The new elite are now supposed to be spending on knowledge and building cultural capital.
What are the ultra-rich spending on now?
Rose Fres Fausto (Philstar.com) - October 9, 2019 - 12:00am

They say the ultra-rich are no longer spending their money on material goods. They’re so done with showing off luxury items covering them from head to toe, driving their fancy cars, and all other extravagant things we saw in the fun movie “Crazy Rich Asians.” 

Luxury is out, but…there’s a big but here. Luxury living is in. 

What does this mean? If they used to spend on what can be easily seen, today, they are more into spending big time on their health, wellness and education. The term inconspicuous consumption was introduced by Elizabeth Currid-Halkett in her book “The Sum of Small Things: A Theory of an Aspirational Class.”

Today, the use of material things to convey social status is considered out, as the middle-income have already caught up with their Louis Vuittons! Do you know that you can now rent designer bags, clothes and other accessories? 

The new elite are now supposed to be spending on knowledge and building cultural capital. They are now investing more in education, retirement and health

Let’s take the cue from the ultra-rich but give it an FQ-tweak!

I am far from being ultra-rich, but somehow, I have already prioritized those things long before I heard the term inconspicuous consumption. I don’t own a Louise Vuitton, Prada or any of the GK bags. (Note: I call them GK bags because one bag can buy one Gawad Kalinga house. smiley) but there’s no judgment here. As I say, as long as you can afford to buy 10 pieces of that before you get yourself a piece and you’re not sacrificing needs and your retirement nest egg, that’s fine. (Note 2: Maybe I’m not a bag person and that’s why I’d rather splurge on something else. smiley)

So why do we have to follow what the ultra-rich are spending on? Because health, wellness, retirement and education are all very important. If we don’t prioritize them now because we have to have that bag first, we are going to be way, way behind the rich in the quality of life. 

How do we FQ-tweak? Look at your spending? What constitutes a big chunk of your monthly expenses? Do you scrimp on food expenses while the rich consume organic vegetables, free-range chicken? Do you spend all your weekends at the mall and end up spending beyond your entertainment budget? 

Be conscious with the food that your family consumes. Cheap (and tasty) meals prepared the fastfood way may be okay once in a while but have they become your staple because of cost and ease? Remember that there is a long-term negative effect on your health. Home-cooked meals are still the best. If you can grow organic vegetables in your garden or even in pots if you don’t have the space, do so. There’s a big thrill for us eating our organic lettuce, arugula and other vegetables grown in our garden.

For exercise, there’s no need to be a member of the most expensive gym in town as the ultra-rich would have it. Just exercise. Even housework is a form of exercise. For your weights, you can put water in disposable plastic containers. Reduce your round-the-clock “finger exercise” on your device scrolling mindlessly and devote even as short as 30 minutes a day to walk, run, or stretch. Just sweat it out on a regular basis. 

When it comes to saving and investing for your retirement, you don’t need to hire expensive wealth managers, just understand the lifestyle that you want to prepare for, and invest in low-cost index fund. You may also use your skills in accelerating your retirement nest egg by following the second basic law of money (Get only into a business that you understand and seek advice only from competent people.)

When it comes to education, start your children early by making learning fun at home. Watch out for their learning style and enroll them in the “right school.” Enrolling them in a school that does not suit their learning style and personality might inadvertently take away their innate love for learning. If you keep them engaged in learning throughout high school, they will have a higher chance of getting in the good universities. Look for scholarships to help you with the funding cost. 

There’s more to be said about the importance of prioritizing health, wellness, retirement and education, but please excuse me, as I will now prepare for my further education. That’s right, I’m taking a short course in Behavioral Economics in probably the world’s most prestigious university, so I can add more knowledge to my golden mind and share more, and better content to you, my dear readers. smiley Cheers to High FQ! 


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ANNOUNCEMENTS


1. Mom and Son Podcast - Season 4 Episode 2 (Martin Fausto - Brand'eM)

We got Son No.1 for today’s episode! Brand’eM has recently turned 4 years old and is a rare scenario of a start-up that didn’t lose money in its starting years. How did this happen? Join us as we talk about the challenges Martin faces being the boss at an early age, how he manages his company and some insights of his based on his experience in the industry. 1:07 - What does Brand’eM do? 8:44 - How he learned how to be a boss, 10:35 - His journey to take the step of starting his own business, 14:04 - balance of being a boss, 20:09 - his company's practice of conducting Industry Research, 29:33 - how this generation perceives what a good brand is.

You can check them out on IG @brandemconsultancy on FB Brand'eM and their website brandem.ph.

Stream it now!

#MomAndSonPodcast

Spotify
https://open.spotify.com/episode/7ihE7PcgTeK5a4k7FqDSKX?si=NP-ryQnqQZ2gSTi9AnWs4Q

Apple iTunes
https://podcasts.apple.com/ph/podcast/mom-and-son-podcast/id1449688689?mt=2

Google Podcasts
https://podcasts.google.com/?feed=aHR0cHM6Ly9mZWVkcy5idXp6c3Byb3V0LmNvbS8yNDE0NDcucnNz

Buzzsprout
https://www.buzzsprout.com/241447/1825897-mom-and-son-podcast-season-4-episode-2-martin-fausto-brand-em

YouTube
Originally uploaded in Anton Fausto's YouTube Channel: https://www.youtube.com/watch?v=aEgRyMVrXAs&feature=youtu.be
FQ Mom YouTube channel link: https://youtu.be/w3klAUJ7fcA

2. Thanks to those who already bought the FQ Book, especially to those who took the time out to send me their feedback. Your feedback is food for my soul. To those who have not gotten their copy yet, here’s a short preview of “FQ: The nth Intelligence.” 

You may now purchase the book in major bookstores, or if you want autographed copies, please go to FQ Mom FB page (click SHOP), or FQMom.com (click BOOKS), or email us at FQMomm@gmail.com

3. Want to know where your FQ stands? Take the FQ Test Challenge now! Click link: http://rebrand.ly/FQTest 

Rose Fres Fausto is a speaker and author of bestselling books “Raising Pinoy Boys” and “The Retelling of The Richest Man in Babylon” (English and Filipino versions). Click this link to read samples – Books of FQ Mom. She is a behavioral economist, a certified Gallup strengths coach and the grand prize winner of the first Sinag Financial Literacy Digital Journalism Awards. Follow her on Facebook & YouTube as FQ Mom, and Twitter & Instagram as theFQMom. Her latest book is “FQ: The nth Intelligence.”

IMAGE ATTRIBUTIONS: Photos from pinterest.com, canva.com, mentalhealthfood.net, azrena.com, moneysense.gov.sg, and womensweekly.com.sg, modified and used to help deliver the message of the article. 
 

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