Embodying stealth wealth and maintaining a low profile might seem uncommon, especially for a 23-year-old part of a generation known for being fearless and vocal. However, unlike prior generations, Gen Z is remarkably comfortable discussing money and wearing less flashy more down-to-earth items to boost their mental, financial, and overall lifestyle.
While there are stories of Gen Z indulging in FOMO spending and planning to retire next year, many are increasingly conscious of their financial choices, helping them work towards cultivating a healthier mindset around money and image.
Quiet living, by definition, implies not striving to stand out or impress.
I’ve always believed in “faking it till you make it” to propel yourself to the next stage. There’s nothing wrong with this approach, as long as it’s done in moderation and without being intrusive or obnoxious. Knowing your worth and strategically avoiding a pushy demeanor are keys to success and your wallet. It’s not about being the smartest in the room but about timing, luck, connections, work ethic, and grit, all of which play into the concept of quiet living. Strategy is key when it comes to being smart with your money and career. After all, it’s not what you know, but who you know.
Quiet to Stand Out: Striking the fine line of standing out without making it look like it is an art form only a few can master. Regardless of your position, whether a janitor or CEO, approaching the question of “What do you do?” with humility and sophistication makes a lasting impression and can faciliatie massive growth in one’s personal and professional life.
Keeping it humble, low-key, and not looking overly ‘incredible’ or unreal, makes you the most real.
Quiet Luxury Hidden In Plain Sight
In various domains, from red carpets to fashion houses, a noticeable trend has emerged: less = more. Americans are adopting a mindset that values quality over flashy brands, logos, and excessive writing.
Contrary to the perception that less equals downsizing and increased expenses, individuals with disposable income are focusing on essential needs rather than extravagant spending. Many Americans are embracing the European way of life, keeping it low-key while prioritizing quality not quantity with their purchases.
Here are a few examples of quiet luxury staples, not trends that are here to stay:
Clothing: While Parisian fashion brands like LMVH or Chanel have been highly prized by the world since their existence, there is a rising preference for clothing with fewer labels, logos, and color, focusing on materials like cashmere and more muted colors such as beige or off-white.
Real Estate: The concept of cozy living, “Gezellig” coined by the Dutch , has gained in popularity, unintentionally providing financial relief and comfort. Even people who can afford loftier homes are leaning towards smaller more ‘homier’ spaces for long-term investments and to raise a family in.
Public Transportation: In contrast to flashy cars that depreciate the minute you ride them off the lot, people are opting for public transportation more than ever before as it’s oftentimes faster, healthier, and you guessed it, cheaper! Although the U.S.’ transportation systems don’t come close to Europe and Asia’s, The U.S. Department of Transportation is investing more across numerous states.
Smarter Savings: Although majority of Americans have higher disposable incomes and net worths post-pandemic, they’re still weighing their spending decisions harder than ever and preferring to spend even less than they needed to before. Out of choice! The motto, “if it doesn’t hurt, don’t save” is being heard! Inflation has contributed to a shift towards realistic spending and choices, with less emphasis on impressing others and more time on what really matters.
Quiet luxury has unexpectedly become more prominent than most other modern personal finance trends. While it might be a subtle trend for now, a closer look particularly in metro areas reveals its prevalence.
Alas! The era of flaunting excessive wealth is waning, replaced by a focus on living within our means and splurging only on quality, timeless items. Finally, we can take a deep breathe and not overspend to be someone we’re not.
Let 2024 be the year you regain trust in yourself instead of seeking validation from others. As always, continue to be mindful of your spending and presentation, as someone is always watching.