Luxury Brands Are For Broke People
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⌚️Timestamps:
00:00 I bet you didn't know this
1:30 What are luxury brands really doing?
02:04 1st way luxury brands do this
03:13 2nd way luxury brands do this
03:42 3rd way luxury brands do this
05:20 The 1st big problem with this
06:46 The 2nd big problem with this
08:30 The 3rd big problem with this
09:56 How you can still buy luxury brands
11:43 The 2nd thing you need to do
12:30 The 3rd thing you need to do
______
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
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@VincentChan 22 күн бұрын
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@rubyhenshaw3391 7 күн бұрын
Most Designers aren't the quality they used to be, so people Improve yourself by learning new skills, saving, budgeting, Investing and achieving financial freedom to enjoy a fruitful life. Freedom is the true luxury
@theresamish1746 7 күн бұрын
Yes you're right, my friends upscale yourself, save, in v est and learn skills that build up your value. You're your greatest asset! BE FRUGAL
@IndianaBlanc 7 күн бұрын
love your comments, everyone keeps talking about educate yourself about investing. Please point Me in a direction of articles and books that are helpful. I've found it difficult to learn online
@rubyhenshaw3391 7 күн бұрын
There are many options to explore, get a pro to guide you in. that will make it easier
@IndianaBlanc 7 күн бұрын
Thanks for replying, can you recommend any articles and Pro to guide me?
@rubyhenshaw3391 7 күн бұрын
*Growwealthy* *with* *Rachel*
@OfficialDarkSoulMusic 22 күн бұрын
The only luxury I care about is buying a fucking house
@ichangednametoamorecringyo1489 10 күн бұрын
That moment when a house is considered a luxury
@pcpxbotendorastermace9948 8 күн бұрын
Commenting on KZfaq is our luxury, too.
@susannpatton2893 5 күн бұрын
Buy one that needs fixed up. Plenty of them around
@potato1084 20 сағат бұрын
Honestly. Even a house is too expensive in London I gotta buy an apartment.
@potato1084 20 сағат бұрын
@@susannpatton2893They’re usually auction properties and I don’t have £950,000 just lying around.
@kelsosworld 24 күн бұрын
Also alot of rich people get their “luxury” brands for free
@exqueue3813 24 күн бұрын
Not precisely rich people, but rather famous people get free luxury brands. Because then they get photographed with them, and common people see those pictures and want to buy the items to prove their status.
@kelsosworld 24 күн бұрын
@@exqueue3813yes though I also know people who have perks through jobs or whatever like my family member is a vip at a hotel/casino and they get lv purses, gucci etc for free
@Area51-is6vg 24 күн бұрын
who cares how they get it? Why do you care? I don't buy any clothing with any brand names on them.
@mjmf1430 24 күн бұрын
We get mostly discounts, not necessary for free as many would believe.
@davisholman8149 24 күн бұрын
@@mjmf1430 The wealthy people I know could care less about most of the ‘common’ designer brands. Yes, they wear good things - but they are not motivated by many of the typical high end brands. I sell bio tech med devices - my wealthy friends do travel regularly - but they are brilliant scientists & physicians & not smug whatsoever.
@rustym.shackelford5546 24 күн бұрын
Never liked """Luxury""" brands. It's so ridiculous that people would spend so much LARPing as successful people.
@wagyu_killer 16 күн бұрын
500 stinkin sneaker
@discocycle 9 күн бұрын
I have got to steal this phrase!! Larping as successful people
@potato1084 20 сағат бұрын
I love some of their items but look at the price tag and change my mind 😢
@jmr2594 24 күн бұрын
The experiment by Payless is priceless. It proves the stupidity of people.
@LivingRetirement 24 күн бұрын
No kidding!!!
@SmidEchemendia 15 күн бұрын
These famous brand capitalists take note of people’s comparison mentality. It’s not uncommon for ladies to buy bags easily because they don’t have money to buy them. Only by setting the threshold and having to go through so much hard work to get the bags can people feel valuable. special value. The dopamine threshold of rich people can no longer be satisfied by normal consumption. *condup*
@Deriv44 13 күн бұрын
Yea, it proves the theory of the velvet rope about making something look exclusive. It makes people want it more
@MinishSeelbach 8 күн бұрын
I bought a LV bag *condup* years ago. I took it to the LV store in my town last week to have it repaired. The store clerk inspected my bag and immediately told me that the bag was of good quality. She pulled a current bag out of inventory and compared the tags and I found zero differences
@angelofchrist4494 7 күн бұрын
@@MinishSeelbach some people use handbags as a investment in itself
@defiantlypinki1107 24 күн бұрын
I have always thought that designer bags were really ugly. They care more about spreading the logo than making aesthetically pleasing designs.
@ichangednametoamorecringyo1489 10 күн бұрын
You can see this the best with Louie Vuitton. Just brown bags with their orange logo plastered on it.
@crecasens 9 күн бұрын
True, I have some wealthy friends and they actually do buy high-end items. They are just generally not brand names that the average person on the street knows of and the ones that they get are super high-quality often handmade.
