Overspending is a serious and all too common problem in the U.S. It’s dangerous because it usually creates credit card debt and forces you to have an even more difficult time getting by amid inflation and rising costs of living. You may be surprised to hear that it isn’t just middle-class Americans and lower-income earners who are prone to overspending. Wealthy people do it too and it can take its toll on their financial health as it can anybody else.

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GOBankingRates sat down with Anthony DeLuca, certified financial planner (CFP), certified divorce financial analyst (CDFA) and expert contributor for Annuity.org to find out what the wealthy most commonly overspend on.

Also see 10 ways high-income earners can go broke.

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Prestigious Colleges

DeLuca doesn’t argue the importance of a college degree. He explained that according to the AAC&U, 82% of business executives and 75% of hiring managers feel that a degree is necessary for success. But a great college education isn’t exclusive to expensive or famous universities. Wealthy people may overspend here.

“There is a diminishing return of worth between enrolling in a prestigious school and going into serious debt,” DeLuca said. “There is little use in paying an out-of-state tuition for a private school when you could pay in-state tuition for a state university that can offer nearly the same benefits for way cheaper.”

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Expensive Hotels or Resorts

Many Americans overspend on vacations, including wealthy individuals.

“Speaking from personal anecdotes, you can experience amazing vacations without paying for an overpriced 5-star resort,” DeLuca said.

“Especially for the adventures, what is the use of paying for an all-inclusive resort if most of your time is spent away from the facility?”

Dining Out

The middle class and lower-income people may be tired of meal prepping and staying in for dinner so often to save on food costs. They may dream of becoming wealthy enough to be able to dine out all the time. This is a bad idea and a root of overspending among high rollers.

“Eating out and expensive wine is obvious, but necessary to mention due to frequency,” DeLuca said. “The cost of gas and rising inflation has significantly increased the cost of food and service. A fine dining restaurant does not escape this math.”

“One night out with good food and wine can equate to nearly a month of groceries if bought in bulk,” he said. “A bad habit like this eats up your wallet rather quickly.”

Designer Clothing

Designer clothing is always in demand, but expensive style isn’t a necessity and it’s something the rich may overspend on.

“I’m not the one to point fingers, but many people wear brands strictly for the stature they seek from it rather than the use and purpose,” DeLuca said.

“There are so many clothing brands that you can find online that nearly mirror ‘high-end’ brands for a fraction of the cost,” he said. “It’s a matter of whether you derive purpose in the use of the clothing or the stature you are seeking.”

Buying Real Estate, Without Understanding the Market

Investing in real estate to rent out can be a super savvy move and one that many financial experts recommend, but too often wealthy folks get in on this action without fully comprehending the rental market.

“I’m not one to say that short-term renting is oversaturated,” DeLuca said. “What I am here to say is that investors buy property without doing proper demographic studies on the area. What they are left with is multiple pieces of real estate with monthly mortgages and HOA fees.”

“Do not buy because you can. Buy because the numbers are right,” he said. “I have met investors who buy in areas, because ‘they like the area.’ That does not mean that everybody else will. Make sure there is a demand.”

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This article originally appeared on GOBankingRates.com: I’m a Financial Planner: 5 Things Rich People Do That Cost Too Much — Even for Them

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