Experts have revealed the tell-tale signs one can spot the difference between the truly loaded and the wannabe wealthy.
In the age of influencers and Instagram flexing, financial experts have sounded the alarm and warned that not all that glitters is gold.
This shocking contrast between outward appearance and financial reality is a common red flag for fake wealth, as reported by Go Banking Rates.
Abid Salahi, co-founder of FinlyWealth, emphasized that some with seemingly lavish lifestyles are really just frauds – while genuinely wealthy people may look like the average Joe.
‘I once advised a client who drove a flashy sports car and wore expensive watches yet struggled to qualify for a basic credit card,’ Salahi told the outlet.
Experts have revealed the tell-tale signs one can spot the difference between the truly loaded and the wannabe wealthy
This shocking contrast between outward appearance and financial reality is a common red flag for fake wealth, as reported by Go Banking Rates
‘Genuinely rich individuals often prioritize financial security over ostentatious displays of wealth.’
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‘True wealth is about financial security and freedom, not just the outward trappings of success,’ he added.
Another key sign is spending every dollar on maintaining appearances.
The genuinely wealthy, by contrast, often maintain modest lifestyles relative to their income.
‘Constantly showcasing luxury brands, often with visible logos,’ said Salahi. ‘Truly wealthy people tend to focus on building long-term value rather than short-term appearances.’
‘Warren Buffett, worth billions, still lives in the same house he bought in 1958 for $31,500,’ he added.
Those are actually wealthy typically value experiences over material possessions, he explained.
‘The truly wealthy often value travel, education and personal growth more than accumulating luxury items.’
The genuinely wealthy, by contrast, often maintain modest lifestyles relative to their income
The fake rich also often struggle to take their finances seriously – unable to discuss investments or financial strategies in depth.
They often will ‘deflect’ or ‘exaggerate’ when questioned, he explained.
Meanwhile, the truly wealthy invest in appreciating assets – that will grow their wealth in the future.
‘They have comprehensive estate plans, trusts and often engage in philanthropic activities,’ said Salahi.
‘Those faking wealth often pour money into depreciating assets like luxury cars or designer clothes to create an illusion of affluence,’ he added.
Abid Salahi, co-founder of FinlyWealth, emphasized that some with seemingly lavish lifestyles are really just frauds – while genuinely wealthy people may look like the average Joe
‘While they have access to significant credit, the wealthy tend to use it sparingly and strategically.’
Ben Klesinger, CEO of Reliant Insurance Group, who works with high-net-worth individuals daily, also highlighted that wealthy individuals will invest in income-producing real estate, stocks or private businesses.
‘The wealthy individuals I serve invest in income-producing real estate, stocks or private businesses,’ Klesinger told Go Banking Rates. ‘They understand that wealth compounds through ownership and time, not a high income alone.
Klesinger emphasized that authentic wealth is often understated.
‘The wealthy live purposefully below their means. They drive practical vehicles and live in appropriately sized homes,’ he said. ‘Their spending aligns with experiences, quality goods and relationships — not brands or status.’
Both experts agreed that true wealth extends beyond material possessions.
‘They know real wealth means having the freedom to do what really matters to you.’
‘True wealth, I’ve found, is lived with gratitude, purpose and service,’ he added. ‘That is the hallmark of legitimate wealth.’