@misspriss2482 4 күн бұрын
Also, who uses these bags? They don't hold anything.
@dianaalmeida6790 2 күн бұрын
Best Comment!
@sardorpulatov9311 24 күн бұрын
Great video, Vincent. However, you're missing quite an important point here. While I acknowledge that Zuckerberg and Gates don't need to buy Gucci-branded t-shirts to display their wealth, they do purchase clothing from luxury brands. They prefer quiet luxury brands with no visible logos, such as Loro Piana and Brioni, over loud luxury brands like Louis Vuitton and Balenciaga. For example, the founder of Facebook exclusively wears tailored t-shirts from a luxury brand Brunello Cucinelli.
@pincopallino8176 18 күн бұрын
I didn't know about those brands, but yeah, where else are they buying their clothes? H&M? I lately have a hard time to find clothes with a decent quality, so there must be luxury brands out there where rich people buy.
@damnjustassignmeone 16 күн бұрын
Just bc you saw a billionaire wear a “quiet luxury” brand doesn’t mean most wealthy people buy this stuff. 99% of people most would consider rich aren’t billionaires, and most of them don’t buy luxury goods at all. Or maybe only rarely. Most rich people have money bc they don’t go around wasting it.
@freeinghumanitynow 14 күн бұрын
Lies! Zuck and Gates wear Gap! The poor are buying all of this luxury stuff as a treat!! 🙄🙄🙄
@angelofchrist4494 13 күн бұрын
@@damnjustassignmeonemy mindset has changed towards money recently, having all the latest this and that does keep you poor to a extent, its all smoke and mirrors really, also alot of these companies rely on poor people also being uneducated regarding money
@barbthegreat586 11 күн бұрын
Yes, his t shirt costs $400.
@libertarian4323 21 күн бұрын
My wife and I have a net worth over $10M. We don't own a single luxury/designer item. We Live in a middle class neighborhoof and shop at Walmart and HEB just like when we were young and broke. Neither of us has any interest in buying anything Gucci, LV, or whatever. We're too sensible to spend so foolishly.
@franglais-riders 7 күн бұрын
Same here with my husband. Retired at 50, have multiple properties and big portfolios in shares and bonds. We look fairly low middle class ( as per Europe meaning). Some might even look down on us because we have two cheap old cars and very average house, but we have all we need. We never bought any designer crap. Husband worked as an engineer in the oil and gas industry and I worked in finance. I bought my clothes in high street shops, never design. I still ended up earning very good money cause I delivered on my projects and went beyond, trouble shooting other teams problems that they were too incompetent or lazy to solve. It paid off leaving within our means and saving and investing more and more as we earned more. We still spent money, in travel taking up to 4 or 6 months off, every few years, to travel the world and staying in backpacker places. But that was our only big expense. And still modest budget compared to people extravagant “luxury” holidays. We did camp a lot! But no regret we had a blast.
@liz6cats416 6 күн бұрын
Congratulations on your wealth! No doubt you earned it. Hopefully, you are donating to deserving and effective charities on a regular basis so you are building up spiritual wealth also.
@Tonyx.yt. 5 күн бұрын
beign wealthy and eat poor man's garbage from walmart? come on... buying luxury accessories is ridicolous but at least get some good quality food
@missycocoa875 3 күн бұрын
Worry not...your children and grandchildren will spend all your money with luxuries! Lol
@potato1084 20 сағат бұрын
@@Tonyx.yt.Exactly 😂 Good food >>
@marcuse423 24 күн бұрын
Wealthy folks practice “silent wealth” purchasing. Don’t be fooled, they enjoy the fruits of their labor like everyone else. Splurging & going into debt over luxury goods is another matter.
@damnjustassignmeone 16 күн бұрын
This is a bit of a myth. I’m technically in the top 1%, but I don’t buy luxury goods at all. I drive a Toyota. My suits cost less than $2k. I don’t even wear a watch.
@anaaguilar3304 16 күн бұрын
If they are going into debt then those are not the wealthy ppl he is talking about. I disagree with his statement about Elmo musk, Mark Zuckerberg, and Bill Gates, not dressing nice because they don't need to due to everyone knowing they are wealthy, no, most wealthy ppl don't spend on luxury items to show off their wealth at all, that's how they became wealthy. The book "millionaire nextdoor" explains this. Making a lot of money does not mean you are wealthy, it is the money you keep that makes you wealthy.
@anaaguilar3304 16 күн бұрын
@@damnjustassignmeoneexactly. Actual wealthy ppl don't spend money on luxury items, that's why they're where they are. Ppl confuse being wealthy with how much money you make too. If they are going into debt and living pay check to pay check they are not wealthy, doesn't matter if they make 600k a year.
@tom23245 13 күн бұрын
@@damnjustassignmeone Everyone, including you, buys luxury products. It may not be LV or Gucci but there are definitely things you splurge on. Either that or you truly accumulate wealth solely to see a number go up.
@damnjustassignmeone 13 күн бұрын
@@tom23245 It’s a lot more rewarding to be able to retire early, help my kids when they need it, pay for my nephew’s college, travel, etc. than it is to buy a Lexus. It’s not that I don’t spend money.
