Why should you not flaunt your wealth?
If you’re one of the few who has reached millionaire status, you’ll probably want the whole world to know who you are, just like what Travie McCoy wants to do in his “Billionaire” song. However, today’s millionaires and billionaires are spending (or sharing) their fortune in the name of privacy, and there are good reasons why you should consider them too.
It’s better not to flaunt one’s wealth
If you're wondering how millionaires live today, a recent Business Insider report revealed the absurd things some affluent individuals do to maintain their privacy in this age of the Internet and social media. Sure, you’d want to “see your name in lights” and flaunt to the world how rich you are. But the experience of Hollywood celebrity Kim Kardashian West in 2016 is an eye-opener – she lost over US$10 million worth of jewelry to armed robbers in her hotel room in Paris.
Here are some good reasons why it’s better not to flaunt one’s wealth:
It reduces your security risks—You greatly reduce the risk of getting kidnapped if fewer people know that you’re rich. Some individuals consider opening a bank account abroad to keep themselves outside the “radar” of criminals. Individuals who don’t flaunt their wealth don’t have to pay for an expensive security detail wherever they go. You don’t even have to spend just to hide your home from Google Street View like what some rich celebrities do.
It lets you live a less complicated life—If you don’t flaunt your wealth, you can comfortably walk in public places without having bodyguards in tow, and meet new friends. This is worth considering if you once lived a simple life like the lifestyle preferred by some tycoons. Facebook’s CEO Mark Zuckerberg explained in a 2014 public Q&A session that he “wanted to clear his life so that he could make as few decisions as possible about anything except how to best serve this [Facebook] community.” This is the reason he wears simple gray shirts every day.
It lets you avoid awkward situations—Choosing not to flaunt your wealth may prevent you from awkward situations involving relatives and friends. Once people know you have lots of money, they’ll often ask you for financial assistance, and they’ll likely feel bad when you turn them down.
Savills head David Forbes in a Financial Times article said that “gone are the days when people flaunt their wealth.” Affluent individuals now prioritize security and privacy.
The only disadvantage of not flaunting one’s wealth is that you don’t get the attention that many people often seek, especially in social media. Well, if you’re a very level-headed millionaire or billionaire who’s very secure in what you are, the absence of such attention will be the least of your problems.