Here’s Why You Can’t Judge Wealth by Appearance

Wealth isn’t about what you can see, but what you can’t. While it’s easy to assume that someone driving a luxury car or wearing designer clothes is financially successful, according to experts, wealth often lies in what isn’t visible — savings, investments and financial security.

GOBankingRates spoke with Dennis Shirshikov, head of growth at GoSummer and professor of finance at City University of New York, as well as Mafe Aclado, finance expert and general manager of Coupon Snake, to discuss why you can’t judge wealth by appearance.

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“I’ve seen clients who lived very modestly but had substantial retirement accounts, real estate investments and portfolios,” said Shirshikov.

On the flip side, he said there are individuals who appear wealthy but are actually over-leveraged.

“These are the clients who may have an expensive lifestyle but rely heavily on credit and are often just one financial setback away from a crisis.”

One of the more interesting aspects of working with affluent clients, according to Shirshikov, is discovering how many of them actively downplay their wealth.

“They drive regular cars, live in modest homes and avoid flashy purchases,” he said.

This concept, known as “stealth wealth,” is about avoiding the trappings of luxury and focusing instead on long-term financial goals.

“A prime example is a client who made millions through real estate investments but maintained a frugal lifestyle to ensure they could continue building generational wealth. For them, financial success was about freedom and security, not outward appearances.”

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Experts emphasize that real wealth is built through financial discipline — consistently saving, investing and living within your means.

“I’ve noticed that some of the wealthiest individuals I’ve worked with never focused on appearing rich; they were focused on the long game,” Shirshikov said. “One client, who retired early with significant assets, told me they always resisted the pressure to ‘keep up with the Joneses.’”

His advice to younger generations? “Focus on making your money work for you, not on looking like you have more than you do.”