@VBoo459 23 күн бұрын
I have absolutely benefited from wearing "luxury" brands or dressing really top notch. However, I realised it was not the brands that made me benefit from this, it was how groomed I looked. I had someone point to my handbag I got for £100 on sale (£400 retail price) and ask me where I got it and guessed it cost thousands of pounds, It made me laugh. Looking well groomed, tidy, and wearing high quality (does not have to be expensive nor branded) and behaving with manners, grace and kindness will do the trick.
@lavonnealexander6936 13 күн бұрын
Facts
@LluviadeOrugas 10 күн бұрын
Your comment contradicts itself
@CaptCanuck4444 7 күн бұрын
If you want to look wealthy, be physically fit, be well groomed, and wear well-fitting clothes with no logos.
@hieronyous 7 күн бұрын
IF YOU LOOK LIKE YOUR PHILOSOPHICAL BELIEFS, YOU MUST BE REALLY BEAUTIFUL (HANDSOME).
@potato1084 20 сағат бұрын
No cause someone asked me where I got my “leather” rucksack from and I said Primark on sale for £5 and they looked at me like I was an alien. 👽 Apparently it looked a lot more expensive. I dislike primark but they do have nice bags.
@Teez_well 11 күн бұрын
My cousin is a photographer and she did a testing shoot for Dior. She got a ton of free merch that was either last season, prototypes, overstock, etc. The model she was photographing got a “thank you” bag with tons of random items and she even got to keep the dress she was modeling. Celebs don’t usually pay for luxury goods.
@Landstalker1999 9 күн бұрын
Celebs actually get PAID to waer their stuff. Lots of popular kpop stars become brand ambassaders or they get paid to wear their luxury goods in music videos or during "airport fashion". And this caused so many teenagers in Asia to overspend using their parents cc in order to emulate their idols that there is talks of Korean government trying to ban kpop stars from endorsing luxury brands.
@assieray 8 күн бұрын
This is so late 90s and early 2000s its different now.
@You-Be-The-Judge 24 күн бұрын
I once bought a ferragamo wallet because I am an idiot and wanted to impress the person I was with. I could have bought 40 regular wallets for the price I paid. I still have the wallet but simply to remind me never to be that stupid again.
@justinmolsal5613 21 күн бұрын
You learned the lesson well 😊
@RandomSkittles 20 күн бұрын
You live and you learn. I live by the I'll take the Rulp Luren version 😁 It's just as nice , better for the wallet, and no one can tell and if they can tell - do I care?
@lisalamphier1410 12 күн бұрын
If you really want to impress, make a paper wallet. You can find instructions on KZfaq. I made mine from a sales ad. I've had the same one for five years now; people are always impressed by it. It only cost me a little scotch tape.
@gomperhooblet 10 күн бұрын
Great comment, lesson learned, buddy
@jenniferbond7073 5 күн бұрын
Agreed! I bought a LV bag and never use it. Luckily, I got it from Tradsey for $800 so I didn’t pay full price. But a huge regret!
@Senpaischick 23 күн бұрын
This is kind of clickbaity. Rich people buy luxury items. They don't buy the luxury items that are "as seen on xyz" Outside of celebrity culture, actual wealthy people wear brands such as Loro Piano and they buy Delvaux bags, luxury brands that offer custom tailoring in-store. They spend money on quality, so they don't have to spend on quantity.
@damnjustassignmeone 16 күн бұрын
My income is in the top 1%. I buy for quality, but that is not the same as buying luxury brands. I can’t remember the last time I bought anything at Saks, for instance. And I drive a Toyota.
@damnjustassignmeone 16 күн бұрын
Also, when you say “actual wealthy people,” who do you mean? The vast majority of people who most would consider wealthy have a few million maybe, but certainly not tens of millions. And most of these folks have it bc they’re smart with it. I don’t go around buying $10k suits (or even $5k suits for that matter). I’ve never heard of a Delvaux bag.
@Senpaischick 16 күн бұрын
@@damnjustassignmeone that’s my point. You don’t go to Saks, you buy quality items. It cost more than getting some cheap shirts from H&M that dissolve in one wash. Also, if you’re not a handbag person you probably don’t know Delvaux. They’re the oldest luxury goods maker and they don’t really do mass marketing. Hence why I said wealthy people don’t wear brands “as seen on xyz…” they’re non-descriptive bags and those who know, know.
@Senpaischick 16 күн бұрын
@@damnjustassignmeone because you probably get quality custom made suits right? Then rewear them if you actually need a suit?
@damnjustassignmeone 16 күн бұрын
@@Senpaischick The real value of having money is not having to worry about it. I’m fortunate to have enough for this, but I’ve gotten to this point (at least in part) by not throwing money around. That’s true of most people who most would consider wealthy. Maybe it’s not true of the super wealthy. I can’t speak for them.
@TheMagicCrafter 23 күн бұрын
Luxury brands make such gross looking products. I don't understand why anyone would want them- especially for the price. 😅
@sophialia9635 13 күн бұрын
Ikr!! The prints are hideous, paying thousands of dollars to be a walking advertisement.
