Beanie Babies
If you were too young to remember these, we don’t blame you. These plastic stuffed toys were the biggest thing of the 90s, and anyone who was anyone had them for their baby. The bean babies were based on animals, and some of them could even sing a little poem! Over time, they came out of fashion, and for some strange reason, they became collectors’ items. This means that this old stuffed toy from the nineties could now be worth a couple of thousands today.
The most expensive beanie baby is the giant bear, which you can get on eBay for a whopping $ 300,000 dollars! Now, unless you are a millennial going through a nostalgic phase, this is not even a purchase you should consider. The next expensive purchase is in every influencer’s kitchen, but it should stay out of yours!
Smeg Appliances
This high-end Italian brand has a selection of the coolest kitchenware in a retro style. We are sure the appliances work just fine, but they are more for the design and aesthetic, honestly.
They look really good on your countertops, but are they worth the price tag? A regular kettle could cost around $20, while the Smeg kettle retails for $250. The jump in price for things that do the same thing is crazy!
Coffee
Your spiced latte from Starbucks is already overpriced, so when you make it big, do not fall into the trap of buying from ridiculously priced coffee brands. Good quality coffee is not cheap, but you will know by the price point when people are really taking you for a ride.
They will tell you that the coffee is made from the rarest coffee beans in the world, but do not believe them! An example of this is the brand KopI Luwak, which sells its coffee for $1000 for a pound! The next purchase is extreme, even if you are a sound geek.
Headphones
A good quality pair of headphones should cost you some money, but some of the prices that people are paying for headsets are a bit outrageous. Sure, you don’t want your music sounding like it's being played off a scratch record, but there are good quality headsets that exist for a fraction of some of these prices.
One of the most expensive headphones is a collaboration between Beats by Dr Dre and Graff that are priced at $750 000! This makes sense, though, considering they are covered in diamonds and rubies.
Stationery
If you are going to be signing billion-dollar contracts, you might be tempted to buy the most expensive pens! We promise you the ink dries the same, so please do not be swept up by this ridiculous trend. Have a nice pen to write with, but don’t sell your soul for one of the fanciest ones.
The Montblanc pen collection is probably the most famous, and their felt pens cost most people’s savings. The most expensive one is from the Taj Mahal Limited Edition, and it costs $2 million! The next unnecessary purchase is from perfume houses that want to steal your coin.
Scented Candles
If you want a scented candle that will last you a while and will perfume your entire home, they do not come cheap. Good quality candles need to be made from good quality ingredients, so that means that you need to fork out some money. There are good brands like Jo Malone that smell exquisite, but some of these brands are taking their prices too far.
Perfume houses have begun to take advantage of the popularity of scented candles, and their pricing is insane. One of the most expensive candles is from DKNY and it costs a million dollars!
Skincare
Don’t get us wrong, good skin care is very important, and these products do cost an arm and a leg. The price of beauty is pretty high, so we are not telling you not to spend money on good products. The problem is when one jar of face cream begins to cost over a thousand dollars.
Unless it can guarantee to take five years off your face, no skincare products should cost more than a couple of hundred dollars. An example of one of these ridiculous products is the La Mer Moisturizing Cream, which costs $1,050. The next purchase is important for most sleepyheads.
Bed
The quality of your sleep is basically the quality of your life. Making sure you are sleeping on a comfortable bed is important, so don’t be a penny pincher when you are choosing one. What you need to remember is that being rich does not mean you should be sleeping on your net worth!
The most expensive bed to have ever been made is the Baldacchino Supreme Bed, which cost $ 6,3 million dollars! On a bed like that, all you will dream about is money.
Exotic Pets
The newest craze that you need to make sure you don’t fall into when you get rich is buying the weirdest animals and putting them in your home. Regular pets like dogs and cats already cost a lot of money if you are buying them purebred, so focus on getting your best friend there.
Celebrities like Mike Tyson and Justin Bieber own pets like tigers and chimpanzees, which should not be a thing. Tigers can cost up to $100 000, while chimpanzees cost $60 000. If you are feeling quirky, settle for a parrot or a squirrel instead
Watches
It does not matter what you have on your wrist; the time still stays the same. We don’t want to seem like haters, so we are not saying every expensive watch is unnecessary. Good quality brands with handsome hardware are a good spend, but some of these rich people take it too far.
