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> In New York especially, wealthy people just have more interesting things to do with their money. They invest in crypto. I'm not sure investing in glorified p

> In New York especially, wealthy people just have more interesting things to do with their money. They invest in crypto. I'm not sure investing in glorified ponzi schemes qualifies as doing more interesting things in with their money. Some of the comments really read as a satire > “Imagine we were just spending all of our money on authentic handbags,” she says. “You would never grow your wealth that way, right? And then a bit above, one of the person interviewed spent 10,000 a year on replicas.

spicymaki 4y ago
> Some of the comments really read as a satire Hilarious! To me this illustrates when household wealth gets over a certain level most purchasing decisions become wasteful. Spending millions on NFTs come to mind. Could you imagine how many people could be helped for a fraction of that?
vmception 4y ago
JPOW is going to nuke this market too.
panda88888 4y ago
Well... a single real birkin (plus all the other purchases needed at the Hermes store before someone is "qualified" to buy a bag) easily exceeds 10k.
- vlunkr 4y ago
  So what? Buying a real Birkin is a stupid status symbol, and so is spending the same amount on knock offs.
- daniel-cussen 4y ago
  I thought of this as an economics experiment. What does hobo washing cost? Basically taking a guy covered in filth, and do all the steps needed to get him the finest clothes in the country, at the most exclusive...no that's always a rip off, some reasonable version of that that isn't extortionate. So how many times do you have to buy an intermediate change clothes that lets you shop at the next place? There was a scene in Pretty Woman about this, Julia Roberts is unable to buy clothes at the nice place because she shows up dressed like a prostitute, so they have to work around that.
varjag 4y ago
Per the article her household has an income of meager 3 million/year so it goes a long way to preserve family budget. But she has a rich friend who buys those too.
eru 4y ago
> I'm not sure investing in glorified ponzi schemes qualifies as doing more interesting things in with their money. I'd say it's interesting. Though perhaps not wise.

spicymaki 4y ago

> Some of the comments really read as a satire Hilarious! To me this illustrates when household wealth gets over a certain level most purchasing decisions become wasteful. Spending millions on NFTs come to mind. Could you imagine how many people could be helped for a fraction of that?

vmception 4y ago

JPOW is going to nuke this market too.

panda88888 4y ago

Well... a single real birkin (plus all the other purchases needed at the Hermes store before someone is "qualified" to buy a bag) easily exceeds 10k.

vlunkr 4y ago
So what? Buying a real Birkin is a stupid status symbol, and so is spending the same amount on knock offs.
daniel-cussen 4y ago
I thought of this as an economics experiment. What does hobo washing cost? Basically taking a guy covered in filth, and do all the steps needed to get him the finest clothes in the country, at the most exclusive...no that's always a rip off, some reasonable version of that that isn't extortionate. So how many times do you have to buy an intermediate change clothes that lets you shop at the next place? There was a scene in Pretty Woman about this, Julia Roberts is unable to buy clothes at the nice place because she shows up dressed like a prostitute, so they have to work around that.

varjag 4y ago

Per the article her household has an income of meager 3 million/year so it goes a long way to preserve family budget. But she has a rich friend who buys those too.

eru 4y ago

> I'm not sure investing in glorified ponzi schemes qualifies as doing more interesting things in with their money. I'd say it's interesting. Though perhaps not wise.