20 Items Frugal Millionaires Refuse to Buy, Despite Having Money
2024-07-24
AI was used for light editing, formatting, and readability. But a human (me!) wrote and edited this.
Have you ever wondered what sets millionaires apart when it comes to managing their money? Well, you might be surprised to learn that many of them are actually quite frugal. That's right, despite having plenty of cash, they're often careful about how they spend it.
Millionaires Refuse to buyPhoto byDeposit Photos
A common habit of millionaires is their commitment to frugality. They understand that every dollar saved is a dollar that can be invested or used more productively. It's all about making smart choices with their money, which helps them grow their fortune over time.
In this article, we're going to take a look at 25 things that frugal millionaires typically avoid buying. Most of these items are bought by high-income people who are not millionaires. Often times they also have high debt.
Some of these might surprise you, and others might even inspire you to rethink your own spending habits.
Fancy Cars
You might think millionaires all drive around in luxury cars, but that's often not the case. Many frugal millionaires steer clear of expensive vehicles. Why? Because cars lose value fast. A new car can drop 20-30% in value in just the first year!
Instead, these smart spenders often go for reliable, mid-range cars that won't break the bank. They know a car is about getting from A to B, not showing off.
Designer Clothes
Forget the idea that all wealthy people strut around in head-to-toe designer wear. Many frugal millionaires don't see the point in splurging on labels. They'd rather invest in good quality, long-lasting clothes that look great without the hefty price tag.
They focus on classic styles that stay in fashion, so they don't need to constantly update their wardrobe. It's all about looking good while being smart with money.
Pricey Watches
A watch that costs as much as a car? Most frugal millionaires would say, "No thanks!" They understand that a simple, affordable watch tells time just as well as a luxury one.
These savvy spenders know that a watch's main job is to show the time, not to show off. They'd rather put that money towards something that grows in value, like investments.
While it's nice to have someone else cook for you, frugal millionaires know that eating out regularly can take a big bite out of their wallet. They often prefer cooking at home, which is usually cheaper and healthier.
This doesn't mean they never enjoy a restaurant meal, they just save it for special occasions. By cooking at home, they save money and often eat healthier too.
Latest Electronics
The latest gadget might be tempting, but frugal millionaires often resist the urge to buy new tech as soon as it hits the shelves. Instead, they might wait for prices to drop or look for refurbished items.
They know that technology evolves quickly, so today's must-have gadget might be old news in a few months. By being patient, they can often get great tech for a fraction of the original price.
Luxurious Vacations
Fancy resorts or villas? Not necessarily for frugal millionaires. They often look for unique, affordable travel experiences instead. They focus on the adventure and culture of a place rather than luxury accommodations.
This approach not only saves money but can lead to more authentic and memorable trips. They might opt for a cozy bed and breakfast or a vacation rental instead of a five-star hotel.
Daily Coffee Shop Visits
That daily latte habit can add up fast, we're talking over $1,800 a year if you're spending $5 a day! Frugal millionaires often skip the coffee shop run and brew their own at home.
They might invest in a good coffee maker and their favorite beans, knowing it'll save them a ton in the long run. Plus, they can customize their coffee exactly how they like it.
Home decor trends come and go quickly, but frugal millionaires don't play that game. They often choose classic, timeless pieces for their homes instead of chasing every new trend.
This approach means they don't need to redecorate every few years, saving both money and time. They focus on quality items that will look good for years to come.
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Expensive Cable Packages
With so many affordable streaming options available these days, paying for premium cable doesn't make sense to many frugal millionaires. They might opt for one or two streaming services that cover their favorite shows and movies.
This approach not only saves money but often provides more flexibility in what and when they watch.
Expensive Cleaning Products
Frugal millionaires often skip the pricey cleaning products and opt for simple, effective solutions. They might make their own cleaners using everyday items like vinegar, baking soda, and lemon juice.
