I spent 5 years interviewing 233 millionaires—here are 5 things they never waste money on

[SBFNews]

I spent 5 years interviewing 233 millionaires—here are 5 things they never waste money on​

Published Tue, Jul 4 20238:37 AM EDT

Updated Tue, Jul 4 20238:57 AM EDT

Tom Corley, Contributor

@RICHHABITS

Svyatoslav Balan | Getty

I spent five years studying 233 millionaires to learn about their habits and the way they think.

They came from different backgrounds and experiences, but all had at least $160,000 in annual gross income and $3.2 million in net assets.

I was particularly interested in what they spend their money on. But almost everyone told me that what contributed more to their wealth was that they stopped wasting money on certain things:

1. Processed and packaged food​

To prioritize their health, they stopped buying low-quality, processed food and instead opted for organic or wholesome foods that did not have preservatives.
They often sought out products that could be sourced to their place of origin, and frequented farmers’ markets and grocery stories that were known for high quality produce and meat.

2. Cheaply made products​

They refused to drop money on the latest fashion trends, or inexpensive and poorly constructed furniture. Instead, many preferred to invest in timeless quality pieces for their wardrobe and home that were built to last.
Often, the cost was two to three times more than the low quality clothing and furniture. But they were comfortable making bigger purchases, because it would still be less expensive than constantly replacing cheap craftsmanship.

3. Major home or car repairs​

In the same vein, many of the millionaires told me that given the option, they preferred to spend money on completely replacing things like old roofs, washing machines, dishwashers, refrigerators, furnaces, and even vehicles, rather than putting their hard-earned funds towards expensive repairs.
While this was often more costly, they rationalized that something new would last far longer than something repaired, which gave them priceless peace of mind.

4. Outdoor tools and equipment​

While some still enjoyed doing outdoor work, like mowing their lawn, weeding, landscaping and trimming, the vast majority — once they got wealthy — hired landscapers to take care of all outdoor upkeep.
This meant they no longer spent money repairing or replacing old equipment. Many gave their tools away to family and friends.
What they were buying was time. Since they no longer needed to carve out an hour of two every week or month to maintain their property, it gave them more time to rest, relax or engage in recreational activities.

5. Lottery tickets​

Many of the millionaires eschewed gambling as they were building their wealth, and that common sense extended into their new financial lives.
They shared that after they got rich, they refused to spend money on lottery tickets, and would encourage their employees, family and friends to do the same.
Since the likelihood of winning any lottery is slim, they saw it as a waste of money. Instead, it was better to put those funds towards memorable experiences.

I spent 5 years interviewing 233 millionaires—here are 5 things they never waste money on​

"Rich Habits" author Tom Corley spent five years studying and interviewing millionaires. He reveals the top things that rich people stopped wasting money on after they got ultra wealthy.
www.cnbc.com

 

[red amoeba]

I like point 3. Just replace instead of repair. Same goes for sex partner. Replace when one gets stale.

 

[LexLuthor]

I like point 3. Just replace instead of repair. Same goes for sex partner. Replace when one gets stale.

Point 3 refers to women millionaires.

 

[syed putra]

Rule no 1.do not spend 5 years interviewing people.

 

[tobelightlight]

Point 6. They do not patronise ktv. They go for quality pussies.

 

[Narong Wongwan]

I practise all 5 points diligently and yet I’m still dead broke

 

[sbfuncle]

Point 5. That's the reason you don't find sg pool nearby their house.

 

[mojito]

3. Major home or car repairs
In the same vein, many of the millionaires told me that given the option, they preferred to spend money on completely replacing things like old roofs, washing machines, dishwashers, refrigerators, furnaces, and even vehicles, rather than putting their hard-earned funds towards expensive repairs.
While this was often more costly, they rationalized that something new would last far longer than something repaired, which gave them priceless peace of mind.

That why sham and vivi are millionaires, and u r not. They make other pay for the repairs.

 

[Eisenhut]

Sex was excluded! Wonderful!

 

[jw5]

I spend on all 5 items and I am still a millionaire.