13 Things Rich People Never Waste Their Money On
Wealthy people can buy anything and everything they want, right? While that might be true, it doesn’t mean the rich are out there dropping dollar bills left and right. In fact, they can be quite frugal. These are some of the things they never buy.
Stuff over experiences
Research has shown that money and material things can generate only so much happiness. Instead, it’s meaningful experiences that lead to a truly fulfilling life. According to Jaime Tardy, author of The Eventual Millionaire, the wealthy choose once-in-a-lifetime experiences over new gadgets. As Tardy told The Week, she knows several millionaires that have old iPhones rather than the newest model.
Now, look: No one is going to advise you against investing money in your 401k or IRA. But for rich people, retirement isn’t a focus mostly because self-made billionaires don’t plan to retire, according to CNBC. A 2010 study from Barclay’s Wealth, published on CNBC, revealed that 54 percent of millionaires want to work right through their retirement years, and 60 percent of people with a net worth of $15 million plan to work “no matter what their age.” Memorize these 11 smart money-saving tips of people who retired early.
Of course, rich people don’t need to play the lottery since they’ve already struck it rich. But they are still against wasting their money on gambling. Warren Buffet has bashed the whole idea, saying it’s the government preying on its citizens. “A government shouldn’t make it easy for people to take their social security checks and [waste them pulling] a handle,” he has said. He also put a slot machine in his home to show his children that when he gave them their allowance, they would fall into temptation and end up spending it all in one day. Next, learn the 26 secrets rich people won’t tell you about their lives.