These homemade cleaners work just as well as store-bought ones but cost much less. Plus, they're often better for the environment.
Luxury Homes
You might think all millionaires live in mansions, but many frugal ones choose more modest homes. They opt for houses that meet their needs without unnecessary extras. They know a huge house often comes with equally huge bills for heating, cooling, and maintenance.
Instead, they might choose a smaller home in a great location or one with smart, energy-efficient features. They prioritize comfort and practicality over sheer size or luxury.
Brand-Name Groceries
When it comes to groceries, frugal millionaires don't get hung up on fancy labels. They know store brands or generic products often taste just as good as name brands but cost way less.
They're not afraid to try different brands and compare quality. This smart shopping habit can lead to big savings over time, without sacrificing taste or quality. It's all about getting the best value for their money.
First-Class Flights
You might think millionaires always fly first class, but many frugal ones choose economy instead. They understand that all seats land at the same time, so why pay extra for a few hours of luxury?
They'd rather spend that money on experiences at their destination. Plus, they know how to make the economy comfortable, bringing their own snacks, noise-canceling headphones, or even just a good book.
Costly Beauty Treatments
Frugal millionaires often pass on expensive spa days and pricey beauty treatments. They tend to prefer simple, effective beauty routines that they can do at home. This doesn't mean they don't take care of themselves, they just find more cost-effective ways to do it.
They might invest in quality skincare products to use at home or learn to do their own manicures. The result? They look great without the hefty price tag.
Following Fashion Trends
Chasing the latest fashion trends can be like trying to hit a moving target, and an expensive one at that. Frugal millionaires often stick to classic styles that stay in fashion longer.
They invest in well-made, timeless pieces that can be mixed and matched for years. This approach not only saves money but also time spent shopping and deciding what to wear.
Multiple Credit Cards
While having a wallet full of credit cards might seem like a status symbol, frugal millionaires often keep it simple with just one or two cards. They know that having too many cards can lead to overspending and complicate their finances.
By limiting their cards, they can easily track their spending and avoid racking up debt. They choose cards with the best rewards for their spending habits and pay them off in full each month.
While they love their furry friends, frugal millionaires don't fall for overpriced pet products. They know pets don't need designer accessories or gourmet treats to be happy.
Instead, they focus on high-quality essentials that keep their pets healthy and comfortable. They might make their own toys or treats, or shop at discount pet stores. The result? Happy pets and happier wallets.
Expensive Hobbies
Frugal millionaires know that fun doesn't have to come with a big price tag. They often choose hobbies that are fulfilling without draining their wallet.
This might mean opting for hiking instead of golf, or joining a community sports team rather than an exclusive country club. They find joy in activities that enrich their lives without requiring constant spending.
High-End Furniture
When it comes to furnishing their homes, frugal millionaires don't always head to the fanciest showrooms. They often see the value in quality second-hand furniture or even DIY projects.
They might refinish an antique dresser or reupholster a classic chair. This approach allows them to create a beautiful, unique home without spending a fortune. Plus, they get the satisfaction of owning pieces with character and history.
Extravagant Gifts
When it comes to gift-giving, frugal millionaires know it's the thought that counts, not the price tag. They focus on giving meaningful, personal gifts rather than expensive ones.
This might mean crafting something by hand, giving an experience rather than an object, or choosing a thoughtful book. They understand that the most treasured gifts often can't be bought in a store.
The Frugal Way
Let's take a moment to reflect on what we've learned from these frugal millionaires. Their habits show us that smart money management isn't about pinching every penny. It's about making thoughtful choices that align with our values and long-term goals.
You don't need to adopt all these habits overnight. Start small. Maybe brew your coffee at home a few days a week or wait an extra year before upgrading your phone. These little changes can add up to big savings over time.
In the end, true wealth isn't about buying everything you want. It's about having the freedom to live the life you choose. And that's something these frugal millionaires seem to understand very well. So, are you ready to start thinking like a frugal millionaire?
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