ANOZIE EGOLE highlights eight signs that people may have substantial amounts of money stashed away even if they don’t flaunt it
In a country like Nigeria, where insecurity is a daily concern and criminals devise many means of targeting the rich, or those perceived to be, maintaining a low profile isn’t a bad idea. It’s far safer to stay low-key and enjoy your wealth privately than to flaunt it at the risk of your safety.
Wealth isn’t always evident through flashy cars or designer clothes. Some of the richest people are the most unassuming. They’ve mastered the art of living below their means, making their wealth nearly invisible. So, how can you tell if someone has a lot of money in his bank account, even if he doesn’t show it? There are subtle signs, and they’re often not as materialistic as you’d think.
You may even learn some habits that could lead to your own financial success. Sit back, grab a cup of coffee, and let’s delve into the not-so-obvious world of wealth.
They live below their means
It’s a common misconception that wealthy people lead extravagant lifestyles. In reality, many of them are characterised by understated habits. They often opt for modest homes and vehicles rather than flashy displays of wealth because they understand that building wealth isn’t about how much you earn, but about how much you save and invest.
If you see people living modest lifestyle despite having stable, high-paying jobs, don’t be fooled. They might have a healthy sum tucked away. Wealth isn’t always about appearances; it’s about disciplined financial habits.
A spare parts dealer at the popular Ladipo Market in Lagos, who gave his name as Gerald Eji, shared, “Most of the guys you see here bragging and wearing expensive clothes are apprentices. The real shop owners are always quiet and reserved, planning their next investment.”
They value experiences over possessions
Wealthy individuals often prioritise experiences over material things. A typical example is Dave (not his real name), who has a six-figure job but lives in a small apartment and drives a ten-year-old car.
Yet, he spends his holidays exploring the world, snorkelling in the Maldives, witnessing cherry blossom season in Japan, and even visiting Antarctica to see emperor penguins. These experiences, he says, enrich his life in ways possessions never could.
If someone spends more on experiences than on gadgets or luxury items, they may be quietly wealthy.
They have a long-term financial plan
Wealthy individuals often have a clear vision for their financial future. Nearly 90% of high-net-worth individuals attribute their financial success to careful planning and budgeting.
They focus not only on current income but also on long-term goals, investments, retirement, estate planning, and wealth transfer. If someone discusses detailed financial strategies, chances are they have significant funds stashed away.
A warehouse owner in Ijesha, Lagos State Herbert Onye, told The PUNCH, “This business didn’t just start today. It was the product of long-term planning, sacrifice, and commitment. Growing up, I knew I’d be better off in business than in school, and my father couldn’t afford my education anyway.”
They avoid lifestyle inflation
As income increases, it’s tempting to upgrade one’s lifestyle, a trap known as lifestyle inflation. However, many wealthy individuals resist this.
Instead of spending more as they earn more, they maintain their standard of living and invest the surplus. If you notice someone whose lifestyle hasn’t changed despite professional success, they might be quietly building wealth.
They prioritise giving back
True wealth is often accompanied by generosity. Many financially secure individuals feel a responsibility to give back, supporting causes, charities, or establishing scholarships.
Their philanthropy is often a reflection of deep financial stability. If someone is consistently involved in giving, it may be backed by solid resources. True wealth, after all, shines brightest when shared.
They are financially literate
Maintaining wealth requires financial knowledge. People learn this the hard way when they don’t understand investments, compound interest, or diversification. Their savings grew very slowly.
But financially savvy individuals understand how money works. If someone confidently discusses stocks, bonds, real estate, or retirement plans, they likely have money working for them, and a solid balance to show for it.
They don’t stress about bills
For many, month-end means financial anxiety. But wealthy individuals often have systems in place, automatic payments, emergency funds, and savings, that eliminate stress over bills.
If someone never seems worried about making ends meet or paying bills, it could be a sign they’re financially secure.
They value financial independence over material goods
Wealthy people tend to prioritise financial freedom, the ability to do what they want, when they want, over material accumulation.
They’re not interested in impressing others but in securing their future. If someone values independence over luxury, he likely have more wealth than he shows.
Conclusion
We often equate wealth with material display, but that’s not always accurate. As Thomas J. Stanley, author of The Millionaire Next Door, wrote, the true signs of wealth lie in frugality, long-term planning, generosity, and financial independence.
Next time you try to gauge someone’s financial standing, look past the surface. True wealth is often hidden in habits and values, not in flashy possessions. Ultimately, it’s not about what you show to the world; it’s about what you’ve built quietly for yourself.