While established brands like TAG Heuer and Rolex will make you drop your money, there are some crazy watches out there. The most expensive watch made is a Graff Diamonds Hallucination, which costs $55 million!
Jewellery
Diamonds are a girl’s best friend, but you don’t one want to be the girl with too many of them. Besides the security risk that comes with having an expensive jewelry collection, it can also be wasteful. Sentimental pieces like your wedding band and your engagement ring can be a splurge, but not every piece of jewelry you own needs to be over a thousand dollars.
Expensive necklaces, like the Graff Diamonds Hallucination Necklace costing $55 million, belong in the museum and not around anyone’s neck. The next expensive purchases are handbags, so buckle up for some scary prices!
Handbags
The debate about luxury handbags is too long and winding for us to get into, but the truth is that the price tag on a lot of these handbags cannot be justified. Are they good quality? Yes, Do they look amazing? Yes again. The real question is, should a bag that merely carries phones, lipgloss, and wallets be over a thousand dollars?
We all know about the Hermes Kelly, but the most expensive handbag is called the Mouwand 1001 Nights Diamond purse. The bag that is covered in diamonds and made of 18-karat gold is auctioned at $3.8 million
High Heels
Most heels are extremely uncomfortable to wear, but women will fork out thousands to put their feet through unnecessary torture. A nice pair of good-quality heels is standard, but if you find yourself spending thousands on one pair of heels, you might want to get checked out.
Most high-end heels are designed by men like Christian Louboutin, so you know they are pricey and impractical. The most expensive Louboutin is priced at around $6000, which is crazy for a shoe that is not functional.
Baby clothes
Research shows that babies grow 1-2 inches every month. This means that you are going to be buying clothes very frequently to keep up with these developments. If you are rich you are not going to want to dress your baby in rags, so we can understand a luxury buy here and there.
Where you need to stop is when you catch yourself buying your toddler a pair of Gucci shorts. When good baby brands like Little Sleepies exist, why are you buying your angel a Hermes baby blanket for $1500?
Clothes
You are not growing as fast as a baby does, we know. Still, there is a very thin line between luxury clothing and purchases that you have no business making. Most splurge pieces are so extravagant you can only wear them once and on special occasions, so where is the fun in that?
Opt to buy a good Ralph Lauren jacket while you try not to think about the Gucci Diamond Encrusted Leather jacket that will cost you $90 000! The next unnecessary item is for the people who like to catch flights and not feelings!
Suitcase Collections
If you are going on a luxury vacation, then we guess you have to make sure your luggage matches, right? Unfortunately, people forget that these bags get manhandled during transit, so they need to be strong and durable.
If you are going to be getting a travel pack, the focus should not be on what it will look like in pictures! An example of this is the Louis Vuitton travel set, which has each individual piece priced at $179 000.
Wine Collections
A lot of rich people die with cellars full of wines they did not get to enjoy. Keeping expensive wines for special occasions is one thing, but a room full of wines that you will never drink is another.
The most expensive wine collections are owned by the likes of Alex Ferguson, and some of these collections could be worth over a million dollars! Wine is for drinking and not hoarding, so try not to become one of these rich people.
Food
Spending thousands of dollars on food that is going to come in and out of you in hours should be a crime. There is nothing wrong with splurging at a fine dining restaurant once in a while, but some of these plate prices are just wrong! Restaurants and private chefs will dress a thin slice of steak up and sell it for someone’s salary to anyone gullible enough to pay.
One of the most expensive desserts is a chocolate pudding at Lindeth How Country House in England, which costs a staggering $35 000!
Coin Collections
We are not trying to shame anyone because we understand that everyone has their thing. Coin collecting is a unique hobby, and some people find joy in having the coolest of coins. The question is whether this is a good use of the money.
Besides the obvious fact that most of these coins can’t be used in any shops, this is a very niche investment that may not always pay off. Rather, leave the coin collections to museums and invest your money elsewhere.
The Ocean Gate saga should be enough to stop anyone from purchasing this. These are luxury vessels that allow people to go underwater and explore the sea. Although they are submarines, they maintain the luxury of a yacht with air conditioning and comfortable sitting.
