Wednesday, September 06, 2006

The New Jet Set

Well, the market took a serious hit today on inflation and rate hike fears. Not surprisingly, almost all of my holdings fell. Given our recent run-up, I'm not too concerned. I'd have to see a lot more evidence that things are a lot worse before I'll start losing any sleep.

Now that most of us have less money now than we did yesterday, let's make ourselves feel just a tad bit worse by learning how the rich folks do their luxury spending. I found this paper on ultra-rich spending habits to be entertaining. It might seem long at 40+ pages, but most of it is in big print with pretty pictures and lots of visual aids. What is sort of neat is the assignment of rich people as spenders into three distinct categories. Anyway, check it out.

Here's a quick taste of what you'll read about...

Roughly 60 percent of the New Jet Set spent money on spa services last year at an average annual cost of $107,000.

The New Jet Set: A Psychographic Analysis of Luxury Spending

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