another insight into the thought process of the wealthy? One of their mottos is this: if you have to debate whether it is affordable, it isn’t.
7) They Do Not Complain About Money
Yet another subtle signal that someone is rich is that they rarely complain about financial issues in public. Unlike normal everyday people, you will never hear them complain about phone bills or rent or cuts to their paycheck. Think about it: if you grow up wealthy and are accustomed to a certain level of financial stability, you simply do not think this way. Generally, many people who complain about money or are stressed out about their finances are not good at saving. We all have friends who rant about their lack of money but then do not work hard and spend their paychecks on silly things.
6) They Know Just How to Accessorize
We all love accessories, but rich people go beyond the pale. When you see someone with picture-perfect accessories that are well-suited to their daily activities, they are probably wealthy. We are not talking about gaudy purses or silly hats. We are talking about the right towel for the beach, the correct pair of shorts, the top-of-the-line sandals, pants, and t-shirts. The key here is to fit in with your surroundings and work with your setting. You will never see rich people with the wrong accessory. Instead, they will have exactly what they need at any given time. So, the next time you are at the gym, and you see someone with the perfect gym bag, water bottle, and towel, and you wonder where on earth they found them—they are probably rich.
5) They Easily Understand Legal Lingo and Financial Figures
The wealthy people you wish you knew have sat through many meetings about their finances. They may have even run these meetings, depending on their age. So, they know what a will is, how a trust works, and how the family business is doing in the stock market. The fundamental rules of finance have always been a part of their lives. If money is a language, they speak it. When they sign documents, they always read them and quickly can dissect the terms. They understand enough of the legal world to communicate effectively with their lawyers. From hedge funds to liabilities to stocks and bonds, the rich know how to effortlessly rise in a world of numbers.
4) They Have and Show Off the Family Crest
To the rich people who you strive to emulate, family is everything. This is why you will see their beautiful family crest etched on their possessions. This might not be very subtle, but it is a nod to old money and the royal families of the past who passed down wealth from generation to generation. Monogrammed shirts and tailored clothing might be embossed with their family crest, and they will want people to know that they are a part of their family’s illustrious tribe. We’re sure you’ve seen the dashing Prince Charles and his gorgeous signet ring or the Saudis with their flashy garments. All of these engraved possessions say one thing: my family gave me a lot of money, and money is the only thing I care about.
3) They Exchange Money for Time
Rich people understand the relationship between time and money differently than you probably do. Many times, you will observe people driving 25 or even 30 minutes out of their way, just to save six dollars on gas! While this might be acceptable for some, the ultra-wealthy understand that time is everything. They live busy lives and are aware that adding only an hour or two to their day can make them either more productive or more relaxed. You will often see a rich person boarding a helicopter to make a speedy run from the airport to a preferred destination or hopping on a private jet to attend a glamorous event. Why? It is all about a streamlined use of time and the philosophy that you can spend money to save valuable hours of the day. Therefore, you will find that one of the most significant differences between rich people and poor people is how they utilize their time.
2) They Know Appearance is (Almost) Everything
One of the biggest clues to spotting rich people is their visible health. People with a lot of money tend to have faces that glow, and they simply appear more athletic and toned. Specifically, their teeth are clean and gleaming white; this is because it is a priority to get their dental work. This makes them more presentable and even admirable to others.
Diamond-set grills may be all the rage in rap videos, but the wealthy set makes sure their pearly whites do not distract since they are certain that a bad smile is a bad turnoff. Also, rich men are always well-groomed, and the women next to them have hair that is straight out of the salon. No roots will be visible, and their perfectly plucked eyebrows will match their hair color.
While we are on the topic of eyebrows, unnatural brows are a dead giveaway that a person does not have billions in the bank—and no tattooed eyebrows, please! The wealthy have the money to attend to their skin’s minor imperfections, so they are perpetually radiant and unblemished. Another small sign to look for is that their fingernails will be subtly perfect, with no silly colors or decoration.
1) They Emphasize Education
We’ve saved the best for last here. Many of us are fixated on the entrepreneurs who drop out of school, invent an app, and then become billionaires. We look at these very rare success stories and decide that we also can bypass education. However, most rich people have not only college degrees but advanced degrees in business, finance, accounting, or other pursuits. Some even have advanced degrees in the humanities, which allows them to understand social situations, recognize social cues, empathize with others, and tell stories that sell products. Many wealthy people have law degrees as well. We can sum this up with this: successful people are always searching for knowledge. They are always learning more and more, and they never stop. That is part of what makes them so informed and capable of great things.
We have reached the end of our list! We hope you enjoyed it, learned something, and didn’t take it too seriously. Here at Nakase Wade (pronounced NA KA SE, Wade), we are wondering: have you met any uber-wealthy people who either reinforced or challenged these stereotypes? Let us know in the comments, and good luck on your journey to someday join this select crowd of A-listers!