This isn't really germane to the $500k+ set the article is talking about. Everything you're buying at that tier is going to last. What eats up their incomes is housing, transportation, and stuff like private school tuition and childcare.
The challenge there is it's hard to ramp those down once you lock in. Downsizing on housing means having to move and possibly sacrificing social life and opportunities along the way. Pulling your kids out of private school has consequences for their long term prospects and their socialization. And so on.
> Everything you're buying at that tier is going to last.
I respectfully disagree. Luxury goods are often flimsy or expensive to maintain (e.g., Toyotas vs Porches) so research is still required.
As for private school and housing, these are exactly the expenses I'm talking about not getting wound up in. I went to private school almost my whole life, and I understand what it is to not want to be pulled away from a community, but the reality is that $500k—let alone $1m—is more than enough to afford a good private school and a good home in any city. The struggle to live on $500k / year is an artificial, self-sabotaging one.
The challenge there is it's hard to ramp those down once you lock in. Downsizing on housing means having to move and possibly sacrificing social life and opportunities along the way. Pulling your kids out of private school has consequences for their long term prospects and their socialization. And so on.