The wealthy have always been able to weather economic storms, but the economic downturn of the past decade has seen a new trend emerge – the wealthy are now embracing recession core. Recession core is the practice of reducing one’s spending to the bare minimum and investing in items that have long-term value. The wealthy have taken to this practice to ensure their wealth remains intact even in a recession. They are forgoing luxury items and focusing on items that will retain their value during a recession. This means investing in quality items that will last, rather than items that will depreciate in value over time. This trend has been embraced by many wealthy individuals as it gives them greater financial security and peace of mind. They are now looking at the long-term and taking a more conservative approach to their finances – celebrities included.
Read the full story on our sister site, the Village Voice, here.
