this post was submitted on 19 Aug 2023
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I noticed that the "Rich Kids" app for photo sharing (aka Instagram for the wealthy) is only in English and Russian, so I guess that one is mostly for Russia's oligarchy? It makes me wonder if most of it is for the Russian oligarchy for the most part. I can't see filthy rich people from the USA or Europe using these things. A lot of them are actually on Instagram and Tinder like "regular" people use.
$1k per month is also a downright excessive price for something with zero intrinsic value. I honestly do not believe many wealthy people would pay it (or let their kids waste their money like that - which is usually pretty closely scrutinized).
I have a good amount of experience with the finances of the ultra wealthy and the vast majority do not waste money. In fact, they can be surprisingly frugal. It’s actually a big reason why trickle down economics is total bullshit. The more money you have, the more likely you are to save it or put it toward investments. It does not result in increased “regular” spending.
Sure, they’ll drop big cash on homes, planes, and other valuable assets with resale value. A small handful have obscene restaurant and/or travel expenses. But I don’t think I’ve ever seen something like a cash drain of $1k/month for a silly subscription. That would be a major red flag, and as a financial advisor we’d probably make sure they’re aware of it.
Right, that's the whole philosophy behind capitalism. If you have capital, you're supposed to hold onto it and "put it to work" aka find ways to make money off of it and other people with less or no capital. The filthy rich have done this or, more than likely, their ancestors have done this and have accumulated a large amount of capital. The Russian oligarchs and their families, though, they're culturally different and a lot of them are not capitalists as described by Marx. They very much enjoy being ostentatious and showing off their trinkets, which is why I wondered and asked about it.