When the economy takes a hit, like in a recession, people tend to get upset with those who seem to be doing better than them. This is why it’s a good idea to keep a low profile about your wealth, or practice what’s called "Stealth Wealth". I’ve noticed this trend of increasing anger on my personal finance blog, where I’ve been seeing more negative comments lately.
People often vent their frustrations online, blaming others for their financial woes. It’s easier to point fingers at others than to take responsibility for your own situation. Some even resort to name-calling, labeling successful people as "out of touch" or "elitist" to make themselves feel better.
This is why some wealthy people prefer to appear middle-class. No one likes being the target of constant criticism. In this article, we’ll look at a case study of someone who tried to appear average but didn’t quite pull it off. This isn’t to put them down, but to learn how to be better at practicing Stealth Wealth.
It’s not easy to strike a balance between maintaining a low profile and building your wealth and credibility. This person deserves credit for putting themselves out there, especially during a time of economic uncertainty.
During the bank run on Silicon Valley Bank, many people and businesses were in danger of going under. Many, including myself, were hoping that the government would guarantee SVB’s deposits above the FDIC limit. The following tweet illustrates the potential consequences if the government didn’t step in to save SVB.
The tweet is from Lindsey, an Ohio mother of four who runs a startup and drives a used Honda Odyssey. Her husband works in manufacturing. She seems like an average, down-to-earth person, far from the elite class. But there are some subtle hints in her tweet that suggest otherwise.
She implies that people in Ohio are more grounded than those in California, that driving a Honda Odyssey is more middle-class than driving a Tesla, and that working in manufacturing is more noble than investing money and coding. She also suggests that being a mother, especially of four children, is superior to those who don’t have children.
While it’s a good idea to present yourself and your possessions in a humble light, you have to be careful not to go too far and offend others. For example, implying that you’re superior because you’re a parent can be offensive to those who can’t or don’t want to have children.
To improve her Stealth Wealth strategy, Lindsey could have been more discreet about her company and what it does. But that would defeat the purpose of using Twitter to promote her business.
Lindsey’s Stealth Wealth strategy backfired in a few ways. For one, she listed McKinsey Consulting, a prestigious organization, in her bio. This is a status symbol, not a Stealth Wealth move. McKinsey pays high salaries and has a low acceptance rate, so mentioning it in her bio contradicts her claim of being a "commoner".
Secondly, Lindsey’s business, StrongSuit, provides executive assistants to busy families, a service that only the affluent can afford. This doesn’t support her argument of being an average person.
Lastly, Lindsey mentioned that she’s a graduate of DePauw University and Duke University in her company bio. While it’s normal to list your education to build credibility for your business, it’s not consistent with a Stealth Wealth strategy.
The tuition at DePauw University is expensive, and the school has a high acceptance rate, making it a luxury that few middle-class families can afford. Similarly, Duke University’s MBA program is costly and has a low acceptance rate. These are not the hallmarks of a "commoner".
If you’re trying to build a company, sell a product, or promote yourself, it’s okay to showcase your achievements. But if you’re trying to portray yourself as an average person in need of help, you might want to remove any signs of wealth or status from your bio to avoid backlash.
Finding the right balance between Stealth Wealth and status can be tricky. If you need credibility, highlight your achievements. If you want peace, hide them. It’s all about being flexible and consistent with your image.
What are some Stealth Wealth mistakes you’ve noticed? How do you maintain credibility without seeming boastful? How do you keep your wealth or intelligence hidden to avoid attracting haters? Share your thoughts and experiences.
