While rich people can afford everything, and it may seem that they buy whatever they want, it may seem that they don’t think about finances at all. Right. Even though they can afford anything they want. This assumption is not entirely true. In reality, the opposite is true. While in news and on social media, it is always shown only one side spent their money on luxuries like expensive watches, shoes and more stuff. The rich people are the ones who save the most and watch their money the most. Or how do you explain that Warren Buffett is one of the richest people in this world, although he did not come from a rich family and did not earn much money otherwise?
Warren Buffett is especially known for holding on to every penny and even washing his car only in the rain so that the rain would wash it off. There’s even a story told that Warren Buffet’s daughter slept in a drawer when she was very small, and Warren and his family moved near New York. If someone like Warren Buffett lives so frugally, isn’t it possible that those who throw their money out of the window and post it on social media may not be as rich as they seem? There are things that are out of the question for the really rich to spend their money on. And now you will get five things that millionaires don’t buy.
1. An overpriced house
Of course, you’ll think that the rich always live in big villas with huge pools and their own tennis court. Right. To be honest, that may be true, but it’s also about the ratio of their income to the expenses. And they look for the best deals so that they get the most for their money. Besides, there are enough rich people living in normal, modest houses like you and me, like Warren Buffett, for example. He still lives in this little house he bought in 1958 for just under $31,000. Some even go so far as to save themselves all the hassle of buying a house, at least for themselves. Many rich people live for rent and buy houses and real estate only for wealth accumulation.
2. Luxury brand
Of course, rich people can always buy the latest fashion, and maybe sometimes they spend money to buy a Rolex. But let’s look at Mark Zuckerberg, who wears the same t-shirt and the same pants every day, or Bill Gates, who still wears the $10 watch when they are not at important events. The wardrobe includes normal clothes like a $20 sweater or $10 t-shirt.
3. Loans, fees and penalties for late payments
If you save the late fees alone, you’ll almost make a fortune. These small sums add up to a big one, so don’t miss this opportunity to lower your monthly costs. Rich people pay for everything at the right time and don’t miss payment deadlines. Adopt this habit and you will surely save a lot of money. Most of you know the feeling when you put off bills, don’t you? Most of the time we feel very bad, so why not just pay immediately? Moreover, the rich are also very careful not to take on debts or loans, at least not for their consumption. If they do incur debts, it is only good debt that will bring them back more wealth. I made a video about how the rich use debt to make money. I’ve linked it to you in the upper right corner.
4. Multiple credit cards to tie in with the last point
The rich also do not have multiple credit cards. Why? Because multiple credit cards lend you to spend more money than you don’t actually have. In reality, only about 8% of rich people use more than one credit card, and 77% of poor people have more than one. Shouldn’t we think about that? With multiple credit cards, you have to pay more fees and you lose track of your spending. If you have several credit cards, do yourself a favor and throw all of them away and keep only one.
5. Price grooming
Of course, the rich always look freshly made and often have perfect hairstyles, but even their appearances are deceiving. We must remember that what we see in social media and news is not reality, but a perfect representation. That is why the rich and their private lives save their money here, too. There are countless people who cut their hair themselves, go to the hairdresser around the corner, or have their hair cut by their wives like Conor McGregor did in the past.