A bespoke submarine of this kind could cost you about $ 50 million. Purchase one at your own risk. Check out the next expensive purchase to find out about more ridiculous uses of money!
Private Jets
Once you make the big leagues, you may be tempted to get one of these. A private jet is like the millionaire's stamp of approval for most people, but it is not worth the hassle. For starters, most private jet owners don’t use their planes often enough, but the maintenance and operating costs are through the roof!
You have to think about hangar rentals, insurance, and pilot salaries too. The jet itself could cost you $2 million, and the rest of the expenses will cost you a kidney!
Private Islands
Acquiring a private island gives off colonialist energy, but we are not here to judge! While the promise of privacy and space is very inviting, you do not need to buy a private island to get all of this. The process itself is hectic as you have to go around zoning laws, ownership and negotiations with the inhabitants too.
After all of that, you have to get permits to develop the island too, and this can take years! It would be wiser to just book out a resort for your holidays because private islands cost anywhere between $100 million and $300 million.
Private Nightclubs
We get it; sometimes you just want the whole dance floor to yourself, but you do not need to buy a club! This is an unnecessary purchase, and unless you are obsessed with fun, you will not be hosting parties and events every single day.
This is a waste of money, and you don’t have to be like Paris Hilton, who bought one for $12 million. An alternative is to book a nightclub whenever you want to have an exclusive party; it will be just as much fun.
Renting Celebrities For Events
We know you are Rihanna’s biggest fan, but is all that money worth it for a couple of hours? Celebrity appearances and performances at your events can add a special touch, but they are a little ridiculous at the price point.
Rihanna’s recent performance at the Ambani wedding was estimated to have been for a whopping $5 million! Instead of wasting money like this, buy VVIP tickets to your favorite celebrity’s concerts and call it a day!
Tickets to Outerspace
If we all end up living in space, the rich people who buy these tickets will have been the pioneers! For now, this is not a wise use of money. Space travel is a risky thing, and its danger outweighs the adventure.
The second reason you need to think twice is the cost. Virgin Galactic offers flights to space at a price of $450 000. Try to think of how many first-class trips you can fit in there!
Diamond Encrusted iPhones
Some people just take luxury to another level! iPhones are already expensive, but that is not enough for some people. Rich people have enough money for diamonds, so they want to make sure everything they own is covered in them.
The most notable celebrity diamond phone was Beyonce’s iPhone 4, which cost over $ 100,000. Currently, you can get an iPhone 12 for $1 million.
Gold Bicycle Frames
If you are an avid cyclist, you might be thinking about personalizing your bicycle frames. A customized bicycle is really cool, and we are not against the idea at all. The problem is that rich people sometimes forget that the material is just as important as the look. Bicycles experience a lot of wear and tear, so you need to make sure that the equipment you are using will withstand the terrain and weather.
While gold is a luxurious choice, it is not the smartest one. The Aurum Gold Bicycle, which is $103 000, is lovely to look at, but it will not last on the streets over time.
Gold Golf Clubs
Yes, this is a thing, and we are just as surprised as you are! Golf is considered the rich man’s sport, so it’s no surprise that the equipment for it could end up on the list. This is a little impractical, considering that good golf clubs need to be light and allow for a good grip.
Now, it makes sense for golf superstars like Tiger Woods to have a set, but why does Donald Trump have one too? Tiger Woods’ golf clubs are valued at $100 000, which is crazy business.
Gold Plated Cars
A beautiful gold paint job is not enough for some rich people, so they go ahead and get their cars gold-plated! Nobody thinks about the practicality of this purchase, considering the durability of the gold or the weather conditions.
The most expensive owned gold car is the Rolls Royce Silver Sour, which was commissioned for the Sultan of Brunei at a heart-dropping $14 million! Talk about moving around in your weight in gold. The final purchase is for the richest and the dumbest of folks!
Golden Toilets
Some people have so much gold in their lives they don’t know what to do with it! This has to be the biggest waste of money, but people still purchase these. Gold toilets are a thing in a lot of billionaire households, so it’s not like this level of insanity is reserved for very few people.
The most expensive gold toilet is the Hang Fung Gold Toilet, which costs $5 million. If that is not outrageous, I don’t know what is!