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13 Things Many People Love To Buy Except The Rich

If you’ve been trying to pay off all your debts for a long time, think about saving and can’t, it’s time to change your attitude towards your spending. In general, people with more money (entrepreneurs, investors and the rich) have something in common: pragmatism when dealing with money.

Don’t think that the rich spend mindlessly. Most manage their finances very well precisely so that they can maintain the same standard of living. O awesome.club did a little research on this and found a few things that the rich, unlike most people, don’t spend their money.

impulse purchases

Who never bought something beautiful and unnecessary because it was on offer and when they got home, they regretted it? It is very common to spend money on impulsive purchases, and this is what differentiates ‘normal’ people from millionaires. According to billionaire Warren Buffet (the man who was once considered the richest in the world): “if we buy what we don’t need, soon we will have to sell what we need”. Buffet is considered an example of a rich man who doesn’t waste: he has a relatively simple office in a small town in the US (Omaha) and often drinks coffee that he picks up at a McDonalds drive thru.

An efficient way to avoid spending on unnecessary things is to always make a shopping list before leaving home.

expensive real estate

Buying a luxury home at a very high price is an investment beyond doubt. Rich people prefer to buy real estate that promises future appreciation at a low price, because they always think of ways to make more money in the future.

Extended Warranties

Luxury brand clothing and footwear

Millionaires can buy luxury clothes from new collections from the most exclusive designers, but if they don’t need to appear in public often, they don’t spend money on it.

Remember how the legendary entrepreneur Steve Jobs (Apple) always appeared dressed? T-shirt, jeans and a regular New Balance sneaker. And the Bill Gates watch, which costs 10 dollars? Russian millionaire Roman Abramovich doesn’t think it’s a shame to appear in public wearing a t-shirt worth about 10 dollars.

State-of-the-art electronic devices

People with money aren’t crazy about the latest cell phone models, even when their cell phones aren’t fashionable. Millionaires use a different mechanism to make purchasing decisions: They calculate whether spending is really necessary at that particular moment. Electronic devices that lose their value in the blink of an eye are rarely justified as a good buy.

Loans, fees and late payment penalties

Rich people don’t borrow and don’t spend money on fines, fees, or delays; they always pay everything on time. Investor Mark Kuban, who is worth $4 billion, said, “If you use a credit card, you just don’t want to be rich.”

Lots of fashionable toys for kids

People with middle incomes tend to fill their children’s room with the latest toys and always buy everything their children ask for. The children of rich people would be completely lost if they were given everything they wanted or could buy. Rich people prefer a more reasonable expense and, in that sense, they don’t buy a new doll simply because it’s in all the advertisements, or because all their friends have it.

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type food fast food

The main difference in the menu of a millionaire and a person with a modest income is not the value of the food. The rich tend to love healthy eating, eat the same cereal and the same vegetables almost every day and very rarely allow themselves a hamburger, fries or a salad full of mayonnaise — Warren Buffet, who we mentioned at the beginning of the post, is an exception. . In addition, they do not buy processed foods.

Expenses related to an image concern

These expenses include the cost of creating the image of a wealthy and successful person. In a nutshell, show that you are more than others. People who want to look richer spend a lot of money on restaurants, business class tickets, and expensive cars. Meanwhile, really rich people live much more modestly.

For example, the founder of the Swedish store IKEA, Ingvar Kamprad, always traveled in economy class and always had the same old Volvo vehicle. Another example is Queen Elizabeth II, who saves electricity at Buckingham Palace.

Additional education for children

Middle-class people often hire tutors for their children. Some do this with the hope that it will be a platform for the child’s success. The rich know that it is important to give space and time for the child to play, and taking a lot of courses is not a guarantee of professional success, the important thing is that the child enjoys childhood and is happy.

fortune tellers and seers

self-help courses

Representatives of the middle class who have problems in their careers or in their personal lives are always the great target of courses that promise a lot and don’t solve anything. Many courses are completely useless. To understand if it’s worth paying a person who will help you find the path to wealth, take a look at the biography of famous millionaires. It is unlikely that you will find a single story of a person who has spent money on it.

Fashion trends in interior design

Every day there are news in relation to architecture and decoration. Representatives of the middle class often try to follow the latest trends and spend a lot of money on it. After a few years, decoration loses relevance and yesterday’s fashion has been completely forgotten. When looking at a wealthy person’s home you will have a hard time understanding when their furniture is from. Painted walls and ceilings and wooden floors are just two examples of options that are outdated.

It is very difficult to change our financial habits, as this requires a change in our entire lifestyle. But it is very important that this is always reviewed.

What expenses do you think you could — or should — avoid?

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