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Some of investing\u2019s top voices have always warned against lifestyle creep. You have Warren Buffett still driving a beat-up car and living in his modest Nebraska home; Sheraton Hotels and Purdue Farms heiress Mitzi Perdue flying economy and wearing hand-me-downs; actress Keke Palmer keeping her rent below $1,500, and the 30-year-old billionaire founder Lucy Guo shopping at Shein and driving a Honda Civic. But what you\u2019re starting to see is the other side of this: high earners (who, albeit, may not be billionaires or millionaires) opting to forgo the small things and splurge on the big stuff.<\/p>\n
A growing number of affluent consumers appear to be making a new kind of financial tradeoff: skimping on everyday purchases while preserving room in their budgets for travel, concerts, restaurants, and other experiences. It\u2019s selective spending: bargain hunting for groceries or household goods and then really choosing to drop a pretty penny on a five-star hotel or a Michelin restaurant.<\/p>\n
Erin O\u2019Connor-Bell, director of financial planning and client experience at Aprio Wealth Management, said she sees that behavior as part of a broader shift in how consumers think about value. O\u2019Connor-Bell, who specializes in shifting behavior and mindsets around finances, leads Aprio\u2019s financial planning department and focuses on helping clients align their financial lives with their goals and values.<\/p>\n
\u201cIndividuals with disposable income may look for lower prices amid rising costs, but are also more likely to spend money on experiences,\u201d O\u2019Connor-Bell told Fortune. \u201cSo they are okay with spending money on special trips or concerts or meals. And I think that suggests that this group may make financial tradeoffs in certain areas, but value those experience-based expenditures.\u201d<\/p>\n
The high earner buying discount groceries may be the same person booking a five-star hotel, not because they\u2019re financially confused, but because they\u2019ve decided what they value in their spending. <\/p>\n
For some consumers, a grocery store is just a grocery store. If the same pasta, cheese, paper towels, or pantry staples can be found at a lower price, the savings feel rational. (After all, it\u2019s one banana, why should it cost $10?) But a birthday dinner, a long-awaited trip, or a concert with friends may offer something harder for these consumers to put a price tag on: social connection, pleasure, or a sense of well-being.<\/p>\n
\u201cThose experiences, those tradeoffs, are still worth it to them,\u201d O\u2019Connor-Bell said. \u201cSo they\u2019re still willing to go out for an expensive meal, if it\u2019s fostering social connection and giving them that sense of well-being that maybe they don\u2019t get from the grocery store that they choose.\u201d<\/p>\n
What do you value?<\/p>\n
However, the ability to treat thrift as a strategy is not universal. Terrance Williams of TruStage, a mutual insurance company geared toward middle-market consumers (defined as households making between $55,000 to $160,000), said the insurer is seeing middle-market consumers make harder tradeoffs as grocery, gas, housing, and other costs squeeze household budgets. Some customers, he said, are calling to lower premiums, restructure coverage, or cancel policies altogether.<\/p>\n
\u201cWhat we\u2019re seeing is that consumers are now having to make tough decisions,\u201d Williams told Fortune. \u201cThey\u2019re tightening their budgets and having to make decisions about what do I keep and what do I continue to lean into?\u201d For some households, he added, the choice can come down to essentials: \u201cDo I pay for my cell phone because I have to have that? Or do I pay for my life insurance policy?\u201d<\/p>\n
For high earners, buying cheaper groceries may be less about financial stress and more about redirecting money toward the experiences or comforts they value most. A person may drive an aging car, comparison-shop for groceries, or brew coffee at home while still spending thousands on travel. But O\u2019Connor-Bell said those decisions often reflect personal priorities rather than strict budgeting.<\/p>\n
\u201cYou could still be spending money on that special trip and be driving a 20-year-old vehicle,\u201d she said. \u201cIt kind of leads back to individual preferences and what they value.\u201d<\/p>\n
Rising prices have made even comfortable households more aware of costs. Inflation rose a staggering 1%,\u00a0hitting grocery items the hardest: coffee, nonalcoholic beverages, and other food items were among the most affected. But some of these financial decisions, O\u2019Connor-Bell said, are often shaped by one\u2019s upbringing and emotions.<\/p>\n
\u201cThis is about personal experiences and your history, your feelings toward money,\u201d she said. \u201cIt\u2019s definitely much deeper than just running the numbers.\u201d<\/p>\n
That can be especially true for people whose current income differs sharply from the household they grew up in. (As referenced above, Keke Palmer is a prime example: Her parents were making $40,000 when she got her first big TV role.) Some may find it hard to spend even when they can afford to. Others may need help understanding where their money is going and whether their spending lines up with their long-term goals.<\/p>\n
O\u2019Connor-Bell said her role is not to tell clients which purchases are worthy, but to help them understand the tradeoffs.<\/p>\n
\u201cIt is my job to help people understand what their choices impact long-term or short-term,\u201d she said. \u201cI have clients that are just like you who say, \u2018I\u2019m going to save that money. I\u2019m not going to buy coffee anymore. I can get my own beans and make my own coffee in the morning.\u2019 And that is a tradeoff that they\u2019re consciously making. The next question is, what is that money then going toward?\u201d<\/p>\n
#High #earners #feeling #pain #wealth #creepleading #tradeoff #spending<\/p>\n","protected":false},"excerpt":{"rendered":"
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