@barbthegreat586 11 күн бұрын
My pet hate is LV, their handbags look like cheap Chinese knockoffs.
@bergbryce 18 күн бұрын
"You got gucci, but you sleep on an air mattress."
@Jack_Clemans 24 күн бұрын
When I first read the Millionaire Next Door I was shocked to find out "Ford" is the most common car brand among millionaires, and Walmart was in the top places millionaires go to buy clothes. Such a great message and thanks for the reminder not to believe everything we see on social media! :)
@kerningandleading 24 күн бұрын
A million is not nearly what it used to be to be. There would be a lot less millionaires if they all decided to spend all the money they have, so I’m not surprised that those sort of stores and products are popular with them. Money is like sand, if you are not careful how you hold on to it, you will find yourself with nothing before you realize it.
@alberttang6955 19 күн бұрын
If we agree to define "millionaire" as someone with assets totaling at least $1,000,000. That can mean the value of their home, 401k, savings account, investments, and belongings added together, equal or barely surpass the million dollar mark. Someone in this situation still needs to be careful with their money. It's the *multimillionaires*, folks with much more money, who can afford to splurge and spend on luxuries.
@bergbryce 18 күн бұрын
The Book was originally published back when $1m in assets was a relatively rare and significant sum. The point still stands that normal, wealthy people drive normal cars and don't blow their money on depreciating assets. They recognize the true costs and values of their purchases.
@damnjustassignmeone 16 күн бұрын
@@alberttang6955Trust me, most people with several million in net worth don’t go around buying luxury goods either, at least not often. Sadly, most of the market is lower and middle class people.
@robertstanislaus 15 күн бұрын
Walmart is a dump
@onlythemessenger-my8ny 24 күн бұрын
I used to pick orders at Amazon and I spent 8 hours picking luxury item orders one day and at the end of my shift I saw the trailer that my orders were put on, pull off the dock and I saw that it was a trash trailer! I was so mad and I asked why don they give them to us (the employees) and my supervisor said it would bring down their value (the clothing brands). And they dumped the clothes inside of a massive indoor burn pit where the DEA destroys drugs so that no one ever sees. So if you ever see a trash semi TRAILER leaving Amazon and not a dumpster trash truck there's probably luxury items on it and the driver doesn't know it.
@kalex7370 23 күн бұрын
actual luxury brands aren't for poor people, they don't even know it exists
@damnjustassignmeone 16 күн бұрын
I’m technically in the top 1%, and I can pretty much guarantee I don’t know any of these brands either. I drive a Toyota after all.
@freeinghumanitynow 14 күн бұрын
Nah. That doesn't fit their black shirt narrative. Poor people buy all the designer brands. Who is trying to pay rent and utilities when the new Vuitton watch just dropped?!
@Observer100-cn7gv 10 күн бұрын
@damnjustassignmeone, how many times are you going to make the same comment that you drive a Toyota?
@damnjustassignmeone 10 күн бұрын
Also, you seem to have made it your mission to reply to every comment I make. Really odd.
@Landstalker1999 9 күн бұрын
When they say "poor people" they are not talking about actually dirt poor people who live paycheck to paycheck on rents and groceries. They are talking about middle class people who are slowly but surely slipping down into lower class, aka the forever-rent-paying till death class who is one paycheck away from being homeless.
@user-sp7ix7lm9q 23 күн бұрын
I buy more expensive stuff hoping it will last longer and work better than a cheaper counterpart. nothing more
@lavonnealexander6936 13 күн бұрын
Same
@paulj2948 22 күн бұрын
As a top 2%-er on net worth, i don't buy luxury goods. I save and invest and have no debt. Retired at 55 with millions. 16 year old SUV that runs great, too!
@damnjustassignmeone 16 күн бұрын
Everybody looks at celebrities and billionaires, not the millionaire next door. That’s why people get it in their head that rich people go through life throwing their money around. Anyhow, yes, I’m in a similar situation. Not retired yet, but I’m fortunate to have more than I need. And I drive a Toyota.
@train_xc 15 күн бұрын
I buy luxury watches and luxury car. 35 and a centimillionaire
@cap4life1 15 күн бұрын
Surely you have a plan to spend a bit more lavishly for retirement? People who retire early with over $5M have technically fatfired and usually like to enjoy their retirement by spending on things that matter to them.
@paulj2948 13 күн бұрын
@@cap4life1 Of course. I live very nicely. I just don't buy luxury goods. I travel a lot, mostly flying first class and 4 and 5 star hotels. I'll eat out anywhere I want whenever I want. Gamble. I live in an upscale community. But I won't buy a shirt for $100 (I'll get it for $19 at an outlet). No jewelry, watches, or 50 pairs of shoes, things like that. I spend on pleasures, not material things. I already bought the "things" I need.
@Scorpionthepianist 12 күн бұрын
@@paulj2948Hell, you could just fly economics and save more money and rent a whole apartment. And seriously, I wwould rather spend the gamble money on custom made shirts and suits. The point is, everyone has a soft spot for the most stupid shit, so don’t judge.
