Millionaires Don’t Waste Money On The Lottery Or Fixing Broken Vehicles — Here Are 3 Other Money Traps They Avoid
CNBC contributor Tom Corley spent five years interviewing hundreds of millionaires. A spending discipline theme ultimately emerged: millionaires refuse to waste money on certain things.
Here are five things millionaires likely won’t buy, according to interviews with 233 people boasting at least $3.2 million in net assets.
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Processed/Packaged Food: Corley found that millionaires prioritize their health and try to prolong their lives by avoiding low-quality packaged food. Instead, they spend their money on organic, wholesome options that aren’t riddled with preservatives. Millionaires look to buy food products as close to the original source as possible and make frequent trips to farmers markets or grocery stores known for higher-quality meats, fruits and vegetables.
Low-Quality Products: Millionaires don’t spend money on cheaply made products, like the latest fashion fads or inexpensive furniture. Alternatively, they looked to buy quality pieces that were built to last and could potentially appreciate in value. Millionaires often spent significantly more to buy these products, Corley says, due to the comfort of knowing that the products would not need to be replaced with the next inexpensive option.
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Major Repairs: Millionaires also tend to completely replace broken or damaged parts of the house or issues with old vehicles. Instead of trying to put a band-aid fix on a weathered roof or malfunctioning appliances, they simply opt for a replacement with something that would last for a long time. When faced with a high-cost vehicle repair, for example, they would look to replace the vehicle altogether instead of paying for the fix. They rationalized the decision by pricing in peace of mind and the time they would gain not having to deal with subsequent repairs.
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Outdoor Equipment: Instead of owning bulky equipment and tools required to do their own landscaping, millionaires chose to hire out property maintenance once they could afford to do so. They saved space in their garages and eliminated the unexpected, which comes with owning a lot of the tools and equipment required to maintain your own property. Ultimately, they were buying time by paying someone else for the upkeep, since they no longer had to spend time doing routine maintenance or dealing with repairing the equipment.
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Playing The Lottery: Most of the millionaires didn’t get rich by gambling with their savings, and once they achieved millionaire status, they continued to avoid gambling and buying lottery tickets. According to GoBankingRates, your chances of winning the lottery in the U.S. are about one in 176 million. If you are playing a local state lottery, you still face long shot odds of 42 million to one.
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This story is part of a new series of features on the subject of success, Benzinga Inspire. Some elements of this story were previously reported by Benzinga and it has been updated.
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