When talking about the habits of millionaires, it’s common for news articles to focus on their discipline and rigorous personal lives. Maybe they get up early, or they limit the amount of time they spend on social media. In some cases, they basically make it sound like becoming a millionaire boils down to fixing your sleep schedule and setting ambitious financial goals. High Net Worth Individuals
However, this isn’t necessarily the reality of daily life for the majority of the rich and famous—what many of them do is way more interesting! High net-worth individuals have some social habits in common with “regular” people—and some pastimes that most can only dream about. Those are the kind of habits we are sharing in this piece.
Below are 5 social habits of high net-worth individuals…
#1. Vacationing on a private yacht
Pretty much anyone can choose to enjoy a cigar like the sophisticated Rocky Patel cigar; they’re available in cigar shops, as well as online stores like Renegade Cigars. However, it’s significantly rarer to be able to spend a few days or weeks at a time, lounging on a private yacht––drinking some cognac and smoking some Cuban, or simply sun bathing, as the case may be. While it’s easy to imagine the many delights of chilling out on your own private yacht, there’s one advantage that celebrities especially value: privacy. Jay-Z and Beyoncé may have to dodge paparazzi when they are on land, but when they are traveling on their 450-foot yacht, the celebrity couple can be sure of having the whole place to themselves.
This is something that is exclusively the province of the super-rich, with even mini-yachts (50 to 70 feet) costing $500,000 or more. And if you think that’s a high price tag, the most expensive yacht in the world costs about $1 billion! Yachts are the pinnacle of decadence and luxury, and they’re perfect for catching a break from daily life, as well as entertaining friends in style.
Come to think of it, maybe having a stricter sleep schedule wouldn’t seem so arduous if you were waking up on a custom-built yacht.
#2. Enjoying fine cigars and top-shelf alcohol
Why are cigars and fine liquors associated with being rich? For one thing, they’re also associated with success and power. From Sir Winston Churchill to Steve Harvey, everyone knows some iconic figure who has an affinity for regularly puffing on a cigar.
The same goes for high-end alcohol. It’s a mark of refinement to sip on a fine bourbon, cognac, or whiskey, whether it’s to celebrate an achievement or simply to relax.
Historically speaking, these products used to be out of reach because they had to be imported. The cost of importation was reflected in the retail prices, which meant that only the wealthy could afford them.
Even though importation costs don’t impact the retail prices of cigars or booze quite as much these days, the price ranges for these products can still be absolutely astronomical. The King of Denmark cigar has a price tag of $4,500 and the Hardy Perfection cognac costs $12,000 per bottle. These prices are well out of range for the average person, but for the average millionaire, they’re much more accessible.
#3. Going on skiing trips
Is skiing a rich person’s activity? Not exclusively, but rich folks are definitely more likely to enjoy the sport. Just consider all the equipment you’d need in order to ski:
- Skis and poles
- Ski boots
- Helmet
- Goggles
- Ski socks and gloves
- Ski jacket and pants
Since most of this equipment is fairly specialized, it has to be bought especially for the purpose of skiing. And of course, that’s only part of it; avid skiers also have to pay for the cost of travel (usually via plane), and the cost of the ski resort. However, high net-worth individuals often don’t have to purchase a plane ticket – they fly in on their private jets.
Skiing may not be a social activity that’s exclusively for the wealthy, but it’s certainly more accessible to those with plenty of cash to spare.
#4. Playing tennis at a private club
Just like skiing, tennis may not be a totally exclusive sport, but it sort of can be. There’s a distinct image that comes along with being a rich person who plays tennis. From the private club to the lobster sandwiches, and the chilled beverages served in the shade. The really posh private clubs don’t just offer manicured tennis courts, though; they also include restaurants, pools, jacuzzis, saunas, bars, and ballrooms.
Some private clubs are exclusively for tennis; they may cost the same as a gym membership, or they could be priced for higher-income individuals. In addition to the tennis courts, the higher-end private tennis clubs also offer services like upscale shower facilities, lounge areas, food and drink services, and more.
It’s notable that other sports, like soccer, basketball, or football, don’t have private sports clubs. This is part of what sets tennis apart from other sports, giving it the feeling of exclusivity (even if the exclusivity only belongs to select clubs and not the entire sport). Private tennis clubs can also function as watering holes for the wealthy, where they can interact socially while building their networks, or simply get some exercise in.
#5. Playing golf
You might think that golfing would fall into the same category as skiing and tennis—”it’s associated with high net worth individuals, but isn’t exclusively for them”—but actually it’s more in line with fine cigars and booze. Not only is it a sign of status and power, but it’s actually quite expensive if you’re going to do it regularly. You can count on spending several thousand on golf clubs—that alone is something that a wealthy person is more likely to splurge on.
Then there are the membership fees, which range from expensive to even more expensive. Free golf ranges exist, but they’re extremely rare. And if you want to become proficient at the sport, it’s recommended that you hire someone to give you lessons—which, again, is pretty costly.
The quickly mounting costs of golf have led to its reputation as a “rich person’s sport,” which in most cases is fairly accurate. It’s also affordable to members of the upper-middle class, but the social status conferred by playing golf is still unmistakable.
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