@tdgdbs1 12 күн бұрын
None of the brands mentioned are considered luxury, discreet brands; if you don't know, you don't know.
@alienblackgoo_gle 9 күн бұрын
My sister who is a podiatrist spent time volunteering with people living in poverty in Niger where she made shoes for those with foot deformities due to leprosy. She said the people in the community had no incomes and were very poor. But if a someone did manage to make some money they didn't buy food or things for their home, they would buy a hat. A hat immediately gave them status and elevated them above their compatriots. People are the same all over it seems.
@rtothec1234 12 күн бұрын
You can’t fool intelligent and savvy people.
@MarMarSnatched 21 күн бұрын
luxury only got accessible to people cause of social media. during 80s, 90s and early y2k you only get influenced through magazines and celebrities wearing them. i mean i didnt know even what luxury brands were when i was broke broke.
@nk-gp1ml 7 күн бұрын
The genuinely wealthy people I know, not the ones in massive debt, buy luxury brands, luxury cars, go on frequent expensive holidays and spend plenty of money on socialising etc. And they still have plenty left over. They generally have large asset and property portfolios and/or a successful business.
@kurtcocaine4712 13 күн бұрын
Also take into account that brands like LV have high resale on certain collections meaning someone (probably middle or lower class) will buy it with the whole intention of reselling it later on while most aren’t worth the investment some pieces age like art and increase in value a lot over time
@jerry.cray.. 14 күн бұрын
Great video! The only note I’d add is that the “lower” class and middle class consumer debt is from more than just luxury brand spending or “keeping up with the Joneses”. According to the stories covering consumer debt, people are living paycheck to paycheck as their wages have not kept up with inflation or the cost of living in some cases. And most people can’t afford to budget to accumulate $1,000 in savings. Families are using credit cards to buy gas, groceries, eating out, and for emergencies as well. Luxury spending is much more a phenomenon for people in middle and upper middle class than lower or poor, because of the disparity in access to disposable income or credit.
@Atl404sFinest 19 күн бұрын
Nothing wrong with luxury brands if that’s why you like. Why are we brand shaming people for content?
@celestetoledo7858 8 күн бұрын
Yes! Agree!! Some people choose to buy luxury because of its quality and elegance and not to just show off!
@Maccastreisfan 4 күн бұрын
Don’t want to admit you’re a mark😂
@Maccastreisfan 4 күн бұрын
If you go to the fancy mall in Dallas the lines at LV are all black people. The time I went there the line was long and there was literally no white people despite mostly white people in the mall.
@paulj2948 22 күн бұрын
If you're charging a $3k bag and not paying it right off, youre poor and can't afford it.
@vonettadevo 22 күн бұрын
Does that apply to other things like a car, a house or going to college?
@damnjustassignmeone 16 күн бұрын
I’m technically in the top 1%. I drive a Toyota and paid cash for it. I firmly believe most middle class people should not be wasting money on new cars. They’re just too expensive these days. Also, if you have to take out a 60+ month loan for a new car, you probably can’t really afford it.
@paulj2948 16 күн бұрын
@@vonettadevo Those are needs, not wants. Those big ticket items are necessities you can't get around financing. However, if you have $200 in your bank account and you charge a handbag on a credit card for $3,000 and pay off installments at %18 interest, you're financially illiterate (not to mention broke and putting yourself further in the hole).
@vonettadevo 16 күн бұрын
@@paulj2948I was trying to understand your overall philosophy on spending. I know a luxury handbag is not a necessity. But people buy things they can’t afford. Some folks think you need to pay cash for everything or you can’t afford it. Including a car. And if you have to take out loans for college, you shouldn’t go.
@charlesfieldochava2252 11 күн бұрын
@@damnjustassignmeone crap.. you have spammed the comment section with claims your at the top 1%. Are you seeking some sort of validation? I can be wrong but people at the top 1% won't spend too much time claiming they are in the top 1%. Just my 2 cents.
@sophialia9635 13 күн бұрын
Everytime I see “luxury” name brand. l think its fake or the person has poverty mentality desperate to show everyone they not poor.
@JD78CN 13 күн бұрын
I realized this a long time ago when I started working as a business manager for wealthy people. They spend very little on luxury items. Most of them will only spend money on real estate and investments.
@lucym9237 15 күн бұрын
Misleading. You think the VIP clients at Hermes and Chanel are broke just flexxing? You clearly do not know much about these luxury fashion brands. Of course there are wealthy people that don't like to show their wealth in materialistic goods, but the broad generalizations are not correct. Ask any sales associate at these high end boutiques in any major city - their clients broke college students in debt to million/billionaire executives and their spouses.The client buying the gucci bag and the client buying the hermes couch are NOT the same socioeconomically.
@cap4life1 15 күн бұрын
UHNWI and HNWI certainly buy luxury … not everyone will recognize the brands but they spend a great deal on their homes, transportation, food, vacations and hobbies.
