Genesis Hinckley: 3 Things Rich People Don’t Hesitate To Spend On
What do rich people love spending their money on? According to TikTok maven, Airbnb host, motivational speaker and co-host of the "It's Giving Rich" podcast Genesis Hinckley, there are a few things that top the list.
Here are three goods that the wealthy will not hesitate to pay for.
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Maintenance Around the House
"Do you think that someone who is rich is going to be over here DIYing literally everything?" Hinkley asked in a recent Instagram post. She explained that affluent homeowners are more than happy to pay for services such as house cleaning, landscaping and updated flooring because they get expertise in return.
"Rich people are buying time, peace and the preservation of their decision-making energy," she added, noting that it is easier to pay for home maintenance up front rather than struggling (and failing) to do it themselves and then needing an expert to come in and clean up the mess.
What do these services cost? Professional house cleaning averages $118-$236 per visit, although larger houses will entail bigger bills. Landscaping can approach $50,000 but averages closer to $9,000, depending on the project. Redoing your floors will set you back about $3,000 for an average house, but costs increase along with square footage.
Expensive Toys
The more, the better, according to Hinckley.
"We're talking gear. They need a boat. They need all the types of skis. They need a bunch of bikes for the different terrains they're going to be on during the weekend. Golf clubs. Golf cart. Rich people love to have a bunch of the gear that enables them to go and enjoy different hobbies with all of their friends," she said.
This demographic also recognizes that "staying active is one of the best ways for a dopamine hit to keep them healthy." Those with no money limitations also have no limitations when it comes to these hobbies, hence the need for new gear, toys and activities.
Of course, these toys add up. A luxury yacht will cost anywhere from a few million to hundreds of millions of dollars, depending on size and features, while a new golf cart averages $7,000 to $9,000 -- still a lot for the average consumer.
Food, Dining and Travel
It's all about the extra things and an elevated experience.
Just as the well-to-do like having multiple hot tubs, a pool, a basketball court, a pickleball court and more at their Airbnbs, they want a meal that incorporates a sumptuous appetizer, an expensive bottle of champagne and everything in between.
All these extras come with an extra-high price tag. For example, a magnum of champagne recently sold for $2.5 million. However, you can typically purchase Dom Pérignon for about $350 (before restaurant mark-up charges).
"They understand that the money they've worked so hard to have can buy a more elevated experience," Hinckley shared. "What you spend your money on tells the world what you value. And rich people value their time, convenience and an elevated experience."
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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