"They like the stuff. They want other people to know that they can afford the stuff. They have new things, the latest things, and a constant through-flow of conspicuous consumption."
"People who value wealth over that are people who are quietly putting money aside for their future. They have little or no debt. They don't need the stuff to show off to other people what they do own or do have. It's a more modest interaction with money, but they're using money for a more powerful purpose, as they would see it."
"When he died a few years ago, Ingvar Kamprad was worth $58 billion. He drove a 10-year-old Volvo and lived in the house he'd always lived in. All of his furniture was from Ikea. He was an extraordinarily wealthy man, but not one who valued affluence."
Affluence centers on visible consumption and the acquisition of new goods to signal status, while wealth centers on conserving and growing resources for long-term security. Affluent individuals pursue material trappings, frequent replacement of items, and conspicuous spending; wealthy individuals prioritize saving, low or no debt, modest lifestyles, and purposeful use of money for future needs. Personal choices about disposable income reveal priorities and values. High net worth can coexist with frugality, as exemplified by Ingvar Kamprad, who maintained simple possessions despite vast wealth. Retirement readiness and sound pensions distinguish lasting wealth from mere appearance.
Read at Irish Independent
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