@farrelquadra3601 24 күн бұрын
I’ve been seeing a lot of young people where ESSENTIAL lately is this a luxury trend
@georgescott4505 24 күн бұрын
How can broke people afford to be fake rich? I'm broke and cannot afford to be real broke.
@thebosshouse 24 күн бұрын
They can't. That's the point.
@mmajinn 24 күн бұрын
Creditcard my friend
@tinad8561 24 күн бұрын
They coined a term-bougie broké. Which I think means you can’t save a down payment but have a $60 candle on your coffee table to make yourself feel better.
@adrianawilletts5287 24 күн бұрын
Here’s an example: A friend of a friend who works at ihop (and has 3 kids) spent her tax return on brand new Louboutin heels and an LV bag last year. That’s how. Or debt. (Only talking about people who can’t afford it).
@georgescott4505 24 күн бұрын
@@mmajinn I didn't think about that. I don't have one. If I don't have the money up front for something, I just go without.
@michaelbronx7412 24 күн бұрын
Great content! Very relatable and too many people that aren’t truly wealthy are wasting their money on luxury when they should be saving and investing their money into longer term investments
@KetMeth 24 күн бұрын
Insightful. Nice.
@ls.c.5682 13 күн бұрын
Something that gets glossed over by this video and by others on YT discussing the higher end brands is quality. I went and bought a backpack that looked like something by Jansport/Eastpak, no brand, and was 1/3 of the price. 3 months later I had to buy another one, and 3 months later I bought a proper Eastpak backpack that lasted me years because of the quality of the brand. Likewise with something like Supreme and their tees and underwear - they last forever compared to fruit of the loom stuff that falls apart relatively quickly and doesn't feel heavyweight. The Diesel jacket that my in-laws bought me has lasted 5 years without a single tear despite me wearing it a LOT and washing it when I need to.
@timprussell 13 күн бұрын
Boots theory in action. I could care about labels but I believe in buying quality. Sometimes its hand in hand. I buy CK underwear, why since I'm a 50 something married guy, it doesn't sag and stretch out like cheaper brands. I would spend a lot more in the long run replacing cheaper and be less comfortable than buying the Calvins. I also found their dress socks don't lose their elastic and start to sag near as quick as the cheaper stuff I used to buy and I am so over saggy socks.
@AnNguyen-zj3un 24 күн бұрын
Hi. Great insights. What is the name of the study conducted in 2021, I like to read it?
@didiermontagnier6114 8 күн бұрын
easy to splurge on luxury brands when you’re 28 and still living off your parents. A lot of these leeches even feel resentful if their parents go on expensive vacations or buy a new car because it would mean less inheritance for them when their parents pass away 🤦🏼♂️
@jeffreyjude-ibe5110 24 күн бұрын
Luxury Splurge Problems* - great video
@mariov8713 5 күн бұрын
Wow, interesting doco, well done and thanks
@TomGrob 12 күн бұрын
Well, style is not correlated with a price tag. The cut, colors, meterial & the body underneath it makes a good look.
@mimifoote4879 18 күн бұрын
This is a great video!
@dialmstyle 24 күн бұрын
🙌🏼🙌🏼🙌🏼 “manufactured exclusivity”
@chuckielong1 24 күн бұрын
I buy luxury goods when I hit some sort of milestones. I remember getting my big boy job and getting an LV wallet and then a cartier tank when I turned 30. Prob the only luxury goods I've own.
@gamereditor59ner22 24 күн бұрын
Interesting....🤔 Buy what you need and save enough money to buy what you want that not only value, it will last long. Thank you for the information and keep it up! 😎👍
@lululu6102 14 күн бұрын
Great video, people often live beyond their income just to look rich. Different question, I like your glases, where are they from? :)
@debless9572 14 күн бұрын
Buy it for the design and quality, not the status, and do it in 2nd hand stores. Not every high end item is of good quality, so train your eye to identify good craftsmanship.
@treasuretim3 23 күн бұрын
This is the exact stuff a broke person would say.
@ianboard544 24 күн бұрын
I don't entirely agree. What IS for broke people are things like the daily Starbucks latte and eating out for lunch all the time. Being frugal in your daily life and occasionally buying yourself something luxurious which you will own for a long time, is perfectly fine.
@quidproquo82 22 күн бұрын
You're probably broke
@ianboard544 22 күн бұрын
@@quidproquo82 I'm wondering why you would say that.
@mrlong6267 11 күн бұрын
I agree. I own a ton of luxury items paid for with my own cash, zero debt, but frugal at the same time. I mow my own lawn, cut my own hair, clean my own house, cook my own meals and make my own coffee…it’s all relative on how much you earn and how you save.
@rivasoucie 8 күн бұрын
Can you link to that Fed study about influence of neighbors on each others spending habits?!
@TGU3 12 күн бұрын
Nice video. Loved the way you segue to the next video.
@ND-lw6qk 11 күн бұрын
Tbh many people are talking about this. I've found that so many youtubers are making the same videos about the same topics and making all the same points.
