I tend to send papers in the first instance to Econometrica, and if they are not accepted there, I then attempt AER. And if the paper is still not accepted, then out of self-respect and maintaining a sense of dignity, I do not try a third time, but rather, put the written manuscript in a large wooden box. The shoebox is in my attic. My long-term goal here is to leave a mark as a legend: my papers will either be found in Econometrica or AER, or they will be discovered posthumously in the wooden box. Since my only published papers will be Econometrica or AER, people will think (after finding my wooden box after death) that the entirety of my work is of that calibre.
There are only two potential worries with my strategy which I see: firstly, my papers might be a bit out of date when they are found, though I try to write about timeless topics, and secondly, if there is a house fire, then my life's work might go unnoticed. This is why I have also backed all of these documents on a USB drive which I have given to one trusted individual in case of a house/attic fire. But if this person betrays me or loses the USB drive, all is over - though I think all in all this is an acceptable risk to potentially be remembered through posterity as a great thinker.