I like to learn what rich people do. I hope to increase my net worth by doing the same as the wealthy. So far that has worked very well. When I learned that over 90% of millionaires owned their own home, I bought my own home. When I learned that rich people have more of their wealth in the financial markets than in their homes, I bought stocks! Well I’ve recently discovered a new reality TV show called Rich Kids of Beverly Hills, which follows the lives of 5 or 6 wealthy people in Beverly Hills, California 🙂
Dorothy, 25 years old, is the daughter of a self made retail entrepreneur. She spends most of her time shopping and she describes her current vocation as “funemployed and fabuluxe.” To give us an idea of how rich her family is she said “Honestly I’m not really sure how many Birkins I have, I’ve kind of lost count.” lol.
But of course every girl needs to have aspirations too. Dorothy says that when she grows up she wants to be “the Asian sensation of the world.” Seems a bit ambitious to me, but that’s what I admire about the rich, they set larger than life goals for themselves. 😛
Some rich people I know are stingy when it comes to money, but not these Rich Kids. They all seem like charitable people, especially Dorothy. She said “everyone has to give back once in a while.” She organized a blood drive to give back to her community and invited lots of people over for juice and cookies. And when she hosted a penthouse party for her friends she spared no expenses 😀
There were bottles of Dom Perignon Champagne, Caviar canapes, and many other luxuries. The final bill came to $30,937. Hey Dorothy, can I be your friend too? 😉 haha. But not only did she treat all her friends like royalty, she also gave the server a $10,000 tip! Yes, that’s a 32% gratuity. Hot diggity dog that is seriously generous! （ ﾟдﾟ）
Dorothy mentions that “You can’t really put a price tag on a great night out. Having memories that will last forever is Priceless.” Many financial experts would agree with her. We should buy experiences rather than things. 🙂 The “black card” mentioned in the picture above probably refers to the American Express Centurion credit card, which features a dedicated concierge service plus other perks and benefits, but has a $2,500 annual fee. 😕
Dorothy’s friend Morgan, also on the show, is 26 and fabulously rich as well. 🙂 She owns over 200 pairs of Christian Louboutins, which she says cost $1,500 a pair on average. 😕
Morgan has her own blog called “Boobs and Loubs,” because she has big boobs and is obsessed with Louboutins, 😆 This is great inspiration for me because I have a blog as well. 🙂 Her boyfriend is a successful real estate broker and is also on the show. He sold his first home at only 19 years old for $15,000,000. Today he is 25 and making millions still doing what he’s passionate about: selling homes! This is the type of person I can admire and learn from because he’s young and driven. 🙂
Learning from the Rich Kids
This show is different from the Real Housewives reality TV series because these Rich Kids are all in their mid 20s, like me. (^_^) This means I can relate to them more. 😀 The first episode premiered last weekend and I’m learning a lot already. There’s a saying that rich people surround themselves with like-minded people. Hopefully by watching this show I can learn the habits of these Rich Kids and slowly become wealthy too. 🙂
Oh my gosh, I am can’t believe this exists, and I watch BAD tv. 🙂
At least she’s charitable…
Yeah if I worked in the hospitality industry I would want to be her waiter all the time. Making $10K in one night sounds like a great job lol. Her dad has an MBA from Southeastern Louisiana University, build his own retail, hotels, and mall empire, and is currently worth $3 billion today. Even if his daughter continues to spend money like she is now, his savings would still be able to last his family for many lifetimes.
I would say you’re already quite wealthy, if you’re in your mid-20s and on your way to financial independence by 35!! 😉 I am also a firm believer in surrounding yourself with like-minded people, especially when it comes to finances. Unfortunately, I feel no one in my personal life, with the exception of my mom likes to talk about personal finance. I always hear people say they never have enough money or it’s too early to start saving for retirement. Thank goodness the pf blogosphere exists and I can share my views with like-minded people. 🙂
I like to think It’s never too early to plan for retirement. I’m really grateful for the personal finance enthusiasts on the internet as well :0)
Amazing that they got that show from their Instagram fame. If I had friends like that I would be fabulous. It s my wife new favorite trashy show
Yes, they are pros at Instagram. They take selfies like it’s a competitive sport haha. Looks like your wife has pretty good taste in trashy shows 😉 I watch mostly for the entertainment value and want to see just how ridiculously far those young people can push their spending lol.
I like your theory, I do the same. But if I was rich there is no way I would be giving my child access to that type of money. No way! He or she will understand that I AM rich, not them.
Great advice Marv 🙂 Kids should learn from a young age that the only path to a rewarding life is one they create themselves. The people in this show is getting so much hate from the internet right now. Lots of people are saying how this is a stupid show, how the rich kids are just spoiled brats wasting their parents money, how the wealthy are all self absorbed, egotistical douchebags. But there are at least a couple of kids in the show like the real estate broker, and his recording artist friend, who work for a living too. Even if I were rich, I would probably not tell any of my friends in real life because of the overall negative sentiment some people have towards the rich.
This was really incredible! Memories really are more important than money. I am very inspired to this 19 year old boy, which in his young age started to be a businessman and become a millionaire! This article would be very inspiring too to other readers!
And then he can spend his money in the local economy which will benefit the whole community. When rich people get richer, so do other people around them 🙂
What I’ve noticed is that money attracts money.. which makes sense (same social class, status)..
But I am with Marvin. I’d never give my kids that kind of money.
I am of the belief that it kills motivation or ambition in them and they end up being .. well, bums, and bums who have children who are also bums, tend to perpetuate the cycle and eat through all the wealth in 3 generations and end up with nothing at the end.
Yup, teaching kids to fish is better than giving them free fish 🙂
I heard about this show. I might have to check it out because I’m so curious.
The second episode came out recently and I just watched it. One of the girls wants to move out of her parents’ house. She looks into an expensive home worth >$5 million. #StarterHome 😕 One of her concerns is whether or not the lighting would be adequate for taking selfies lol.
You should check out Rich Kids Instagram:
It’s kinda disturbing!
Haha, crazy stuff 🙂 Almost unimaginable what some people will do with too much time and money on their hands. Thanks for the share.
They need to do a show called I was rich but spent all my daddy’s money and now he’s broke. Now that would be interesting….these reality shows just get worse and worse, what is that teaching young generations? I hope they look at it from the perspective that they too can be successful and rich and not from the perspective of spend the money I don’t have to get the same lifestyle. Eeek!
That would be an interesting show. I would watch it for sure 🙂 They should also make another show that follows celebrities or lottery ticket winners as they get rich and then go bankrupt. So many wasted opportunities to invest and enjoy a quality lifestyle 🙁 Financial literacy is often worth more than millions of dollars 🙂 It’s good that we finance bloggers have that going for us.. which is nice 😉
So now I’m kind of addicted to this show, thank you very much haha.
No problem 🙂 I can see why personal finance enthusiasts like us would like the show. It gives us a fresh perspective of the polar opposite of frugality and budgeting that is rare to see in our everyday group of friends. But it seems like there are a lot of viewers who hate the show. Maybe they’re just jelly 🙂
This makes me tired. When I’m rich I won’t let my kids know so they don’t turn out like these kids.
That’s the best way to give them a normal upbringing 🙂
[…] they will realize that no matter how much money they have they will never be satisfied. The Rich Kids of Beverly Hills are more examples of wealthy millennials who are often stressed out and discontent with their […]