@julia_goddess3 5 күн бұрын
If you can afford a luxury brand even on credit , you are definitely not broke
@knowledgepower1906 19 күн бұрын
Thank you for this video ❤✅✅✅🙌🏾
@mrheylow7892 13 күн бұрын
What if people have extra money to waste? That’s what I never get about videos like this, they never mention the average consumer who has room to waste their finances on trivial items…
@marchelandersen6839 23 күн бұрын
where is link to your spread sheet ? ultimate goal tracker
@londontadpole5064 12 күн бұрын
I’m not broke, and I still buy luxury goods cuz they look good and fit better. This kinda contents are just spread out prejudices and stereotypes about luxury consumers 😅
@mariakileen396 12 күн бұрын
I'd rather by LVMH stock than their product.
@user-fs9yv4hl5f 21 күн бұрын
Almost all brands are mass produced in Asia. They make according to the manufacturer’s specifications. “Knockoffs” are basically the name brand item with cheaper materials that hold the item together…
@BuyLessJess 22 күн бұрын
Great video but 50/30/20 always blows my mind. Allocating more to wants than saving seems odd, but it could just be me.
@PalazzoMarti 21 сағат бұрын
There are many many different luxury brands. Wealthy people usually don’t buy logos… (only cool ones lol) but they do buy over the top expensive clothes & accessories to match their social networks. In our circle we buy a certain coffee, which is ridiculously expensive and shop clothes from conscious companies that are 1000x more expensive. So we pay the similar amount like for LV or GUCCI, but it doesn’t show off as much… BUT our friends know exactly what brand it is and how much it is. So… it’s all about who you hang out with. Also, if you buy quality brands or luxury, some of the value is not lost as you wear it. Most of my clothes are resold for a decent amount at luxury second hand markets. So it’s investment wise a good choice & your own value increases in some circles. But I do understand why some people choose to not buy luxury. Whichever is fine. It all depends on how you wish to spend your money.
@AustinMathias 8 күн бұрын
Truly wealthy people still have luxury goods. May not be every single one of them, but yes, they do. Such a weird thing to say that rich people don't have designer stuff lol
@Justposted. 13 күн бұрын
I know many rich people that wear cucci, hermes and other brands. It’s about the person and what they like to wear, how do you think poor people can afford louis vuitton if they don’t have money.
@oswaldofigueroa529 6 күн бұрын
But they’re rich you’re not
@cupcake5003 12 күн бұрын
Rich people do buy those brands but it's different than what one would assume. This is what i have realised after being on social media and following fashion and lifestyle influencers and models for a long time. Many are escorts to rich people and rich people buy those luxury goodies for their mistresses and other promiscuity partners. So while rich-rich men may not always end up using those products, they do end up spending on those indirectly. Rich-rich women do buy those products especially those who have ancestral wealth.
@zafiroshin 9 күн бұрын
How don't understand: do you have more than one Versace in the US? Who is the second one?
@elri3543 11 күн бұрын
Excellent video.
@shaduck06 24 күн бұрын
china folks love luxury brands
@mjmf1430 24 күн бұрын
Not just China, Americans, Europeans, Japanese, Koreans, Middle Eastern citizens and others as well. There are more Chinese middle class buying these because its total population size is a lot larger than other countries.
@scottkasper6378 14 күн бұрын
It’s not the luxury brands’ fault. And the American dream is not “out of reach” it’s that people keep buying crap they don’t need and there’s more crap to buy now than ever before.
@susannpatton2893 5 күн бұрын
It takes discipline, and most do not possess that trait. Hence why everyone is debt
@lovelydiva06 7 күн бұрын
People who get caught up in luxury brands are funny to me cause their claim of I buy it for quality is even more laughable considering the quality has gone down considerably yet the prices have gone up for mediocrity significantly, like absolutely outrageous prices and a lot of them go into debt for it and for what? to keep up with joneses? To put on this facade of having it like that? to show off? for who though? who are they trying to impress being a walking advertisement with someone else’s name on your body your making filthy rich for overpriced mediocrity, like I just buy what I like, what I can afford, and what I feel is worth my money even if it’s nothing name brand or luxury, idc cause I don’t care for luxury or brands, I just wanna look nice and feel comfortable and I can do that just fine on a budget, in an affordable way and look way better than those in luxury from head to toe
@01sevensix 5 күн бұрын
My Crocket and Jones oxfords ...theyre 20 years old now. The annual depreciation is now zero and my shoes are "free".
@lizhernandez3857 24 күн бұрын
Great Video 😊
@Tysto 22 күн бұрын
I'm wealthy, and I would happily pay more for products that are clearly better and more durable, but I don't see it. Above the cheapo level, it seems to be pretty much all the same, except for some goods that have a "professional" or "commercial" grade.
@celestetoledo7858 8 күн бұрын
I like to buy luxury brands once in a while because of their quality and design. And certainly still have my savings (emergency, sinking, travel funds) untouched. I dont think this applies to all. We all have different reasons for wanting to buy luxury items!
@DreC-xg5um 11 күн бұрын
says the guy with the Herman Miller chair in the background...lol
@JuanMaTeJuega 15 күн бұрын
I buy luxury brands... at a discounted Tj Maxx price 😃
@fredericosanchez9000 7 күн бұрын
It's not like rich people don't buy expensive clothes. They just buy different ones which don't have huge brand logos.
