Author, Speaker, and Financial Counsellor Tom Corley has studied millionaires for five years. He spoke with 233 millionaires over the course of this half-decade to gather information for publications like Rich Habits: The Daily Success Habits of Wealthy Individuals. In a recent story for CNBC, Corley listed the five things’ billionaires avoid spending their money on.
“I was very curious about their spending habits. But practically everyone told me that they stopped wasting money on particular items, and that was what really helped them become wealthy,” he added.
Here are five expenditures that billionaires avoid making:
Packaged and processed foods
Although you might really enjoy that cup of noodles or pack of quick spaghetti, millionaires prefer to spend their money on healthier alternatives. When they could afford it, many millionaires, according to Tom Corley’s interviews, indicated they stopped consuming processed foods of poor quality. They spend their money on organic, ethically sourced, and high-quality vegetables and meat for improved health and resource utilisation.
Large-scale repairs
When it comes to substantial home or car maintenance, many millionaires seem to live by the maxim “Replace, don’t repair.” “Many of the millionaires told me that given the choice, they preferred to spend money on completely replacing things like old roofs, washing machines, dishwashers, refrigerators, furnaces, and even vehicles,” stated Corley.
Quick fashion
Many ultra-wealthy people choose to spend their money on long-lasting, high-quality clothing. These millionaires choose customised or timeless pieces that are undoubtedly more expensive but also of higher quality rather than fast fashion and “trendy” clothing that goes out of style rapidly. They believe it still works out cheaper than having to buy new garments from fast fashion brands all the time because they are cheap and last for a short time.
The lottery tickets.
Many millionaires admitted to Corley that they gave up gambling as they amassed fortune. Many millionaires stopped buying lottery tickets and gambling, and they urged their friends and relatives to do the same. They opted to spend their money on experiences rather than lottery tickets.
Equipment and tools for gardens
Many millionaires choose to outsource their labour in this field. When they have the money, millionaires hire landscapers instead of doing their own gardening and lawn care like the average American. This entails that they are no longer spending money on equipment and tools for weeding, mowing, trimming, and other outdoor tasks.