Displays of wealth that disguise indebtedness

Will it be the glossy suit with nothing underneath, or the person who put in the time to prepare?

Don’t put the appearance of success before success, or else someone who is actually putting in the footwork will grab that brass ring away from you, leaving you with nothing but a mountain of debt.

Focus on the skills that pay the bills, not on the bills that bring more bills.

In the Keeping Up with Your Spirits chapter, Stanley focuses specifically on one type of product — spirits — to make a greater point about purchasing habits.

People who buy high-end wines and spirits do so because they believe that having a particular brand — a brand that’s been built up with a lot of careful marketing — of liquor will somehow enhance their satisfaction with their lives.

Expensive brand

In truth, an expensive brand is often of debatable quality as compared to the “bang for the buck” choice.

The premium paid for a luxury brand may offer a bit more quality, but the minute increase in quality is rarely worth the extra price.

What people pay for is the “cachet” — the idea that this particular brand will contribute more to the quality of their life than the other brand.

Stanley relates a tale in which a person thought they were showing off high class and sophistication by turning up their nose at the $12 wine offered to them and brandishing their own expensive vintage, but in the eyes of the wine offerer, the person was being downright rude and his actions cut off a potentially useful relationship.

To put it simply, trying too hard to appear affluent can cut off relationships.

Among millionaires, what automobile manufacturer has the highest loyalty rate?

The highest percentage of ownership? The most recent buys?

One might expect to hear names like Mercedes-Benz and BMW here, but in truth, the answers are Chevrolet, Ford, and Toyota, respectively.

In other words, millionaires aren’t the ones buying the expensive cars. Who is?