Sure, it might be enticing to snag the cashmere sweater in the store window or the newest car on the lot. But making a purchase on a whim is something you will never see a wealthy person do. “If you buy things you do not need,” billionaire investor Warren Buffet told Forbes, “soon you will have to sell things you need.” It doesn’t mean millionaires don’t buy lavish items, they just put thought into them and their bottom line before swiping their credit card. Here are 13 nearly effortless ways to be more thrifty.
It’s fantasy to think we can all leave a mountain of money to our children and grandchildren, so they don’t have to budget as we did. But large inheritances are something rich people don’t use their money for. Why? Well, Bill Gates and Mark Zuckerberg both said they want their children to find their way rather than relying on a handout, according to CNBC. Instead, both billionaires are giving significant portions of their fortunes to charity to help those who need it most.
TV channels and video games
Rich people didn’t amass their fortune sitting around staring at a screen all day. That’s why they don’t waste money on jumbo TV packages or the latest video games. According to 2015 data from Nielsen, adults in households with annual incomes below $25,000 spent considerably more time consuming media (through TV, video games, or radio), compared to adults in households with annual incomes over $75,000. “We expected high-income households to own more devices, but we did not anticipate that low-income consumers of all devices had greater usage,” says Glenn Enoch, Nielson’s SVP of Audience Insights. Thomas Corley, the author of Rich Habits: The Daily Success Habits Of Wealthy Individuals found that 67 per cent of “rich” people say that they don’t watch TV.