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If you’ve managed to accumulate some wealth, showing it off can often be tempting. After all, what’s the point of success if you can’t indulge in it?
However, a growing cohort of ultra-wealthy Americans are trying to conceal their wealth rather than flaunt it openly.
Here are five reasons why stealth wealth or quiet luxury lifestyles are gaining traction and why you should consider concealing the true extent of your fortune.
Being publicly wealthy could make you a prime target for thieves, fraudsters and criminal gangs. A study by Silicon Valley Bank found that identity theft is 43% more common among the wealthy.
Celebrities like Kim Kardashian and Paris Hilton, as well as top NBA and NHL professional athletes have been targeted by criminal gangs. Even Warren Buffett once narrowly avoided a kidnapping in the 1980s.
With this in mind, downplaying your fortune could be the best way to safeguard your privacy and protect your family.
Another effective way to safeguard your wealth is by diversifying your investments across a range of asset classes. Gold, in particular, is considered a classic safe haven. During times of economic uncertainty, investors tend to flock to the asset — since it isn’t tied to any currency or economy.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Priority Gold.
Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau.
If you want to convert an existing IRA into a gold IRA, Priority Gold offers a 100% free rollover, as well as free shipping and free storage for up to five years. Qualifying purchases can also receive up to $10,000 in free silver.
Money undeniably affects personal relationships, particularly when loved ones are not on the same page about finances.
While it’s generally unwise to conceal your financial situation from a legal spouse, being more discreet with new friends or certain family members might be beneficial. According to a 2023 finance survey, around 57% of Americans admit to feeling envious of someone else’s financial status.