Money can’t buy happiness, but it can buy a lot of other things that may contribute to happiness. There are certain privileges out there that only the wealthy can afford, and here are a few of them.
Access to Elite Education
Wealthy individuals can afford to send their children to prestigious schools and universities, which often leads to better career opportunities. This doesn’t just apply to Ivy League colleges where the less monetarily fortunate can still go with loans and scholarships; it starts with pre-kindergarten, which can run $40k per year, according to Business Insider!
Philanthropic Influence
Most of us have seen lavish charity galas in movies and TV shows. Fewer of us can afford the thousands of dollars to attend and even more to donate during auctions and other events. Large donations to institutions can perpetuate privilege and influence societal structures. Think of those who can afford to donate a wing to a hospital or university and how that can influence the treatment they and their loved ones receive.
Tax Planning
While the average person has taxes taken out of their paychecks and then jumps on TurboTax to hope for a refund in April, the wealthy can afford sophisticated tax planning to protect their wealth.
Intergenerational Wealth Transfer
Trusts and estates are tools the wealthy use to pass on wealth and privilege across generations. “Seven of the twenty wealthiest families on the Forbes Richest 400 list have inherited intergenerational wealth that was ‘strategically transferred… from one generation to the next through a complicated system of trusts, charitable foundations, and corporate entities,’” says author and professor Allison Anna Tait.
Investment Opportunities
The top 1% have access to investment opportunities that can lead to significant wealth accumulation. When you have money to put into good investments, it’s easy to watch that wealth grow. For those living paycheck to paycheck, it’s harder to put money aside and see a valuable increase in investments.
Political Influence
Wealth can be used to influence political decisions and policies that benefit the wealthy. Oxfam notes, “Companies working in oil, gas, and other extractive industries are using their economic power in many different ways to secure their dominant position. This has a huge cost to the economy, and secures them profits far higher than the value they add to the economy. They lobby to secure government subsidies—tax breaks—to prevent the emergence of green alternatives.”
Nutritional Food
Many talk about the unhealthy foods the less financially fortunate gravitate toward eating—fast food, processed food, and foods with high sugar content. Many don’t think about the cost difference between the dollar menu at McDonald’s and an organic salad. Access to high-quality, nutritious food is often easier for those with more financial resources.
Cultural Capital
Study.com says, “Bourdieu’s concept of cultural capital suggests that people from different social and economic classes have a predetermined societal position… [and] that people can acquire cultural capital through extreme effort over a long period. This process happens unconsciously and serves as an organic indicator of social origin. Cultural capital can improve an individual’s position and socio-economic status through the slow process of accruing any of the three types of capital over time.”
Luxury Travel
A month-long stay in a 5-star resort on crystal clear water, flying in on a private jet—that’s a luxury not many can afford. On top of the cost of travel itself, there’s the extra cost of time—hourly employees and people with limited vacation time also can’t “afford” to travel whenever they want.
Exclusive Networking
Getting into rooms with people who could change our lives if we could just pitch them our ideas isn’t something everyone gets a lot of chances to do. Wealthy and successful people tend to spend their time with other wealthy and successful people. Wealth opens doors to high-level networking opportunities that can lead to business and social advantages.
Legal Representation
It seems that the rich never do the time for the crimes they commit. And honestly, it’s often because they have the best legal teams at their disposal. The ability to hire top legal representation can protect the wealthy from various legal issues.
Personal Security
We all hope to be able to depend on the police if ever we need them. While some people can afford home security systems and other options, wealth can pay for personal security services to ensure people’s safety at home and when they travel.
Real Estate
We all hear how owning a home is a great investment. We’re also told to stop renting and become the landlord. But when you can’t buy a home with an $800 mortgage while you pay $2,000 rent every month, becoming a real estate tycoon can feel out of reach. The wealthy can invest in prime real estate, which often appreciates.
Technological Advancements
More and more people will sit outside of the Apple Store for the latest iPhone drop, whether they can afford it or not. The truly rich can get their hands on technology that isn’t even available in stores yet. Early access to new technology is often available to those who can afford it.
Leisure Time
The dream of being the ladies at lunch or the guys out on the golf course stays a dream for those working standard jobs. A plethora of hobbies, travel, and just relaxing can be luxuries only the wealthy can afford. Wealth can provide the luxury of leisure time, as there’s less need to work long hours.
Career Flexibility
It’s Monday morning, and you’re standing in the shower, wondering if it’s worth it to go in. Practically, you know you need another job before you leave this one, so you finish getting ready and go to work. However, an independently wealthy person can say, “I quit,” and take their time looking for another position. The wealthy have the financial security to take risks or change careers without fear of financial ruin.
Emergency Preparedness
After watching a few too many zombie movies or the news, you may start thinking you need a bunker or stockpiles of goods. For most of us, these aren’t financially feasible plans. Where would you even put a bunker in your studio apartment? The financial means to prepare for emergencies, such as natural disasters, are a privilege for the wealthy.
READ MORE
As boomers fondly clutch onto practices that evoke nostalgia, Gen Z is at the next counter, eagerly trading in the old for a dash of modern sparkle. From handwritten notes to digital memos, from piggy banks to digital wallets—the dance between ‘then’ and ‘now’ has never been more lively. Join us as we explore 18 traditions that boomers want to uphold but Gen Z says need to go.
BOOMERS HAVE SPOKEN: 18 TRADITIONS THEY WANT TO UPHOLD BUT GEN Z SAYS “NEED TO GO”
16 THINGS MEN KNOW (BUT WILL NEVER REVEAL TO THE LADIES)
Have you ever wondered what men really think or do? Then look no further. A recent internet survey asked, “What are some ‘guy secrets’ girls don’t know about?” Here are the top 16 answers:
16 THINGS MEN KNOW (BUT WILL NEVER REVEAL TO THE LADIES)
18 BABY BOOMER SLANG PHRASES THAT MAKE MILLENNIALS SCRATCH THEIR HEADS
While it’s easy for younger generations to feel like they’re steeped in slang, Boomers know that some of the best phrases have been passed down for years. Think you’re hip to all of them? Read on for 18 popular phrases of Baby Boomer slang. 18 BABY BOOMER SLANG PHRASES THAT MAKE MILLENNIALS SCRATCH THEIR HEADS
20 THINGS OLD PEOPLE LOVE THAT THE REST OF US DON’T UNDERSTAND
Different generations enjoy different things, but have you ever seen something an old person loves and thought to yourself, why? A recent internet survey asked, “What is something that old people love that you don’t understand?” Here are the top 20 answers.
20 THINGS OLD PEOPLE LOVE THAT THE REST OF US DON’T UNDERSTAND
20 THINGS WE DID WHEN WE WERE YOUNG THAT WE REGRET NOW
It’s easy to say hindsight is 20/20, but what advice would you really give your younger self? Here are 20 things that most people did when they were young that they regret today.