Why it’s not true: The rich are often cheap—very cheap. Remember that line in Crazy Rich Asians? It was something like: “No one loves free stuff as much as the rich.” Let’s forget tax breaks for the moment. They don’t splash money around that much. They split checks in restaurants. They shop at Costco. They buy wine on sale. They don’t talk about being thrifty, but if you can find good deals and pass along this news discretely, you’ll get their attention. Let’s also remember one of Lady Mary’s lines from Downton Abbey: “Your lot buys it, my lot inherits it.”
5. It’s different here. That may be true in general, but not in my town. You may be surprised.
Why it’s not true: There are parts of the country with celebrities and their publicized lifestyles. These same parts of the country have car dealers, doctors, dentists, lawyers, accountants and other professionals. They have small business owners. If they work hard and keep their head down, they often become wealthy. It’s Tom Stanley’s The Millionaire Next Door all over again.
6. The only young people they know are their kids. Older wealthy people have no connection to the younger generation. It’s part of the “We have nothing in common” objection. This can be an advantage in disguise.
Why can it be an advantage? The children of the wealthy are born into a life of privilege. Their parents might have worked for the money. Since it’s there, they don’t see the need to earn any. These wealthy people see you working hard, building your career and living within your means. They wish their children were more like you! They admire you for your values.
Wealthy people in your area are more like you think you imagine. They are often people who got where they are through hard work, focus and maybe a little luck. Just like you.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, Captivating the Wealthy Investor can be found on Amazon.