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A couple of weeks ago, I wrote about some of the silly status symbols over the years. It got me thinking about how quickly status symbols change over time.
If you are an 80s baby like me, you may remember the mantra “greed is good”. Robin Leach was showcasing the ultra wealthy through Lifestyles of the Rich and Famous. Luxury material goods were typically the status symbols of choice. That was the easiest way for the rich to flaunt their tremendous wealth that they had.
They even made television comedies like Silver Spoon, highlighting the absurdity of some rich people who shower their children with superfluous toys and gifts.
The 80s were weird.
Looking back at those shows, I laugh out loud at what they thought was “hot”. Then, just 3 decades later, that stuff seems so unimportant.
This isn’t meant to be political, but the person who I think epitomizes 1980s wealth is Donald Trump. He had the “best” properties, incredible luxuries, and women galore.
Fame
On top of that, Trump craved fame and notoriety. He loved being on the cover of the latest tabloid magazine. Any press was good press. Today though, celebrities have much more power through their social media outlets. Most even have social media managers to ensure that their “brands” stay on target so that their fame will increase.
There’s a reason why Kim Kardashian began to freak out when Kanye West was spouting off nonsense. He wasn’t abiding by the script. She was afraid that he might compromise her fame. Her thoughts were probably on her advertising money and likability.
Power
On top of that, Trump was in a position of authority as the CEO of the Trump Organization, where he wielded a heavy hand in his practices. There wasn’t a day that went by that he wasn’t busy working around the world in a power suit, trying to complete the next deal.
Today though, it seems like society is moving in a different direction with status symbols. Some in Silicon Valley laugh at a power suit. To them, if you’re not wearing a hoodie with jeans, a power suit indicates old money.
The person that epitomizes success to me today is Jeff Bezos.
Family
Jeff Bezos has said that his family comes first, and he backs that up. Every morning, he wakes up without an alarm and has breakfast with his family. While many business leaders talk about spending time with family and oftentimes parade their family around as being integral to their lives, many are holed up in their offices, sending their children to boarding schools, never to see them.
Influence
While many people can make money in their own industry, very few are so respected that people in other industries seek them for advice. For example, think about the show Shark Tank. Mark Cuban and the other sharks are touted as savvy investors, so people gladly give away portions of their businesses for money and guidance. An ultra status symbol is having people look up to you no matter what the subject matter. Look no further than Kobe Bryant, one of the best basketball players ever, who opened up his own Venture Capital firm.
Impact
Jeff Bezos is not only a leader in e-commerce, but he is also an innovator. He wants to impact the way humans live in the future.
His goal is to utilize the earnings that he has made from Amazon to create a civilization in Space in order to protect the Earth in the future.
While in the past, rich people may have tried to influence generations through art or culture, today, we see some who are thinking drastically bigger.
Flexible Schedule
Being “busy” use to be a sign that you were important. However, it seems like today, having the flexibility to do want you want is an ultimate status symbol. I mean, think about it. How many people do you know who can up and go to a Caribbean island for a weekend getaway at the last minute? I don’t know too many.
How many of us in the FIRE movement want to quit our jobs today so that we have the flexibility to choose what we want to do with our time? Who wants to be a slave chasing those dollars?
Fitness
Have you ever noticed that the ultra rich today all have personal trainers and cooks who prepare the healthiest foods to fuel their sculpted bodies?
The ability to have time to work out, plan meals and take care of ourselves is a luxury that many of us just don’t currently have.
I’m sure in 30 years that the status symbols of the rich will be different. However, hopefully we don’t regress to where we were in the 1980s.
There was a NPR segment about status markers of the wealthy recently. In general, the wealthy have moved away from conspicuous consumption. The wealthy spend on experiences to perpetuate their wealth, give greater meaning to their lives and identify each other. Among the status markers identified in the segment are traveling, private schooling and extracurricular activities (particularly music lessons) for their children, organic products, breast feeding their newborns, yoga and listening to NPR (which seemed a bit self serving).
Hahaha…that does seem self-serving for NPR to say the rich the rich listen to them. Too funny…thanks for sharing!!!
I might add travel has also become a status symbol. Otherwise I agree with your list.
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Thanks for sharing!!! Travel is a huge one.
I think money and met worth is still the most important level of status these days. Influence, impact and other things are just byproducts of wealth.
Ms. Frugal Asian Finance recently posted…Lending Money To Friends Can Ruin A Friendship. This Is My Story.
Great points Ms. FAF!!! Although it’s interesting to see how social media is influencing things without wealth these days 🙂
I personally don’t really care what the rich do to show off their status symbol. All I care is how I am able to earn, save and grow my money to an amount that would allow me to never have to worry about money again.
I don’t need to live a life of luxury, I just need enough money to allow me to free up my time to do what I desire.
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Hahaha…so very true…if only people would stop following the Kardashians 🙂
Don’t forget the “Fresh Prince is Bel Air!”
I guess if I own anything that is a status symbol, it’s a Rolex Submariner. Before I purchased one I felt that anyone who wore a Rolex was wearing their ego on their wrist. So why did I purchase one? Because in 2015 I won on a progressive slot machine and hit $43,000!
I immediately took my winnings and purchased both my wife and I new Rolex’s and I have no regrets. This timepiece is more of a trophy than anything else.
Wow that’s incredible that you won $43k on a slot machine. Those are quite the trophies to tout around!!! Congrats!!!
Please don’t hold Kobe up as some model of virtue. Remember Vegas?
Very true…
I don’t have a status symbol to really offer, but I do like Dave Ramsey’s line where he says the “paid off home mortgage has taken the place of the BMW as the status symbol of choice.” That isn’t to say I might not own a BMW someday….used of course.
Jason recently posted…So You Want to Be a Professor?
Hahahah…I love the line from Ramsey. It’ll be interesting to see in the future how cars shake out and what car manufacturers stay on top with the electric battery onslaught 🙂
Cool article Rob, interesting to see that before it used to be the power suits and that now the guys in a hoodie with tech knowledge and ideas are the new rich. The internet has been the breakthrough to create this development I believe.
I am far from being a millionaire bu I like nice stuff like watches, cars, trying out a new restaurant,… but the best thing about money is really flexibility to me, something I did not appreciate when I started my career.
You are absolutely right Jonathan. I don’t think I realized how much money gave me flexibility in life. Before I thought I wanted things but now I want the flexibility to do whatever I want 🙂