Let's face it, nobody gets rich buying and eating hamburgers. Rich people get and stay rich by buying assets: things that will be worth more a year from now than they cost today. Can your hamburger do that? No? Why do we keep habitually buying things we know will have no value 10 minutes from now, let alone in a year? The answer is because we're poor and have a poor mindset that rich people simply do not have. Rich people would rather purchase an asset and be hungry than be full and on the path to bankruptcy.
10. Coins
Rich people recognize an asset when they see one. Coins - particularly coins with precious metals in them - make ideal purchases. Coins that are effective assets that are sure to appreciate in value can be acquired inexpensively. You can start with an ounce of pure silver for the cost of a dinner out at a restaurant. The Canadian Maple Leaf silver bullion coin is both an excellent asset as well as a beautiful, timeless specimen.
9. Wine
Wine is cherished throughout the planet, but rare vintages are especially prized by the rich. Wine allegedly keeps and even improves its flavor over time, so wine enthusiasts store wine not only for profit, but also for future enjoyment.
8. Art
It should come as no surprise that art is on this list. 34 original paintings have sold for over $100 million each at auction. Once an artist is established, his or her works become valuable. The thing is, becoming established often occurs after death. Which means the finite number of paintings they produced during their lifetime each increase in value.
7. Vintage Cars
In this case, I'm not referring to any old car. Certain specific cars were iconic at their launch and remain iconic today. And early specimen in top condition can fetch a huge return. These rare commodities do not depreciate the way a normal car would because they are more works of art than functional forms of transportation. Even as works of art, however, these cars need to run if they are to command top dollar.
6. Sports Memorabilia
I once heard a story about a wealthy man who purchased a large number of hockey card sets so he could corner the market on a single rookie's card. Once he took the single card from each set, he got rid the rest. But by owning every one of these rookie cards, he inflated their individual value.
Another friend of mine bought a seat from the old Montreal Forum after it closed. Over time, its value will only increase given the relative scarcity of such a unique and iconic piece of history. Sports memorabilia is a hot item among rich people.
5. Real Estate
Poor people rent property. Rich people own property. And very often the people poor give their rent to are rich people. Landlords and tenants have exists for millennia. And given that real estate is ultimately a scarce commodity, the separation between rich and poor as it relates to land ownership will only increase over time.
4. Debt
Don't be confused by this item: rich people don't get into to debt; they offer you the opportunity to borrow from them. By investing in debt, the interest that accrues flows right into their pockets.
3. Toys
It seems peculiar that toys could be an appreciating asset, but it turns out that many toys produced in the past had limited production runs. Because there is a limit to their numbers, there is a scarcity to the market, making certain toys extremely valuable.
2. Comic Books
Although you could lump toys, sports memorabilia and comic books into one point on this list, the sheer amount of money spent on comic books deserves its own mention. In 2016, the comic book market stood at $1.085 billion (yes billion). An original Flash Comics #1 was listed on eBay for $1.5 million. And there is only 1 reason someone would ever buy it: they expect that someday it will sell for more than $1.5 million.
1. First Edition Books
Once again, first edition books deserve their own listing here because of the sheer magnitude of their market. Due to their rarity, first edition books often sell for enormous prices. For example, a first edition set of the 10 first impressions of J.R.R. Tolkien's The Hobbit was recently listed on eBay for $100,000.00. I wonder if first edition Kindle books will have the save legacy?
Rich people forgo the quick fix and look for assets to invest their hard earned cash. If you buy all the above things but don't consider yourself rich, you may be closer than you think. Buying assets instead of liabilities is a unique feature of the rich and is something the rest of us cannot seem to comprehend. And if you still don't get it, maybe now is a good time to hit the drive thru.
Do you know of items rich people buy that poor people don't? Why do you think they buy it? Does it help them become more rich?