Stealth Wealth: How To Do It, Benefits, & Why You Should Do It (2024)

Stealth wealth is the practice of keeping your true wealth hidden from others — even friends and family members.

And though the name might bring to mind mystery, espionage, and images of the Monopoly man dressed as a ninja, the practice is anything but that.

Stealth wealth is:

• The rich techie who wears hoodies instead of suits and forgoes a Ford Mustang for a Ford Fiesta.

• The millionaire CEO who’d rather drink a cheap beer with her friends while watching a football game than Dom Perignon at a polo match.

• The college student who commiserates with his buddy’s complaints about student loans — while secretly owning a trust fund himself.

• The individual who practices keeping their assets private to safeguard against identity theft, avoid awkward social situations, and maintain financial privacy within personal relationships.

Be honest with yourself. How often have you thought something to the effect of:

• He/She is rich so they must be snobby.

• You have to becutthroatin order to be wealthy.

• That person has a trust fundso they must be spoiled.

…without even realizing it? That’s because there areinvisible scripts— the assumptions that are so deeply embedded in our society that we don’t even realize they guide our attitudes and behaviors — surrounding wealth.

“There’s an expectation that most people spend up to their income level,” Dr. Erikson says. “When I pull up in my ‘06 Chevy, people who know that I’m adoctor probably think something’s not quite right. Personally, I don’t care much what I drive, but apparently, I’m supposed to.”

This contrasts sharply with the average person, who may not have the same level of control over their spending or the same understanding of their values, often succumbing to societal pressures and impulse buys. People practicing stealth wealth, like Dr. Erikson, navigate these societal expectations differently, prioritizing personal values over societal assumptions about wealth and spending.

And even if you got wealthy unexpectedly (likelottery winnersor people who inherited money), you’re still faced with the same societal pressures.

“Can you imagine what it’s like for a lottery winner?” Dr. Erikson asks. “You’d feel bad not picking up the tab and helping and supporting family and friends, but when and where does it stop? How do you know who your real friends are? The money would be nice, but you’d be in a very trying place socially.”

People in a place of wealth have the opportunity to leverage these scripts, though. By being aware of them they can mask their finances accordingly through stealth wealth as Dr. Erikson does.

“The more powerful social benefit of stealth wealth for me is approachability,” he says. “I live in a rural area. If I drove a Maserati and lived in a 6,000-square-foot estate, people might see me differently, and not favorably. I think most of the people I hang around respect the fact that I don’t flaunt my wealth — if they even realize I have any.

For Dr. Erikson, he doesn’t really care if you do want to flash your wealth — though he doesn’t think that necessarily means you’re any better off for it.

“I do my best not to be judgemental,” he says. “Still, it’s hard not to wonder if someone with a similar career who spends four times what I do is four times happier.”

Take the Quiz

It’s not like our doctor lives a miserly life, tucking his money away under his mattress and picking up every penny he finds.

He says:

A few things:

1. He has the flexibility to spend time with his family.

2. They frequently travel and enrich their lives with new experiences.

3. He’s doing exactly what he wants because he’s not tied down to anything.

What does this tell you?

Answer: HE’S LIVING A RICH LIFE.

Because he’s a Top Performer and he worked hard to get his finances in order, he’s now living the life he wants to.

He doesn’t have fancy cars, huge homes, and caviar with every mealbecause that’s not what a Rich Life means to him.

Understanding the importance of saving and investing more money rather than flaunting wealth, and recognizing the pitfalls of spending money to maintain a certain image, are key aspects of a stealth wealth lifestyle. This approach not only avoids the trap of lifestyle creep that comes with mindless spending when earning more money but also emphasizes the value of accumulating more money in the bank and using it more intentionally. It’s a conscious choice to find joy in what one already has, resisting the temptation to spend unnecessarily to fit in with others.

If that’s what it means to you, great!We have systems to get you there. But for this millionaire, all he needs is his time to spend with his family and financial stability.