5 Money Habits of the Wealthy
Dec 13, 2019These tips come from recent interviews with millionaires about how they have accumulated their wealth.
How can you make them work for you?
- Avoid spending money on expensive digs. Get comfortable in your modest home. You'll pay it off quicker, which means you can then save even more money. Plus, a less pricey home is thriftier to maintain than a mansion. Think about the annual taxes alone.
- Refrain from making frivolous expenditures. You might embarrass yourself if you purchase something unnecessary. Why not spend smartly instead? Delayed gratification is the key. Don't buy anything until you have earned it, meaning, you can easily pay cash for it.
- Never pay full price for anything. Shop sales or clearance only. Shop off-season to save even more. Most stores have revolving sales anyway. Be thrifty. Don't waste your money.
- Wear business clothes for business only. Plan for shirts, suits, and outfits to last 4-5 years. Stick with classic styles and clothing that wears well and requires little ironing. This means you'll have little wear and tear on your most expensive clothing.
- Keep cars for 10 years or longer. Take exceptional care of them inside and out. Also, don't spend a lot on your cars. Warren Buffett says that he's never paid over $30,000 for a car. He says they aren't assets and they only lose value. Why waste the money?
We hope these tips taught you something and that you found them helpful.
Michelle R Russell
© The Prosperity Process, LLC
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