What things do millionaires not spend money on?

It’s not that these characters don’t give themselves luxuries, but they know that there are things that aren’t necessary and that, for example, a million-dollar car could bankrupt you if you’re not careful. Charles A. Jaffe said that “it’s not your salary that makes you rich, it’s your spending habits.”

What things do millionaires not spend money on?

• Coffee: Buying coffee every day can lead you to lose a lot of money in the long run, which is why millionaires prefer to prepare it at home, knowing that every little expense counts.
• impulse purchases that do not respond to needs other than those of the moment.
• Large Inheritance: Both Bill Gates and Mark Zuckerberg assured that they prefer not to leave large fortunes to their children, so that they learn to build their success instead of depending on what they were given.
• Streaming and gaming: It’s not that they don’t subscribe to Netflix, they just don’t tend to have every single service and platform out there.
• Luxury brands: Steve Jobs wore a Seiko, Zuckerberg wears basic hoodies, and many CEOs wear Adidas sneakers instead of more expensive brands.
• houses too expensive: Yes, they have mansions, but they are never more expensive than they can afford.
• Bets.
• Credit cards: This is the best way to get into debt and spend more than you have.
• Things that don’t last.

Thomas C Corleya financial expert who spent 5 years studying the financial habits of big businessmen, came to the conclusion that before they had their fortune, they intended to save between 10 and 20% of their incomesomething that depends largely on the cats (not investments) to which they are exposed.

Mark Zuckerberg does not buy luxury clothes: he always wears the same clothes

the founder of Facebook he is famous for always wearing the same clothes considering that garments are not things that last forever, so it is not worth spending so much on it. Buy wisely and avoid falling into the trap of buying without stopping or getting carried away by the brilliance of a brand is one of its keys.

“RI really want to simplify my life so that I have to make as few decisions as possible. in everything except in the way of serving this community,” said Zuckerberg, after clarifying that has “several shirts” of the same color.

“I am in a very fortunate position, which allows me to get up every morning and help serve more than 1,000 million people. I feel that I am not doing my job if I spend my energy on silly or frivolous things in my life,” said the founder. of Facebook.

Graham Stephan does not buy coffee

The YouTube millionaire was earning $220,000 a month in 2021, but that wasn’t enough to convince him to buy expensive coffee instead of brewing his own at home. “I think the markup on coffee at Starbucks and Coffee Bean and a lot of those places is absolutely ridiculous, so I do it at home for 20 cents“, said to CNBC make it

Stephen said that he preferred to buy a large bag of coffee at the supermarket at half price, which also allowed him to get many more cups.

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His most popular videos are the ones where he reacts to episodes of MillennialMoney on CNBC, a series that interviews millennials who explain how they spend, save and earn their money. Their reactions are often critical spending on unnecessary clothing or electronics.

Bill Gates doesn’t buy expensive watches

Gates has millions of dollars and regularly appears on the list of the richest men in the world over and over again, and that means he can indulge in all the luxuries he wants, but there is something missing from his collection and that is the expensive watches. In fact, he usually uses a Casio that, in Argentina, can reach 25 thousand pesos.

The explanation given by the tycoon is that the brands and the price are not the most important thing about a product, but the quality and reliability of it, regardless of its shine.