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Here are the biggest areas where therich have been wasting money this year.
From my analysis, these purchases are more about signaling success than practical use.
The moment you drive a luxury car off the lot, its value drops dramatically, Gosselin added.
He explained that yachts come with their own headaches massive maintenance costs, dock fees and crew salaries.
A few million dollars could be spent on a week at one of these places, he added.
The problem is that the value of these items is often speculative, he said.
If theres a takeaway here, its thateven the wealthycould benefit from more practical spending habits, Gosselin added.
For most people, including the rich, a bit of financial discipline can go a long way.
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