How To Save & Spend Money Like A Millionaire

March 12, 2010 · Filed Under , · 4 Comments 

I honestly believe most self-made millionaires in the United States are frugal by nature. Warren Buffet comes to mind. Real wealth comes from having the ability to save money every month and not spend on stuff that is merely a “want”.  For some this is an easy thing to do and for some it takes big time discipline. Now this doesn’t mean to not splurge every once in awhile, but rather to do your splurging in moderation. Have any of you read Stop Acting Rich: …And Start Living Like A Real Millionaire by Thomas Stanley? If not, I highly recommend it. From the book, here are a few things that real millionaires do to save money.

  • 86% off all luxury cars driven in the U.S. are NOT driven by millionaires.
  • The average price a millionaire pays for a haircut: $16!
  • The average millionaire tends to not live in fancy homes.
  • They always use coupon codes from Rather-Be-Shopping.com! OK, you got me, I made this one up, but it wouldn’t surprise me if many millionaires used online coupons to save money.

While these things might seem trivial to you, they point to overall way of living that allows you to accumulate real wealth and net worth over time. Don’t focus on image and keeping up with the Joneses. For all you know Mr. Jones could have $40k credit card debt and stay awake at night worrying about paying for his lifestyle. Not worth it!! Live simple and live happy.

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Comments

4 Responses to “How To Save & Spend Money Like A Millionaire”

  1. Tish on April 30th, 2010 6:24 pm

    Great post, Kyle! I am a huge fan of Dave Ramsey. Watching his show and reading his books taught me so much about financial wellbeing. I started a Total Money Makeover less than two years ago, and I am already debt free except for my house! I have canceled all credit cards and pay cash for everything. And you would not believe how much more money I have now than I did before Dave Ramsey! It is the most freeing feeling in the world! While working on my debt, I became extremely frugal. It has become my lifestyle even though I don’t have that debt anymore. It’s always nice to save money!

  2. Finance Dollar on May 4th, 2010 10:59 pm

    Find clothes on sale. Look for clearance sales at stores. Try stores like DD’s discounts (they have awesome jeans for $5 if you search hard enough). You can go through the mall and often bump into $4 tank tops, $10 jeans, and buy one, get one free events. Be sure to buy basic items like a long tank top, a basic t shirt, and at least 2 pairs of jeans.

    Finance Dollar

  3. carolyn on May 15th, 2010 5:47 pm

    Great post! I myself avoid stores so I don’t get the itch to buy. I’m obviously not a millionaire. You should check out this video, wish I could be the “bargainista” like this girl. http://www.itsasickness.com/lounge/elena-goode-obsessed-bargain-hunting. Keep up the posting, your blog is very helpful for us in the frugal helpless category :)

  4. Patti on June 3rd, 2010 11:38 pm

    How To Save & Spend Money Like A Millionaire?
    Like you pointed out, Kyle, follow their example!
    http://thelivingfrugal.blogspot.com/2010/05/learning-frugal-life.html

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