Tabloids love to glow up about the exploits of wealthy celebrities who wear designer clothes once and then throw them away. But GOBankingRates spoke to several experts who know America's wealthiest people and advise them, and in their experience, the wealthy tend to have more in common with everyday people living on a shoestring budget than with flashy rock stars who rent flashy jewelry and pass it off as their own.
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Here we look at some common stingy financial habits seen in people who have plenty of money to spend without a second thought, but choose not to.
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Value-conscious shopping
Rory Donadio, CEO of legal finance firm Tribeca Capital Group, is a self-made billionaire with wealthy clients, and while he and his wealthy peers could afford to blow their cash on unlimited shopping sprees, they rarely do.
“Many of my affluent clients, despite their wealth, still want the best value for their money,” Donadio says. “They often compare prices before buying and aren't shy about using coupons or waiting for sales.”
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Budget down to the dollar
Many people dream of becoming so wealthy they lose track of their total finances, but the few who actually make it tend to take their money management very seriously.
“Many wealthy people keep detailed records of their income and expenses and maintain strict budgets,” Donadio says. “This discipline allows them to continue to grow their assets and avoid unnecessary expenses.”
Instead of buying designer brands frequently, buy high-quality items one time.
Hypocrites are disposable shoppers: they buy the hottest, trendiest trophy items, and then as soon as the latest handbag, Porsche, or Peloton becomes outdated, they do it all again.
But the wealthy, like those with average incomes, tend to spend as much as they can on quality items that don't need to be replaced any time soon.
“Instead of succumbing to the allure of flashy, expensive items, they prefer to invest in quality items that will last,” Donadio said. “This is especially evident in their choice of cars and real estate.”
DIY Home Improvement
While the professional lives of the ultra-wealthy may be conjured up images of billionaires delegating tasks to armies of errand boys and minders, when it comes to their personal spaces, they're often more involved than you might think.
“Surprisingly, many of my clients prefer to do their own home and property maintenance,” Donadio says. “Not only does this save them money, it allows them to stay connected to their property and keep their feet on the ground.”
Budget Travel
Few images of elite wealth are more perfect than a lavish Learjet or Gulfstream soaring above the clouds, but when the wealthy go on vacation, they're likely languishing in economy class with the masses, even if a luxury resort awaits them when they land.
“Despite having the means to fly first class or rent a private jet, many people prefer to travel economy class,” Donadio says, “understanding that the value isn't necessarily in the transportation, but in the destination and the experience you get there.”
Joint purchase
Like Donadio, financial author and speaker Alan Beard is well versed in the spending habits of the wealthy.
One of the most common is the frugal habit of saving money in order to save more.
“As a financial professional, I've had the privilege of working with affluent clients who introduced me to the concept of group buying,” said Beard, managing director of financial advisory firm Interlink Capital Strategies and an adjunct professor of international business and finance at Georgetown University.
“This is an interesting and little-known practice in which individuals pool funds with friends and acquaintances to make big-ticket purchases. This approach allows them to take advantage of bulk discounts and special sales, significantly reducing their expenses.”
“What's particularly interesting about this habit is their ability to leverage their networks to save significant amounts of money,” Beard added. “It highlights their strategic thinking and resourcefulness, proving that even in their wealthy situations, they care about maximizing the value of their spending. It's a testament to their financial acumen and their talent for finding innovative ways to preserve and grow their wealth.”
Green Living to Save Green Dollars
According to Beard, the ultra-rich are embracing the green trend as enthusiastically as many of the middle-class people who aspire to be like them: While the wealthy are more likely to take environmentally friendly actions in principle, they also do so as a way to save money.
“Another interesting habit I've observed among my affluent clients is a commitment to green living,” Beard says. “This goes beyond environmental responsibility. It's a strategic choice to save money in the long term while staying true to their values. By adopting energy-efficient practices and making sustainable choices, they're not only contributing to a better environment, but they're also realizing long-term financial savings.”
“This approach demonstrates their foresight and the alignment of their financial decisions towards a sustainable future. It highlights that being wealthy does not preclude the adoption of environmentally friendly practices and reminds us that wealth can be used to benefit both individuals and the planet.”
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This article originally appeared on GOBankingRates.com: 7 Common Saving Habits of the Ultra-Wealthy