This is not true. The truly rich, people with massive generational wealth, do neither. They buy whatever they need - of the highest possible quality - and don’t think about the price. They don’t buy flashy things to show off because they don’t need or want to. They pay large amounts of money to make their lives easier by hiring household staff and money managers and sending their kids to boarding school. Everyone they know can afford all the same things so there’s no reason to show off. They don’t pinch pennies because they don’t need or want to. They just decide they want to do something, whether that’s buying a latte at Starbucks or sending their kid off to a Swiss boarding school at age 7, and they spend the money to make it happen without much fanfare because it’s normal to them.