Great Read!" Why do poor people waste money on Luxury Goods”..

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82. while the rich may be frugal on some things

they aren't afraid to spend on quality. Or on experiences.

A lot of rich people may wear shabby clothes, or drive an older car. But they'll spend freely on a guided trip to the Amazon or Africa, and they'll go equipped with the best, expensive Leica binoculars. (Leica binoculars look like any other set of binoculars to most people, but those in the know will agree that the lenses are the best, and make a big difference when wildlife viewing.)

The frugal rich won't waste their money on a Breitling or Rolex watch because increased price doesn't correlate to that much better quality in a watch. They think that those who do buy Rolexes are wearing their foolishness on their sleeves.

The frugal rich may cook their own meals at home, eat simply, and haunt farmers' markets. But once they're out of town, they'll head for the most creative restaurants because -- once again -- it's for the experience.