@charletfoster8917 24 күн бұрын
Great video!!! I’m not impressed with logos, I buy quality only😊👍🏿
@ExplorationB 12 күн бұрын
I shop at factory outlets and scored a 1k suit for $180AUD. I also had a number of co-workers this week comment on my Coach tote that fits my laptop and lunch box on how luxurious it was. I proudly said it was $400 after 60% off. If you know where to look you can get top quality brands that don't have their labels all over it for crazy mark downs if you hold off and shop the sales. My best trick this year was clearance Julius Marlow (?) Shoes 5 pairs at $50 each down from $150+ In Australia due to import exclusivity everyday brands in the US like Tommy,CK and even American eagle are marked up crazy. I only buy on discount.
@joanneburford6364 12 күн бұрын
Love shopping at Melbourne outlets 🛍
@ExplorationB 9 күн бұрын
@joanneburford6364 I work over the water from Southwarf DFO and its so tempting 😁😁😁 it's my shortcut to get home near South Melbourne market
@Agent77X 9 күн бұрын
Keeping up with the Jones!😮 Have keep the status up!😊
@jerrykreutzer4326 13 күн бұрын
This is all clickbait. Some rich people do buy expensive brands. Some "poor" people also buy expensive brands. Everyone talks about it.
@ricobaby555 5 күн бұрын
I think is also about standing out being different! If it’s Saturday night in your city, all the guys are gonna go to the mall find an outfit you ordered something online that cost a little bit more when you go out nobody looks like you
@patrickdaep 5 күн бұрын
This is me with Rolex and Patek watches. I’m nearly broke because of my 12 watches.
@LisaCulton 7 күн бұрын
There's a huge price difference between a Gucci belt and a Hermes bag. Anyway, I was invited to a event by Saint Laurent last weekend and there were no broke people in attendance. Seriously, broke people can't afford clothing, shoes and accessories that start at 1K for most pieces.
@reginafisher9919 10 күн бұрын
I refuse to purchase anything because of a brand name I think it's stupid, I got my little purse at Goodwill, I don't buy expensive purses either I think it's stupid, I laugh at people who walk around with brand names on, I think they're stupid for wasting their money.
@EcomCarl 24 күн бұрын
Fascinating insight into the psychology of luxury goods consumption by non-wealthy demographics! It underscores the power of branding in shaping consumer identities and aspirations, even beyond the traditional affluent markets. 🌟
@winning4209 20 күн бұрын
I love your videos!
@CheerupA1 23 күн бұрын
Lots of people talks about this. But doesn't hurt to talk about it more.
@michaelhawthrone2184 11 күн бұрын
“Poor people buy that stuff” “Hey you poor people making 6k a month…”
@athbhreith7391 21 күн бұрын
The emptiest can makes the loudest noise
@Awawawmamsh 12 күн бұрын
I buy my luxury bags “preloved” I got a The row bag for $5
@mrlolmaster1019 23 күн бұрын
if you are going to buy luxury buy rolex and that hermes birken bag they go up in value over time louis vuitton retains their value also
@ncs2000 24 күн бұрын
People buying latest iPhone that cost more than their salary to show off
@prdx6441 13 күн бұрын
Pineapple Pizza???? THATS ILLEGAL !
@dapperlygrungy3189 8 күн бұрын
I agree, however, let me give you one example. I am not into designer bags, clothes, and shoes. However, I was in the market for a nice pair of sneakers. I initially bought a pair of Nike Dunks for $120. It was cheaply made and looked too casual, so I returned them. Then, I saw a pair of Prada Downtown Sneakers, similar to the Nike Dunks, but higher quality, with a price tag of $1070. Yes, I bought the Prada's, because the quality and overall appearance can be dressed up or down, whereas the Nike looked too much like gym sneakers and was made of synthetic materials that made them look cheap. I am middle class and I'm not broke as a result of paying $1070 for sneakers. I'm very careful with how I spend money. The quality of choosing a pair of sneakers I can wear in any occasion was important to me. I don't like wearing sneakers I'd wear to the gym out to dinner, movies or a night out. I need sneakers that are a bit more elevated and Prada fit that style for me. Just and FYI.. I love the Prada sneakers so much. I have my eye on another pair of Prada at $1100 for the same reason. And I'm still not broke, or importantly, not in debt. Actually, I use the interest earned on my savings account to pay for these sneakers.
@ItsMe_SaiYuri 2 күн бұрын
Rather than the branded ones i was thought by a good friend who i know is well off but doesn't spend a dime on any of those luxury brands.. they said its better to get custom made pieces, its surprisingly cheaper than branded ones but the quality and material is guaranteed, like shoes, bags and clothes.. a good example was their leather school shoes they've worn 15 so years ago was even handed down to their son and nobody could tell it is.. I'm no fan of anything branded but i think I'll consider getting a customed purse or shoes maybe
@slob5041 24 күн бұрын
“I got some money that needs spending on some expensive trash” - Carl Johnson
The Knowledge Project Podcast
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